What is Binding Financial Agreement?
A Binding Financial Agreement is a private contract between two parties in which they are effectively finalising property settlement and spousal maintenance issues outside of the Court.
Binding Financial Agreements can be entered into:
- Before marriage;
- During marriage;
- After divorce;
- Before cohabitation; or
- During cohabitation.
The benefit of entering into a Binding Financial Agreement
- The benefit of entering into a Binding Financial Agreement is that the Court will not review the terms of the agreement to determine if the agreement reached is just and equitable. Provided that the parties are satisfied with the terms of the Binding Financial Agreements and the formal requirements of the Act are complied with, then this is all that really matters.
- Another benefit is that the private Binding Financial Agreement can be finalised quicker than filing an Application for Consent Orders in the Court and waiting for the Registrar to review and approve them, a process which can take up to 8 weeks.
Further, while an Application for Consent Orders can finalise a property settlement, such Application cannot finalise spousal maintenance issues.
It is therefore common to see parties enter into Binding Financial Agreements to finalise their property settlement and spousal maintenance issues once and for all as the document can serve a dual purpose.
To learn more about Binding Financial Agreements and if this document could be useful for your particular situation, contact the team of Brisbane Family Lawyers at James Noble Law.
If you need any help, please contact the team at James Noble Law for a FREE 20-minute consultation today to schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane.
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