Prenup + BFA
Service Overview
At AH2 Legal, we provide expert legal services to help individuals and couples navigate the complexities of Binding Financial Agreements (BFAs) in Australia. Whether you are planning for marriage (Prenup), managing a de facto relationship, or seeking to protect your financial interests during or after separation, our team is here to ensure that your financial arrangements are clear, fair, and legally enforceable.
A Binding Financial Agreement is a vital tool for outlining the division of assets, debts, and financial responsibilities in the event of separation or divorce. Our specialised service is designed to offer you peace of mind by helping you create a comprehensive and enforceable agreement that meets your unique needs.
Make Prenup + BFA enquiry
At AH2 Legal, we provide comprehensive legal services to guide you through the process of drafting and finalizing a Binding Financial Agreement (BFA). Whether you are entering into a marriage, a de facto relationship, or wish to protect your financial interests during or after a separation, we offer expert legal advice and support to ensure that your BFA is legally sound, fair, and enforceable.
Our Binding Financial Agreement (BFA) services include:
1. Initial Consultation and Advice
Personalized Legal Advice:
We start by offering a confidential and in-depth consultation where we assess your financial situation, goals, and needs. Our experienced Family Lawyers will help you understand how a BFA can protect your assets and clarify your financial rights and obligations.
Explaining Your Options:
We explain the key provisions of a BFA, including asset division, spousal maintenance, and superannuation matters, and help you understand the implications of entering into such an agreement before, during, or after a relationship.
Guidance on Financial Disclosures:
We provide guidance on the full and frank disclosure of assets and liabilities, which is crucial for the validity of the BFA. Full transparency is required to ensure that the agreement is fair and binding.
2. Drafting and Negotiation of the Agreement
Custom Drafting:
Based on your unique circumstances, our experienced lawyers will draft a BFA that addresses all key aspects of your financial arrangements. We ensure that the agreement is tailored to meet your specific needs and complies with the law and relevant legal standards.
Negotiation and Mediation:
If there are disagreements or complex financial arrangements, we facilitate negotiations between you and your partner to reach an amicable and fair resolution. Our lawyers are skilled in mediation and dispute resolution, ensuring that both parties’ interests are considered.
3. Independent Legal Advice
Ensuring Compliance:
As required by law, we will ensure that your partner is referred to independent legal counsel to obtain advice on the drafted agreement. We work with trusted external lawyers to ensure that both parties receive independent and impartial legal advice before the BFA is signed.
Legal Advice Certificates:
After advising each party, the independent lawyer will issue a certificate confirming that the party has received advice about the agreement. This step is crucial for the BFA to be legally binding and enforceable.
4. Review and Amendments
Ongoing Review Services:
If circumstances change (such as a significant shift in financial status, the birth of children, or a change in the law), we offer ongoing support and can help you review or amend the BFA as necessary whereby a new agreement can be drafted to reflect these changes.
Ensuring Fairness:
If there are concerns that the agreement may be challenged in the future due to perceived unfairness, our lawyers provide advice on how to ensure that the terms are fair and reasonable, reducing the risk of the agreement being set aside by a Court.
5. Signing and Finalizing the BFA
Document Execution:
Once the terms of the BFA have been agreed upon, we will arrange for both parties to sign the agreement. As part of this process, we ensure that each party has received independent legal advice, the documents are properly signed in the presence of proper witnesses, and the agreement complies with all legal formalities.
Final Copies:
After signing, we provide each party with a fully executed copy of the BFA for their records. This agreement is legally binding and enforceable in the Family Court.
6. Court Enforcement and Dispute Resolution
Enforcement of the Agreement:
If there is ever a dispute regarding the terms of the BFA or if one party fails to comply with the agreement, we can assist with enforcement in the Family Court. We help navigate the process to ensure that the BFA is upheld and any breaches are dealt with appropriately.
Dispute Resolution:
In the event of a dispute, we offer dispute resolution services to address any conflicts. Whether through mediation, arbitration, or court proceedings, our experienced Family Lawyers will advocate for your best interests.
