Binding Financial Agreements
What is a binding financial agreement (‘BFA’)?
A BFA is a legally binding contract between parties to a de facto relationship or marriage – it sets out how the parties want to deal with their assets, liabilities, superannuation and financial resources in the event of a separation.
Such agreements can be entered at any point of a relationship (before, during or after) and are but one method of formalising a property settlement. They can also be used to set out arrangements for the payment of spousal maintenance or to protect each party from future spousal maintenance claims, and are often entered into as part of a global property settlement.