How to Legal Guides written for everyday Australians.
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binding financial agreement
When entering into a relationship, it's important to consider how you will manage your finances together. Binding financial agreements, also known as prenuptial agreements, postnuptial agreements, or de facto agreements, can be an effective way to protect your assets and property in case of separation or divorce. In Australia, these agreements are governed by the Family Law Act and are legally binding if certain requirements are met.
When a couple decides to separate or divorce, they may need to reach an agreement regarding the division of their property and finances. This agreement can take the form of a separation agreement or a binding financial agreement under the Family Law Act 1975.
In Australia, when a couple decides to separate or divorce, they will need to come to an agreement about how to divide their assets and liabilities. There are two main ways to formalise these agreements: through a consent order or a binding financial agreement (BFA). While both of these legal documents can be used to achieve similar outcomes, there are some key differences between them.
