Binding Financial Agreement – Family Law
Family law is a complex area that requires expert knowledge. We encourage our clients to reach an early settlement of disputes, and our family lawyers provide legal advice and services in a range of matters, When a dispute is settled, we can draft and advise on a Binding Financial Agreement (BFA).
DINA Lawyers are expert family and divorce lawyers located in Sydney, and our family law office can advise and guide you through the difficult process of separation and divorce. At our Baulkham Hills office, we provide legal advice and services in a range of matters for people living in the Sydney area, and proudly offer Court representation and Legal assistance to clients. We have a combined wealth of experience in a diverse range of legal practice areas, including divorce and family law.
A Binding Financial Agreement (BFA) can also be used to allow the parties to put into writing, in advance, how they would like to deal with their property if for any reason their relationship breaks down. A Binding Financial Agreement (BFA) helps in avoiding any arguments and suspicion between partners about money and does not involve the court, therefore minimising costs.
If you are thinking about entering into a Binding Financial Agreement (BFA) with your partner, you will need to know more about the different types of Binding Financial Agreement that exist, to work out which type you need. There are different types of Binding Financial Agreement (BFAs) depending upon the timing and the nature of your relationship, and therefore it is extremely important that you enter into the correct type of Binding Financial Agreement that applies to the stage your relationship is at. It is crucial to receive expert advice when entering into your Binding Financial Agreement as it is not uncommon for the wrong type of BFA to be entered into, and later to be found invalid and void.
It is important to understand that the type of Binding Financial Agreement is different for married couples and de facto couples. For married couples the matters in the agreement usually involve the splitting of property and other financial resources that are commonly shared between them and also spousal maintenance, which is sometimes payable during the marriage or after divorce. On the other side, there are fewer direct financial matters covered for a de facto couples and it is important to realise that simply living together is enough to allow you to enter into a Binding Financial Agreement.
You should take note, that matters such as Child Support are not dealt with in a Binding Financial Agreement, and that a Binding Financial Agreements cannot cover parenting/ child custody matters. Our lawyers can guide you in relation to the steps needed in those kinds of matters.
If you are considering entering into a Binding Financial Agreement or if your relationship is breaking down and you do not have a BFA there are multiple options available to you. Contact DINA lawyers for experienced, expert advice you can count on.