What is a Binding Financial Agreement?

A Binding Financial Agreement (BFA) is a contract between you and your partner which outlines how your property and finances will be divided. This agreement can be made before marriage, during your relationship, or after separation or divorce.

When to Consider a Binding Financial Agreement

BFAs Agreements can be created at any stage of a relationship, including:Before marriage (often called a prenuptial agreement)Agreements During a de facto relationshipDuring Marriage (post-nuptial agreement)Agreements After Separation or Divorce

Benefits of a Binding Financial Agreement

One of the main advantages of a BFA is avoiding the family court. This can save you from the stress, expense, and lengthy delays often associated with court proceedings, allowing you to move forward with your life more quickly.

Making Your Own Decisions

A Binding Financial Agreement allows you and your partner to make decisions about your finances and property without involving a judge. This autonomy can reduce conflict and help you work together more effectively, especially if children are involved.

Reducing Conflict

Agreeing on terms through a Binding Financial Agreement can reduce the potential for conflict. This can be especially beneficial in maintaining a cooperative relationship with your ex-partner, which is crucial for the well-being of your children.

Moving On

A Binding Financial Agreement can help you move on with your life by providing certainty and clarity about your financial future. Knowing how your assets will be divided can reduce anxiety and allow you to confidently plan for the future.

Expert Legal Guidance with Binding Financial Agreement

Creating a Binding Financial Agreement requires careful consideration and legal expertise. Our family law specialists at New South Lawyers are highly skilled in negotiating and drafting these agreements, ensuring they meet your needs now and in the future.

Recognised Excellence

Our law firm has been rated among the Best Family Lawyers in Sydney for ten consecutive years, reflecting our commitment to exceptional legal services.

Securing Your Family's Future with Binding Financial Agreement

With a Binding Financial Agreement, you can protect your interests and secure your family's future. Our experienced family lawyers are here to guide you through this process, offering the support and expertise you need to make informed decisions.

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    Family Law FAQ's

    Family Law in Australia deals with matters related to family relationships, including marriage, divorce, child custody, property settlements, and spousal maintenance. It is governed by the Family Law Act 1975.

    The Family Law Act 1975 is the legislation that governs Family Law in Australia. It sets out the legal principles for resolving family disputes, including those involving children and property.

    To file for divorce under Family Law in Australia, you need to complete and submit an Application for Divorce to the Family Court or Federal Circuit Court. You must demonstrate that you and your spouse have been separated for at least 12 months.

    Under Australian Family Law, the only ground for divorce is the irretrievable breakdown of the marriage, demonstrated by a 12-month separation period.

    Family Law in Australia deals with matters related to family relationships, including marriage, divorce, child custody, property settlements, and spousal maintenance. It is governed by the Family Law Act 1975.

    A parenting plan is a written agreement between parents outlining the care arrangements for their children. While not legally enforceable under Family Law, it can be used as evidence in court if disputes arise.

    Property division under Family Law involves a four-step process: identifying and valuing the property, considering the contributions of each party, assessing future needs, and ensuring the division is just and equitable.

    Spousal maintenance is financial support paid by one spouse to the other after separation or divorce. Family Law requires that one spouse be unable to adequately support themselves and the other has the capacity to pay.

    A protection order, such as an Apprehended Domestic Violence Order (ADVO), can be applied for through the local magistrate’s court. Family Law provides measures to protect individuals from domestic violence and abuse.

    Mediation is a process where a neutral third party helps disputing parties reach an agreement. Under Family Law, mediation is often required before court proceedings can commence, especially in cases involving children.

    Yes, under Family Law, grandparents can apply for custody or visitation rights. The court considers the best interests of the child, including the importance of maintaining relationships with extended family.

    Family Law in Australia adheres to the Hague Convention on the Civil Aspects of International Child Abduction. This provides a legal framework for the return of children abducted by a parent across international borders.

    A Family Law solicitor provides legal advice, representation, and support in family-related legal matters, including divorce, child custody, property settlements, and spousal maintenance.

    Yes, you can represent yourself in Family Law court. However, it is often advisable to seek legal advice due to the complexity of Family Law matters.

    Costs in Family Law cases can vary widely, including court fees, solicitor fees, and other associated costs. It is important to discuss potential costs with your solicitor.

