Binding Financial Agreements (BFAs), also known as “pre-nuptial” or “post-nuptial” agreements, are contracts between couples that outline how their property and financial resources will be divided in the event of separation or divorce. These agreements can be made before, during, or after a relationship. The Family Law Act 1975 provides the legal framework for BFAs in Australia.
A binding financial agreement can deal with how property and financial resources will be divided if a relationship ends. It may be made before, during or after a marriage or de facto relationship.
These agreements are sometimes called prenups, although they are not limited to couples who are about to marry. They may also address spousal maintenance and other financial matters.
Strict legal requirements apply. Each person must receive independent legal advice, and the wording needs to reflect the parties’ circumstances and intentions. A poorly prepared agreement may later be challenged or set aside.
We can advise you about whether a financial agreement is suitable, negotiate its terms and prepare the documents. We can also advise someone who has received a proposed agreement from their partner’s solicitor.