A Binding Financial Agreement is shortly called as BFA. As per the Family Law Act 1975 (Cth) the agreement can be entered at any time of the relationship before, during and after. The agreement deals with all financial and property issues between the parties, including the claim for spousal maintenance. The agreement must be drafted according to the legislation and the parties required to seek the independent legal advice for executing the valid agreement. The binding financial agreement is reached between the parties without the interference of the Court as such it is important to remember that the agreement must be carefully and accurately drafted, and parties should enter into an agreement with full disclosure of all relevant circumstances, avoid duress, undue influence and unconscionability.
For further information, please contact Solicitor Michael Harris on 9557 2915 or by email [email protected]