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Binding Financial Agreements (BFA & Prenup)
When you need a Family Lawyer or Mediator in Taree or the Mid-Coast area - Call Us - we can help
There are three (3) times in a relationship when you can make a Binding Fincancial Agreements (BFA):
- Before you enter into a de-facto relationship or before you get married (sometimes called a "Prenup");
- During your de-facto relationship or marriage; or
- After separation or divorce, in which case your BFA operates as an alternative to going to court or obtaining consent orders from the court.
Why should I get a BFA?
- There are many reasons why you might consider getting a BFA and each person's circumstances are different.
- But some of the more popular reasons are:
- To protect family wealth or inheritance, particularly where someone has a family trust or business;
- Farming families to protect the farm for the next generation;
- To minimise the chance of Family Court proceedings after a separation;
- Second or subsequent relationships or marriages to protect the assets you bring into the relationship, especially if they want to protect property for children of their previous relationship or marriage; and/or
- Basic estate planning or business succession measures.
What is the effect of a BFA?
A properly and correctly written BFA allows you to contract out of some legislative provisions of family law that would normally apply to spousal maintenance and property settlements and to do that successfully, the legislation has very detailed legal requirements for the drafting of these agreements to make them valid.
But Beware!
The Family Court has interpreted the requirements very strictly and has the view that if you want to avoid the courts protection, you must do so very very carefully!
Why is it important to see a lawyer when considering a Financial Agreement?
With every BFA it is very important that you see a lawyer and have it reviewed to ensure that it is, as far as possible, technically valid and legally enforceable.
Is a Financial Agreement always binding?
- The law about BFA's is complex and BFA's are not always as “binding” as we originally intended them to be. However, three (3) important factors in making them "binding" are:
- That all the legislative requirements in writing them have been met;
- The agreement has not been terminated by the parties; or
- The agreement has not been set aside by the Family Court.
- If you think your BFA is not valid, you should seek legal advice as soon as possible and, if necessary, to see whether or not it can be set aside.
Why contact Alan McNeill Solicitors for your BFA?
We are knowledgeable and experienced and can assist you in drafting your Financial Agreement.
If your spouse or partner has had one drafted already, we can review that agreement prepared by the other lawyer, and in most all cases we can sign off on the Certificate of Independant Legal Advice.
In the case it becomes necessary, we can also advise you how to enforce the terms of an existing BFA. If your circumstances have had a material change of circumstances not envisioned by your BFA, we can give you advice whether or not your existing BFA can be set aside.
Contact us and make an appointment to discuss all your BFA needs.
In the case it becomes necessary, we can also advise you how to enforce the terms of an existing BFA. If your circumstances have had a material change of circumstances not envisioned by your BFA, we can give you advice whether or not your existing BFA can be set aside.
Contact us and make an appointment to discuss all your BFA needs.