Tag: Binding Financial Agreements

In the intricate tapestry of legal frameworks governing personal finances and estate planning, two crucial documents often stand at the forefront: Binding Financial Agreements (BFAs) and Wills. While both serve distinct purposes, their intersection can significantly impact individuals' financial security and estate distribution, particularly in Queensland, Australia. Understanding Binding Financial Agreements Binding Financial Agreements, commonly referred to as BFAs, are legal contracts entered into by parties to formalise financial arrangements, especially concerning property, spousal maintenance, and financial resources. In Queensland,...

In the midst of the excitement and anticipation of planning a wedding, many couples overlook the pragmatic side of their union – finances. While discussions about money may not seem romantic, they are essential for a stable and secure future. In Cairns, Queensland, as in any other part of the world, couples can safeguard their financial interests through pre-nuptial Binding Financial Agreements. Despite misconceptions surrounding “pre-nups”, they offer invaluable benefits that can protect both parties in the event of a...

In the picturesque city of Cairns, nestled in the tropical beauty of Australia, understanding spousal maintenance rights is crucial for individuals navigating the complexities of family law. Governed by the Family Law Act 1975 (Cth), spousal maintenance, a legal entitlement for payment, is applicable to both marital and de facto relationships. [caption id="attachment_17739" align="alignright" width="350"] Spousal Maintenance Rights in Cairns[/caption] For married individuals, spousal maintenance can be sought during the marriage and post-divorce, up to 12 months after divorce, showcasing...

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 Agreements & Will drafting essentials Will drafting is an important skill to possess as a junior solicitor. Unfortunately, you don’t always get the opportunity to refine your drafting skills in university which makes the leap into real-life practise particularly daunting.  The key question here is; what components are necessary to appropriately prepare wills as a junior solicitor?  After all, a negligence claim down the line could carry dire consequences for you and your principal, especially at the outset of your career.  Making a formal will  It is...

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...

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...

How To Be A Responsible Shared Parent Shared parental responsibility: Where the children should live and how much time they should spend with the other parent or other significant adults in their lives are now subject to the Family Law Act.  This came into effect in 2006. The principals in the legislation QLD are summarised as follows: “The law will take the view that parenting is a responsibility which should be shared and, in most cases, parents will need to...

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...