Binding Financial Agreement

What is a Binding Financial Agreement (or pre-nuptial agreement)?

A BFA or pre-nuptial agreement is a legally binding agreement made between two people setting out the division of property in the event of marriage breakdown, and other financial issues which might apply either during the marriage, or separation.

 

How do I know if I need a pre-nuptial agreement / BFA?

That decision is entirely up to you. Some situations where it might be considered include one party bringing significantly more assets into the marriage than the other party or a mutual decision by both parties to avoid courtroom proceedings, should a divorce occur.

 

Can I get a pre-nuptial agreement / BFA when I’m married?

Yes you can. Certain sections of the Family Law Act 1975 allow provisions for people who are currently married but not yet divorced to enter into a legally binding financial agreements concerning their assets. You can even get one after you’re divorced as a way of dividing up assets without going to court.