Tag: Binding Financial Agreement

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 Agreement to be legally binding There are certain requirements that must be adhered to for a Binding Financial Agreement to be legally binding. If these requirements are not adhered to, the Agreement may not be upheld in the future if challenged. Here are some things to consider: Did you receive adequate legal advice? In the decision of Hoult & Hoult [2013] FamCAFC 109, the parties entered into a Financial Agreement before they were married. The Judge ruled that...

Binding Child Support Agreement or Limited Child Support Agreement? When parents reach an agreement in relation to child support, there are two options available to formalise that agreement.  Those two options are: A Binding Child Support Agreement; and A Limited Child Support Agreement.  What is the Binding Child Support Agreement? A Binding Child Support Agreement is a contract between the parents which sets out the terms of the agreement they have reached in relation to the amount of child support...

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...

Divorce property settlement examples Australia: Following the recent separation of billionaires Bill and Melinda Gates after 27 years of marriage, it has been reported that the couple chose to separate amicably and to privately negotiate their property settlement outside of the Court and public eye.  Upon the breakdown of a marriage or de facto relationship, parties can either negotiate and formalise a property settlement agreement privately (either by way of Consent Orders or a Binding Financial Agreement) or they can...

Preparing an Airtight Binding Financial Agreements Binding Financial Agreements (BFA), also referred to as “pre-nups” are created when two parties have made a fully informed decision to enter into a binding agreement. The creation of an Airtight Binding Financial Agreements requires the parties to disclose their financial position, provide reasonable time to consider the agreement and obtain independent legal representation to avoid any undue influence or pressure on the other party. This document effectively allocates assets and other financial resources...

Financial Settlement issues What Happens to Home Loans, Mortgages, and Properties After Divorce? One of the biggest concerns of parties whose marriage has broken down is what happens to financial settlement resources and debt during this process. When it comes to matrimonial assets, one of the main considerations is whether the party who resides in the main property has the capacity to maintain the residence during interim and final proceedings. Whilst it is important that the matrimonial home is maintained...

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...

Are binding financial agreements help to improve Relations between two Parties in Australia? The answer is yes! Well if they are done properly anyway.  It is a common misconception that Binding Financial Agreements  / Prenuptial Agreements are simple contracts between two people that must be followed when the agreement comes into effect. It is widely believed that all that is required for a written agreement to binding two parties to a relationship is that a lawyer witness the parties signature...