Tag: Binding Financial Agreement Family Law Act

Setting aside a Binding Financial Agreement (“BFA”) by reason of undue influence and unconscionability. This was thoroughly canvassed in the Appeal, Beroni & Corelli [2021] FamCAFC 9 (10 February 2021) Communication Between the Parties, BFA: The parties had difficulty with communication; the husband was not able to speak the wife’s language, and the wife had limited English this allowed the parties to have some communication. This hindered effective communication between the parties, BFA. The husband told the wife that he...

What is a binding financial agreement? A Binding Financial Agreement is a private contract between two parties in which they are effectively finalizing property settlement and spousal maintenance issues outside of the Court. Also referred to as “pre-nups”, binding financial agreements are created between parties of a relationship or marriage to legally protect and allocate assets if the event the marriage ceases. Whilst many people believe planning for divorce before the marriage begins is controversial, a binding financial agreement is prudent estate planning, similar to...