A Binding Financial Agreement (“BFA”) outlines the division of assets, liabilities and financial resources of the parties in the event of a relationship breakdown.
A BFA may be made:
- before entering into a de facto relationship or marriage (otherwise known as a pre-nup);
- during a de facto relationship or marriage;
- on the breakdown of a relationship.
There are certain requirements which must be established to ensure that a BFA is binding, including:
- the BFA must be in writing and signed by the parties;
- each party must obtain independent legal advice prior to signing;
- there is no allegation that a party was coerced or signed the BFA under duress.
Our team at The Small Business Lawyer can assist you by drafting a Binding Financial Agreement for you or provide you with advice.