    Costs in Family Law cases can vary widely, including court fees, solicitor fees, and other associated costs. It is important to discuss potential costs with your solicitor.

    The duration of a Family Law case depends on its complexity and whether it is resolved through negotiation, mediation, or court proceedings. Some cases can be resolved quickly, while others may take several months or years.

    If a party does not comply with a Family Law court order, they may face legal consequences, including fines or imprisonment. Enforcement applications can be made to the court to ensure compliance.

    Yes, Family Law court orders can be changed if there is a significant change in circumstances. Applications for variations must be made to the court, demonstrating why the change is necessary.

    A binding financial agreement is a legal document outlining how assets and financial resources will be divided in the event of a relationship breakdown. It is enforceable under Family Law.

    The Family Court of Australia deals with complex family disputes, including those involving children and property. It operates under the Family Law Act 1975.

    The Federal Circuit Court handles less complex Family Law matters, aiming to resolve cases more quickly and efficiently than the Family Court.

    Yes, de facto couples have access to Family Law courts for matters related to property settlements and spousal maintenance, provided they meet certain criteria under the Family Law Act 1975.

    Family Law in Australia treats same-sex relationships the same as heterosexual relationships, providing equal rights and responsibilities in matters such as divorce, child custody, and property settlements.

    Child support is financial assistance paid by one parent to the other to help cover the costs of raising their children. The amount is determined based on a formula set by the Department of Human Services.

    If a parent fails to pay child support, the other parent can seek enforcement through the Department of Human Services or the Family Law court.

    Options for resolving Family Law disputes without going to court include negotiation, mediation, and collaborative law. These methods can be less adversarial and more cost-effective.

    Family dispute resolution practitioners are neutral third parties who assist families in resolving disputes related to children and property outside of court. They play a key role in the mediation process under Family Law.

    Yes, under Family Law, children can express their views in proceedings affecting them. The court considers these views in determining what is in the best interests of the child.

    A family report is a document prepared by a family consultant, providing an assessment of the family situation and recommendations for resolving disputes. It is used by the court in Family Law cases.

    Family Law provides protections against domestic violence through measures such as protection orders and considering the impact of violence on children in custody decisions.

    The Family Relationship Advice Line is a national telephone service providing information and advice on Family Law and family relationship issues.

    Family Law requires that any relocation that significantly impacts a child's relationship with a parent must be agreed upon by both parents or approved by the court, considering the child's best interests.

    Joint custody means both parents share responsibility for major decisions regarding the child, while sole custody means one parent has this responsibility. Family Law prefers arrangements that support ongoing relationships with both parents.

    Under Family Law, pets are considered property and are included in the property settlement process. The court considers who has been the primary caregiver and the best interests of the pet.

    Yes, decisions made in Family Law courts can be appealed to a higher court if there are grounds to believe there was an error in the application of the law or the facts.

    Support services for families include counseling, mediation services, legal aid, and various community organizations that provide assistance during the separation process.

    Family Law considers financial contributions from family members, such as gifts or loans, when determining property settlements. These contributions can impact the overall division of assets.

    The Independent Children's Lawyer represents the best interests of the child in Family Law proceedings, providing an independent perspective to assist the court in making decisions.

    Business assets are included in the property pool and are subject to division under Family Law. The court considers the contributions of each party to the business and the impact of the division on its viability.

    Superannuation is treated as property under Family Law and can be split between parties as part of a property settlement.

    For married couples, applications for property settlement must be made within 12 months of the divorce becoming final. For de facto couples, the time limit is two years from the date of separation.

    If a party is found to be hiding assets, the court can take this into account and make adjustments to ensure a fair and equitable property settlement under Family Law.

    Recovery orders are court orders used to return a child to their parent or guardian if they have been taken or are being withheld in violation of existing parenting orders.

    Changing a child's surname requires the consent of both parents or a court order. Family Law considers the best interests of the child in making such decisions.

    The Family Violence Law Help website provides information and resources for individuals experiencing family violence, helping them understand their rights and the protections available under Family Law.

    Family Law addresses the legal aspects of IVF and surrogacy, including parental rights and responsibilities. Legal advice is often necessary to navigate these complex issues.

    Prenuptial agreements, or binding financial agreements made before marriage, outline how assets will be divided in the event of separation. They are enforceable under Family Law, provided they meet legal requirements.