A binding financial agreement (BFA), also known as a pre-nuptial agreement or post-nuptial agreement, is a legally binding document that sets out how a couple’s assets will be divided in the event of separation or divorce.
BFAs can be made before, during or after marriage or a de facto relationship.
Why enter into a BFA?
There are several reasons why couples might choose to enter into a BFA. For example, if one or both partners have significant assets or property, they may want to protect those assets in the event of a separation or divorce. Similarly, if one partner has children from a previous relationship, they may want to ensure that their assets are protected for the benefit of their children.
BFAs can cover a wide range of financial matters, including property division, spousal maintenance, and superannuation. However, it’s important to note that BFAs cannot be used to determine child custody arrangements or child support payments.
To be legally binding, BFAs must meet certain requirements set out in the Family Law Act 1975.
- Both parties must have received independent legal advice before signing the agreement.
- The agreement must be in writing and signed by both parties.
- The agreement must include a statement signed by each party’s lawyer confirming that they provided legal advice on the effect of the agreement.
- Both parties must disclose all of their financial circumstances, including all assets and liabilities
- The agreement must not have been made under duress or undue influence.
How Leach Legal can assist
BFAs can provide certainty and predictability in property settlement proceedings, but they are not suitable for all couples. It is important to seek legal advice before entering into a BFA, to ensure that it is appropriate for your circumstances and that it complies with the requirements of the Family Law Act.
It’s important to seek advice from an experienced family lawyer when considering a BFA, as these agreements can be complex and require careful consideration. At Leach Legal we are skilled at drafting BFA’s to ensure that they will protect your interests.
Property and Financial Matters
At Leach Legal, we understand that financial property matters can be complex and emotional. Our experienced family law team is dedicated to helping our clients navigate these issues with sensitivity and expertise.
Here is how we approach financial property matters:
Understanding Your Unique Situation
We start by taking the time to listen to you and understand your unique financial circumstances. Our team will ask you questions about your assets, liabilities, income, and expenses. We will also take into consideration your future needs and goals. This information is crucial in helping us develop a strategy that is tailored to your situation.
Identifying and Valuing Assets
Next, we work to identify and value all assets, including property, investments, businesses, and other financial interests. This is a critical step in ensuring that all assets are properly accounted for and divided fairly. Our team has access to a wide network of professionals, including accountants, valuers, and financial planners, who can assist in the process of identifying and valuing assets.
Negotiating a Settlement
Once we have a clear understanding of your financial situation and all assets have been identified and valued, we work to negotiate a settlement that is in your best interests. We will explore all available options, including mediation, negotiation, and litigation, to ensure that we achieve the best possible outcome for you.
Protecting Your Future
At Leach Legal, we understand that financial property matters can have long-lasting effects on your future.
We are committed to protecting your financial interests, both now and in the future. Our team will work to ensure that any settlement reached is fair and sustainable, taking into account your current and future financial needs.
Minimizing the Emotional Impact
We understand that financial property matters can be emotionally charged. Our team is dedicated to minimizing the emotional impact of these matters by providing clear and timely communication, compassionate support, and expert advice. We strive to ensure that our clients feel supported and informed throughout the entire process.
In summary, at Leach Legal, we approach financial property matters with sensitivity, expertise, and a commitment to achieving the best possible outcome for our clients. We understand the complex nature of these matters and are dedicated to providing our clients with the support and guidance they need to navigate them successfully.
Contact us today to learn more about how we can help you with your financial property matter.