Financial Agreements

Binding Financial Agreements (BFAs)

AN INTRODUCTION

The terms “financial agreement”, “binding financial agreement” or “BFA” are often used loosely by lawyers and non-lawyers alike in reference to contractual agreements which parties may enter under the Family Law Act (1975) and other legislation such as the Child Support Assessment Act (1989).

As described below, there are maybe ten different variations of BFAs which parties may sign up to.

Among the most popular BFAs, there are two categories:

  1. Cohabitation agreementswhere parties make a contract about the future regarding their property and how it may be divided if they separate;
  2. Property settlementswhere parties have already separated and wish to formalise legally the division of their assets.

If you are considering singing up into a BFA and would like more information or to make an appointment in either our Canberra or Queanbeyan office please contact Carlos Turini:

p: +61 2 6206 1300 | e: cturini@elringtons.com.au

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