The Process
The general process of getting a Binding Financial Agreement (BFA) done is:
A BFA can address issues like property division, spousal maintenance, and how to handle financial matters in case of separation. It ensures that both parties have clarity on their financial rights and obligations.
Each party to a BFA must get independent legal advice. Both parties must receive independent legal advice from a qualified lawyer before signing the BFA. This ensures that both parties fully understand the agreement and its implications.
The parties and their lawyers will negotiate the terms of the BFA. These terms typically cover asset division, debts, superannuation, and maintenance arrangements. Once both parties agree on the terms, the BFA will be prepared in accordance with Australian Family Law requirements.
After both parties have received their independent legal advice, each party’s lawyer will certify that they have provided that advice to their respective clients. This certification is critical for the BFA to be valid.
The agreement is signed by both parties in the presence of their respective lawyers and both parties as well as their respective lawyers keep a copy of the signed BFA. After signing, the BFA becomes legally binding and enforceable in the Family Court (if there is a dispute and the matter goes to Court).
Why Choose
AH2 Legal
We are different from other law firms whereby we do not provide one-size-fits-all solutions. We approach every new case with fresh eyes, putting in the time and effort required to truly understand your problems before providing tailored solutions to suit your individual needs. We charge a fixed fee for Binding Financial Agreements (BFAs) with no hidden costs, being transparent and upfront about all of the costs involved so that you are clear from the start on how much our services will cost you.
FAQ Section
A Binding Financial Agreement (BFA) is a legally binding contract between two parties (typically in a marriage or de facto relationship) that sets out how their financial assets and liabilities will be divided in the event of separation, divorce, or the breakdown of their relationship. It can cover assets, debts, property division, spousal maintenance, and superannuation.
A BFA can be entered into at various stages of a relationship: Before marriage or a de facto relationship: Often called a “pre-nuptial agreement,” it protects both parties’ assets in case the relationship breaks down. During the relationship or marriage: It can be used to clarify financial matters or make provisions for the future. After separation or divorce: It helps to finalize financial arrangements and avoid costly disputes or court proceedings.
Yes, for a BFA to be legally binding, both parties must receive independent legal advice from separate lawyers who practice in Family Law. This ensures that each party fully understands the terms and implications of the agreement. The lawyers will also issue a certificate confirming that legal advice has been provided.
Yes, a BFA can be amended or cancelled if both parties agree. This typically requires entering into a new BFA or seeking a Court Order to set the agreement aside if there is a valid reason, such as a change in circumstances or if the agreement is found to be unfair or unjust.
If one party breaches the terms of the BFA, the other party can seek enforcement through the Family Court. The Court can order compliance with the agreement, or in some cases, the agreement may be set aside if it is deemed to be unfair or unreasonable.
Yes, a Binding Financial Agreement is legally binding and enforceable in Australian family courts, provided that it has been drafted correctly and both parties have received independent legal advice. It is important to ensure that the agreement complies with the legal requirements under the relevant laws.
Both parties must provide full and honest disclosure of their financial circumstances, including assets, liabilities, income, and superannuation. Failure to disclose relevant information can lead to the agreement being challenged or invalidated in the future.
Yes, a BFA can address future financial matters, such as how assets will be divided in the event of a future separation, or how spousal maintenance might be handled. However, it is essential that both parties clearly understand the potential implications and how the agreement might apply in different scenarios.
No, a BFA cannot deal with child custody, parenting arrangements, or child support. These matters are dealt with separately under the Family Law Act and cannot be included in a BFA.
Yes, a BFA can be challenged if there are grounds such as lack of legal advice, duress, fraud, or failure to disclose financial information. If the Family Court determines that the BFA is unfair or unreasonable, it may set the agreement aside.
Need Help?
If you find yourself having any legal issues and would like more information about how you should proceed, contact us now at 08 6161 0243 or submit an enquiry form below:
