Tag: binding financial agreement qld

The concept of rectification in the context of binding financial agreement is a significant facet of family law. It serves as a legal remedy aimed at ensuring the true intentions of the parties are accurately reflected in written agreements. This discussion explores the principles and conditions under which rectification is granted, with reference to a recent Family Court decision. The framework for such legal action is grounded in the Family Law Act 1975 (Cth), specifically sections 90K and 90KA, which...

Binding Financial Agreements (BFAs) in Australia, commonly referred to as prenuptial or postnuptial agreements, are legal documents that detail the division of assets, liabilities, and other financial matters in the event of a relationship breakdown or divorce. While BFAs are designed to provide clarity and certainty, ensuring that financial arrangements are enforceable in court, they come at a significant cost when done properly. There are several factors that contribute to the high expenses of preparing a Binding Financial Agreement in...

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...

The law in regard to Binding Financial Agreement in Brisbane is extensive and complex. The law is governed by the provisions in the Family Law Act 1975 (as amended). Similar provisions are provided in the Act for de-facto relationships. Because it is a complex area of law it is a requirement (as detailed below) that the parties entering into a Binding Financial Agreement must consult a solicitor and obtain legal advice.  The relevant law is detailed as follows: LEGISLATIVE PATHWAY...

Binding Financial Agreements in De facto relationships If you are in a de facto relationship and cohabitating with your partner, entering into Binding Financial Agreements is the only protection you can have ahead of time to safeguard the assets you “walked” into the relationship with. This is particularly important if there is a large difference between your financial position and your partner’s financial position.  A Binding Financial Agreement during a de facto relationship, therefore, sets out how the property pool...

Binding Financial Agreement & Provisions of Family Law Act While binding financial agreement, Parties may wish to determine the ownership of their assets and liabilities whilst contemplating or living in a relationship (including same-sex relationships), contemplating entering into a marriage, during a marriage or after a divorce, may wish to set out terms in an agreement which determines how their property and liabilities should be determined should their relationship break down. Provisions in relation to Binding Financial Agreement came into...