You’ve reached an agreement. Let us help you make it final.

A Binding Financial Agreement can provide clarity and certainty about your financial arrangements - whether you are beginning a relationship, already in one, or have separated and reached an agreement about how your finances should be divided.

At Price Family Law, we can assist you with preparing a Binding Financial Agreement tailored to your circumstances, with fixed-fee options available for suitable matters.

Our approach is practical, straightforward and focused on helping you achieve certainty without unnecessary conflict or Court proceedings.

What is a Binding Financial Agreement?

A Binding Financial Agreement - often referred to as a BFA - is a private legal agreement between two people that deals with financial matters arising from their relationship.

Depending on your circumstances, a BFA can be entered into:

• before a marriage or de facto relationship;

• during a marriage or de facto relationship; or

• following separation.

A BFA can set out how particular assets, liabilities, financial resources and other financial matters are to be dealt with if a relationship ends.

For separated couples who have already reached an agreement, a BFA can also be used in appropriate circumstances to document their financial settlement without applying to the Family Court for Consent Orders.

What can a BFA cover?

Every relationship and financial situation is different. Depending on your circumstances, a Binding Financial Agreement may address:

• the family home and other real estate;

• savings and bank accounts;

• investments and shares;

• businesses and companies;

• trusts and other financial interests;

• liabilities and debts;

• assets owned before the relationship;

• inheritances or other assets you wish to protect;

• how property acquired in the future will be treated; and

• spousal maintenance.

The agreement can be tailored to reflect your particular circumstances and what you and your partner have agreed.

Do I need to go to the Family Court?

One of the key differences between a Binding Financial Agreement and Consent Orders is that a BFA is not an order made by the Family Court.

Instead, it is a private agreement between the parties.

There are strict legal requirements that need to be met for a financial agreement to be binding, including requirements for each party to obtain independent legal advice.

This makes obtaining appropriate legal advice and having the agreement carefully drafted particularly important.

Binding Financial Agreements after separation

If you and your former partner have separated and already agreed on how your property and finances should be divided, you may be looking for the simplest way to formalise that agreement.

Depending on your circumstances, this may involve either:

Consent Orders, where your agreement is submitted to the Family Court of Western Australia for approval; or

a Binding Financial Agreement, where your financial agreement is documented privately between you without asking the Court to make orders.

We can advise you about which option is likely to be more appropriate for your particular circumstances.

Binding Financial Agreements before or during a relationship

BFAs are not only for people who have separated.

They can also provide certainty for couples who want to establish clear financial arrangements at the beginning of, or during, their relationship.

This may be particularly useful where one or both parties:

• own property before entering the relationship;

• have accumulated significant assets;

• own a business;

• have children from an earlier relationship;

• expect to receive an inheritance;

• have substantially different financial positions; or

• simply want greater certainty about their financial arrangements.

Having these discussions does not need to be adversarial.

A carefully considered BFA can allow both parties to understand their financial position and make informed decisions about their future.

Already have a BFA prepared by your partner’s lawyer?

For a Binding Financial Agreement to be binding, each party must obtain their own independent legal advice.

If your partner or former partner has already had a BFA prepared by their lawyer, we can assist you by reviewing the proposed agreement, advising you about its effect and discussing whether any amendments should be made before you sign.

Ask us about our fixed-fee BFA advice options.

Ready to make your agreement final?

Whether you have already reached an agreement following separation or want to put financial arrangements in place for your relationship, Price Family Law can help you understand your options and take the next step.

Start online Complete our online enquiry form and provide us with some initial information about your agreement – Contact Us Here.

Prefer to speak with us? Contact Price Family Law to discuss whether a BFA is suitable for your matter.

Phone: 08 6388 1170
Email: hello@pricefamilylaw.com.au