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In Australian law, a Binding Financial Agreement (BFA) is a written contract, which complies with Part VIIIA or Part VIIIAB of the Family Law Act 1975 (the Act). Financial agreements allow couples to set out how they will divide assets and liabilities such as houses, shares, money, cars, personal property and debt etc, in the event of a relationship breakdown. Since the amendments to the Family Law Act (March 2009) all couples regardless of gender or marital or de facto status can enjoy the protection and certainty that financial agreements provide. This means that you can use a financial agreement if: You are plan to get married and wish to set out the financial arrangements of your union Pre Nuptial Agreement. If you decide to put an agreement in place after the wedding this is called a Post Nuptial Agreement. You are living together (heterosexual or same sex couple) Cohabitation Agreement. You can also put an agreement in place BEFORE you move in together. You are separating and wish to formalise the property settlement Separation Agreement.
Coordinate and support your estate plans, to be sure that family property passes as you wish. Avoids costly litigation following a relationship breakdown.
RP Emery and Associates provide low cost Financial Agreement Templates that will allow you to put an agreement in place without spending a fortune. We also offer the fixed price Review Service so you can obtain your Certificate of Advice to make your FA binding. For more information see www.financialagreements.com.au
marriage agreement, or a separation agreement. Each of these agreements are more accurately known as financial agreements under the appropriate section of the Family law Act 1975.