The Family Law Act allows married, de facto and/or same sex couples to enter into a legally binding agreement with respect to their property. A Binding Financial Agreement (BFA) can cover all of the property owned by the parties, or it can deal with specific assets. A BFA specifies, how, in the event of a relationship breakdown, all or any of the property or financial resources of either of the parties to the relationship are divided. Contingent upon the BFA complying with the Family Law Act, the parties to the relationship are, subject to certain exceptions, prevented from making an application to the Court for orders relating to the property and financial resources dealt within the BFA. The team at Just Us Lawyers can advise you about:
- Before the relationship/marriage
- During the relationship/marriage
- After separation
By entering into a BFA the parties to the relationship can avoid unnecessary arguments over property that may take place in the event of a relationship breakdown. A BFA entered into before the relationship or marriage can make parties feel secure in that property individually accumulated prior to their relationship or marriage is safe.