Here's what you need to know about a Binding Financial Agreement (BFA):
A BFA is binding on you and your ex-spouse when:
- It is signed by both of you;
- There is a statement of legal advice for each of you from a qualified legal practitioner setting out the matters referred to in the Family Law Act and their advice was given to you before each of you signed the Agreement; and
- The statements of independent legal advice are exchanged.