Binding Financial Agreement Brisbane

Legally Binding Financial Agreement After Separation in Brisbane

A binding financial agreement (BFA) or a prenuptial agreement is a legal agreement between a married couple or de-facto partners that formalises how their property, assets, superannuation, and liabilities will be divided in the event of a breakdown of a marriage or a de facto relationship.

At Fit Lawyers, our purpose is to guide you through the complex and tricky legal matters that involve family. Any legal clash in a family requires assistance from qualified family lawyers. 

Whether it is a property dispute or a Binding Financial Agreement After Separation in Brisbane, we can assist you every matter while protecting the interest of you and your loved ones.

This document has a lot of complexities involved. A BFA can be made before, during or after a relationship. A BFA involves wealth that currently exists but also the wealth either partner earns in the future.

Our team of lawyers understand all the uncertainties involved in the financial agreement family law matter. Your investments including future savings, and profit-making ventures apply to the wealth you will substantially own in the future. BFA includes the current and potential wealth of both the partners as one entity.

Binding financial agreement(BFA) after separation Brisbane

A BFA can be Designed During the Following Stages:

Financial agreement family law Brisbane
  • Before the relationship
  • During the relationship
  • At the end of the relationship
To avoid significant complexities and confusion in the future, it is advised to consult an experienced family or divorce lawyer before agreeing to the different clauses designed by another party.
At Fit Lawyers, we partner with our clients to provide them strong legal representation focused on their wants instead of simply working for them. Our proficient team provides reliable help in analysing and formulating the right agreement for you.

When is the Right Time to Enter into a BFA?

Being in a relationship does not mean that you must be economically dependent on your partner. You can individually own assets to secure yourself financially. Most people in relationships accumulate wealth as a joint venture with their partner. However, if the relationship starts to break down, then dividing the assets equally can be a stressful affair for both parties.
It is important to protect your fair share of wealth and property when you are in a committed relationship due to uncertain circumstances in the future.

You must consider having a BFA when :

  • You own a good amount of wealth especially, more than your partner
  • To protect the rights of your children from a former relationship
  • You have invested your money in a trust or company
  • You own a business or family business
  • You inherited your family wealth
  • To avoid a financial dispute after separation
Fit Lawyers recommend most of our clients to utilise a BFA before getting into a relationship. A BFA can be proven beneficial in the case of separation.

Setting Aside the Binding Financial Agreement

A binding financial agreement in family law has various stipulations when it is drafted. In cases when you want to set aside the BFA, it is crucial to have the consent of the court. Under section 90K and 90UM of the Family Law Act, the court can consider setting aside the BFA under certain circumstances like:
  • A fraudulent agreement
  • Some partiality or reckless integration of creditors rights
  • It was a forced agreement
  • When one party is reluctant to disclose assets
  • If the agreement is impractical
  • The agreement does not have the best interests of the child
If the agreement is formed under any of the above situations, you can set aside the BFA through an extensive procedure. You will be required to bring evidence and witnesses to prove your stance in the court. Such situations are tricky and require guidance from an expert legal firm. Fit Lawyers is your go-to law firm for clients who are looking for help in such matters.
We can manage all the legal processes while balancing costs and resources to optimise the prospects for gaining the best possible outcome. You can get the best legal advice from our lawyers and protect your rights and wealth with our assistance for BFA in Brisbane.

FAQs

Ans. Yes, the agreement protects your current and future wealth in case of separation. This gives economic independence even after you separate from your spouse or partner. This pre-planning helps you create a stress-free future and a hassle-free financial settlement in case of separation or divorce.
Ans. BFA is an enforceable agreement when:

  • Both the parties agree to be or are in a marriage or a de-facto relationship.
  • Both parties have agreed and signed it.
  • Both parties have received individual advice from legal operators to protect their rights.
  • Each party must have evidence from their respective lawyers to prove that they have mutually agreed to the clauses.
  • The agreement has not been forced and involves no fraud or violation of either party’s rights.
Ans. Yes, you can enter a financial agreement even if you are separated.

Ans. Yes, to secure the future of both parties in case of an unforeseen separation, they can enter into a BFA before marriage.
If you have any query, you can call us on 0415 835 733 or drop an email at fitlawyers.au@gmail.com . Our team will be happy to assist you.

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