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This is no right or wrong answer to this question honestly. We do have some of the common reasons why people might enter into a binding financial agreement before the commencement of a marriage listed below such as:
Yes, you can still get a Binding Financial Agreement even if you’ve already separated. This is because the agreement can be made at any time – before, during or after a relationship.
The BFA after the separation is more final because you know exactly what assets you have and how they will be split. If you can’t reach an agreement, you may consider going to court over property litigation.
Because of its specificity, the court is not as involved (compared to processes like Consent Orders). The court only ever gets involved over disagreements with a BFA, which often don’t occur because the agreement outlines how you will resolve any disputes, with ‘backup’ clauses to ensure the right actions are in place to fix issues.
The first, and most important step is to have a finalised agreement between you and your partner. What will you split? Who will keep what? What are the conditions?
Next, your agreement gets drafted by our expert family lawyers. This draft BFA outlines your agreement, with specifics to cover everything.
You and your partner then have a chance to read over the agreement, make changes (if required) and ask questions. We can review, make amendments, and negotiate for a better outcome for you if needed.
Once you have both agreed on these details, you will each need to sign the agreement in front of a lawyer. This is important, as it means your Binding Financial Agreement is now legally binding and can be used if there are any disputes later on.
A Binding Financial Agreement can cover a wide range of topics, from property settlements and spousal maintenance to superannuation and tax.
You can also use them for de facto relationships and same-sex couples.
Some of the common issues BFA’s deal with are:
Binding Financial Agreements are a great way to protect yourself, your property and your family in the event of a relationship breakdown. If you’re thinking about entering into one, make sure you seek legal advice first so you know exactly what you’re agreeing to.
So what exactly are the benefits to a BFA?
There are many benefits of having a Binding Financial Agreement in place, including:
If you’re thinking about entering into a BFA, make sure you seek legal advice first so you know exactly what you’re agreeing to. This is especially important if you have children, own property or have other assets that need to be taken into account.
A Binding Financial Agreement can give you peace of mind and help avoid any future disputes, saving you time, money and stress. Contact us today to find out more.
Consent orders and BFAs are the two options separating couples have for making their property and financial agreement legally binding.
Consent orders: can include arrangements for your children
BFA: are for the purpose of financial and property matters only.
Consent orders: can only be made after separation
BFA: can be made and entered into before, during or after a marriage or de facto relationship.
Consent orders: It is not compulsory to receive legal advice for consent orders, though it is recommended.
BFA: It is a strict requirement for both parties when entering into a BFA. A BFA is not valid if either party has failed to obtain independent legal advice.
Consent orders: Are ledged by the Family Court of WA which will then determine whether or not the proposed property and financial orders are fair.
BFA: are not lodged at the family court at all. A BFA is essentially a binding contract between you and your partner or ex-partner.
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