Binding Financial Agreement
Protect yourself with a binding financial agreement
Should you have reached an agreement to finalise your property settlement and or spousal maintenance matters, we are able to provide advice to you as to the most appropriate manner in which to formalise the agreement, dependent upon your circumstances.
Once determined whether a Binding Financial Agreement best protects your interests, we are able to prepare the documentation on your behalf. In the alternative, should your former spouse’s lawyer have already prepared such documentation, we are able to assist in providing advice in relation to the meaning and effect of the document and of any changes that may be required.
Because a binding financial agreement is a private agreement, it is important to seek professional legal advice. A binding financial agreement can be made before, during, or after a relationship to address how all or part of property is dealt with.
Contact us for 15-minutes of free legal advice
The area of binding financial agreements is complicated and required expert legal advice. This is one of our areas of expertise and we can assist you through the process. If you have any queries, call our Gold Coast or Logan office to request a free and no obligation 15-minute telephone consultation with one of Our Team.
Our lawyers are approachable and highly experienced in family law. We understand the needs and complexities of modern families and we always strive to resolve matters in an amicable manner. We ensure our Client’s legal rights are upheld and that the welfare and best interests of any children concerned are priority.
Frequently Asked Questions
1. What is a Binding Financial Agreement in Queensland?
A Binding Financial Agreement (BFA) is a written agreement which reflects the agreement reached between parties as to property settlement and or spousal maintenance matters, is signed by the parties and witnessed by a Justice of the Peace or Solicitor, but unlike Consent Orders, it is a compulsory requirement for each party to obtain independent legal advice prior to signing the BFA, which is evidenced by a certificate attached to the Agreement. There is no need for a BFA to be filed in Court as the effect of the Agreement is that you are contracting out of the Court process.
2. Can a Binding Financial Agreement Be Overturned?
A Binding Financial Agreement (BFA) can be overturned in some circumstances. The parties to the BFA may overturn it themselves by entering into a Termination Agreement. A BFA may be overturned following an application being made to the Court in circumstances, including:
- If the BFA was obtained by fraud, including non-disclosure of a material matter;
- If circumstances that have arisen since the BFA was made make it impracticable for the Agreement or part of the Agreement to be carried out;
- Since the making of the BFA a material change in circumstance has occurred, being circumstances relating to the care, welfare and development of a child of the marriage and as a result of the change, a party to the Agreement will suffer hardship if the Court does not set the Agreement aside;
- The BFA relates to a superannuation interest which is an un-splittable interest.
- If the following contractual principles apply:
(a) The Agreement is void, voidable or unenforceable;
(b) In respect of the making of a BFA, a party to the Agreement engaged in conduct that was in all the circumstances unconscionable.
3. How Much Does a Binding Financial Agreement in Queensland Cost?
The costs of preparing a Binding Financial Agreement (BFA) depend upon the complexity of your circumstances. One party usually bears the costs of having the BFA prepared, in addition to the legal fees associated with them obtaining the compulsory legal advice. That leaves the other party to only be responsible for the legal fees associated with receiving their own compulsory legal advices.
Find Professional Legal Advice from Advance Family Law
If you consider that a Binding Financial Agreement in Queensland may be suitable in your matter, seek help from an expert. Advance Family Law is a firm you can depend on when it comes to legal solutions. Email us at email@example.com, or explore our website for more helpful information.