Binding Financial Agreement Lawyers Sydney
A Binding Financial Agreement (or BFA for short) is a written contract that explains how assets will be divided if a relationship ends. Married, de-facto, and same-sex couples can enter into it before, during, or after their marriage or relationship has broken down.
Binding financial agreements can be a complex area of Family Law. For instance, a binding agreement remains in effect even after the death of one party. As such, seeking independent legal advice is mandatory. As part of our Property Dispute Legal Services, Espino Law provides the expert knowledge, guidance and representation you need in this matter.
In relation to financial agreements entered into before the commencement of a relationship, we understand you do not want to start a relationship thinking it might break down. However, a binding agreement can avoid costly, prolonged Court proceedings and protect your assets and financial security. A BFA keeps you in control of decision-making, something you must relinquish if matters go to Court.
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The type of agreement differs depending on the nature of the relationship and when it is entered into. Options include:
In contemplation of a marriage or a de facto relationship.
During a marriage but before divorce.
After a separation but before a divorce order is made.
During a de facto relationship.
After a de facto relationship ends.
After a divorce order is made.
If your relationship has already ended and there was no BFA in place, then Consent Orders filed with the Court may be a more appropriate alternative. We can recommend the best option based on your circumstances.
We’re here to help with any type of binding agreement.
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Binding financial agreements cannot be updated once they are made. Having said that, if both parties consent, these types of agreements can be terminated, and a new agreement entered into (if required). Parties can also apply to the Court to have the agreement 'set aside' in limited circumstances. Potential scenarios where this may arise include:
Changes regarding the circumstances of any child or children involved.
A party was pressured into entering into the BFA in the first instance.
There is some kind of fraudulent activity or an intention to defraud a creditor linked to the agreement.
The BFA is not enforceable due to any error of some kind.
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Thanks perhaps to Hollywood and American culture, a pre-nuptial agreement (or pre-nup for short) is the term many might use colloquially. However, in Australia, we use the term binding financial agreement. These are essentially two different ways of saying the same thing.
Why Espino Law for your Binding Financial Agreement?
A BFA is an important contract that can have far-reaching consequences for you and any children involved. Therefore, you must seek legal representation that secures the best outcomes for you. You will find that determination and dedication here at Espino Law.
Our founder, Kateryna, has a Master's Degree in Family Law and years of experience representing clients at all stages of binding financial agreements.
We have extensive experience in dealing with highly complex business structures.
Communication is fundamental. We break down legal jargon, ensure you understand all obligations and scenarios and keep you updated every step of the way.
We are sensitive to the fact this can be a delicate subject, particularly if you plan to get married. We work with heart and lead with cool heads.
For any other legal matters, our family lawyers are here to assist.
For a binding financial agreement lawyer that you can trust and depend on, contact our team today.
FAQ
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Binding financial agreements are legal contracts outlining how assets are to be divided should a couple separate.
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Yes - the Court can rule to ‘set aside’ a BFA for several reasons, including evidence of a party pressured into the agreement, evidence of fraudulent activity or an attempt to defraud creditors and a mistake of some sort (such as misrepresentation, a breach in public policy, incompleteness of information).
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The fee varies depending on the complexities involved. At Espino Law, we provide competitive rates and work to make our time as efficient as possible. We welcome you in for an initial consultation to discuss your options. At this point, we can provide some preliminary advice regarding any agreements reached. We can also explain what would happen if an agreement is not in place. This is also when we provide a better indication of cost estimates.
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Yes - one of the mandatory requirements of a BFA is that both parties seek independent legal advice before entering into the financial agreement. Therefore, each party must be represented by a different law firm.
Contact a binding financial agreement lawyer today.
Our experts can assist with pre-marital planning or creating a financial agreement during the relationship or after separation. We’re here to provide an objective lens and ensure you’ve thought of every possible scenario. It’s important you aim for a long, happy relationship, but that we help you plan for any eventuality.