Binding Financial Agreement

Need a binding financial agreement? Or a ‘prenuptial agreement’? Prenup? Speak with one of our experienced family lawyers to learn more. Our Newcastle solicitors are here to help.

binding financial agreement

Frequently Asked Questions

How do you get a Binding Financial Agreement? Prenup? Prenuptial Agreement? What’s the difference between a binding financial agreement and a prenup? First, we call them ‘binding financial agreements’ in Australia (‘BFA’). Here’s what you might like to know about a BFA:

Parties can enter into a BFA before marriage (commonly referred to as a ‘Pre-Nup’), during a marriage or de facto relationship or after a marriage or de facto relationship has broken down.

A BFA is binding on you and your ex-spouse when:

  1. It is signed by both of you;
  2. 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
  3. The statements of independent legal advice are exchanged.

The main difference between Consent Orders and a BFA is that a BFA is not approved or considered by a Court.

If either of you breach a term of the BFA the other party can apply to the Family Court to have it enforced. If the BFA is held to be valid and enforceable, the Court can enforce its terms as though those they were orders of the Court.

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