If you`re considering marriage or have a de facto relationship, a financial binding agreement (“BFA”), sometimes referred to as a “pre-nup,” can be a convenient and effective way to protect your belongings and avoid the potential emotional and financial costs of a relationship breakdown. But what makes BFAs contractually binding and can they be overturned by a judge? Read the important basics here. 5. The contract is annigable, countervailable or unenforceable; or some of the benefits of entering into a financial agreement are the certain control of your future financial situation, privacy before the usual legal proceedings, and the freedom to do things on the agreed terms. Financial arrangements can be useful in promoting an amicable and reasonably rapid allocation of assets and liabilities after a relationship collapses. It`s a good idea to try to find an agreement on how to divide your property without going to court. If you can`t agree, there are family litigation services that can help. 3. The Annex to the Agreement shall contain an attestation signed by the person providing independent legal advice attesting that the advice has been carried out; and 5.
Once the agreement is signed, the initial agreement will be given to one of the parties and a copy to the other. A binding financial agreement results in the conclusion of a statement of assets between the parties, which is legally binding, but which is concluded between them in the form of a private agreement – effectively outside the Family Law Act 1975 and all the rights they may have under that legislation. There are deadlines for requesting consent or financial orders. If your de facto relationship ended more than 2 years ago or if your divorce was concluded more than a year ago, you can still make a binding financial agreement. . . .