Protect for tomorrow what you are building today with a strong Binding Financial Agreement
Family law isn’t always about disputes and disagreements. In many cases it is simply about being pragmatic and proactive, ensuring that your interests and those of your family are protected into the future, should your circumstances change unexpectedly.
If you do have the opportunity, a formal, binding agreement can be the key to a trouble-free separation by insulating you from conflict, safeguarding your assets, and setting in place arrangements for children and other important matters going forward.
We can help you with all aspects of Binding Financial Agreements, including drafting them and advising you on existing or proposed agreements.
What is a Binding Financial Agreement?
A Binding Financial Agreement, or BFA, is a written agreement between two parties to a relationship that outlines terms for a range of matters, including division of assets, provision of financial support, management of inheritances and more, in the event of separation or relationship breakdown.
A properly drafted and executed BFA will remove the ability of the Family Court to make settlement orders, which is a huge financial and emotional benefit to both parties as it reduces the opportunity for conflict and the potential for costly legal proceedings.
When can I enter into a Binding Financial Agreement?
You don’t need to be at the start of your relationship to enter into a Binding Financial Agreement. BFAs may be entered into after the commencement of a relationship and whether or not you choose to marry - they can be entered into during the relationship, post-separation, or even after divorce.
Do I need a Binding Financial Agreement?
A Binding Financial Agreement won’t be the right option for everyone, but there are circumstances where a strong BFA will be the right way to go. This may be the case where one party has considerably more assets than the other in the relationship, or where one party is set to receive a future inheritance or gifts. In these circumstances, a well drafted and executed BFA is a reliable way to keep these ‘off the table’ in the event of relationship breakdown.
On the other hand, one party to the relationship may have significant and ongoing financial obligations that the other party will want to be protected from if in the future the parties decide to separate. A strong Binding Financial Agreement can ensure that these obligations don’t continue post-relationship for the other party.
Think you might need a BFA? Contact us to arrange a consultation
We draft the most robust Binding Financial Agreements, no matter your circumstances.
At Norfolk Lawyers, we are very experienced in the complexities of drafting an ironclad BFA that anticipates and plans for your life and events now and into an unknown future. Our experience and expertise across relevant practice areas, including family law, property law, and commercial law gives us the skills to draft comprehensive Binding Financial Agreements, no matter your situation.
So, whether you’re in a de facto relationship, you’re thinking of getting married, in a same-sex relationship, are already married, or even if you are already separated, we can help.
Contact now to book an appointment to discuss a BFA.
