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Home | Family Law | Consent Orders and Financial Agreements

Binding Financial Agreements

Binding Financial Agreements (BFAs) can be useful if you plan to marry or live with someone in a de facto or genuine domestic relationship or plan to have children. It allows you to consider how your property will be divided if you separate in the future. While at first, it may seem pessimistic to think that your relationship or marriage may not last, it is far better to have certainty about what you both agree should happen with your individual and joint property and other financial issues in the event the relationship ends rather than having to cope with both the emotional upheaval and financial uncertainty at a very stressful time. BFAs can also be entered into during a marriage or de facto relationship and after separation or divorce.

Financial Agreements we can help with:

  • Dividing or transferring real estate, investment properties, shares, bank accounts, jewellery, furniture, etc;
  • Splitting superannuation funds;
  • Quarantining or dividing inheritances, gifts, or other lump sum amounts;
  • Quarantining or dividing an interest in a trust fund;
  • Spouse maintenance;
  • Determining the ownership, management and control of a business or company;
  • Assets which you already own;
  • Assets which you expect to receive later, such as an inheritance, gifts, compensation monies, etc;
  • Interests in a business or a company;
  • Your income;
  • Exposure to debts;
  • Your children and other people who are financially dependent upon you.

A BFA can therefore be important to protect existing and future assets. However, they are not appropriate for all situations. There is regularly developing law about the enforceability of some BFAs and in some circumstances they may be set aside.

FAQ

If we can't agree do we have to go to court?

If we can't agree do we have to go to court?

There are many options available to solicitors to assist parties in reaching disagreements about Family Law Matters. In the event that you cannot agree about the care of the children the Court requires that you attend mediation at first instance and will not allow you to file documents in the court until you can prove that mediation has been attempted. There are exceptions in cases of family violence or urgency. In the event that you cannot agree on how your finances will be separated you can be assisted in coming to an agreement through settlement conferences or mediation. One of the Court events that all parties attend before a final hearing is a Conciliation Conference or a court ordered mediation. Even if your matter goes to Court, the Court will continually and actively encourage parties to settle their disputes outside of court at every available option.

What if I need urgent Orders from the Court?

What if I need urgent Orders from the Court?

Should it be necessary to obtain urgent Orders from the Court, for example if urgent access to a child is required or in respect of financial support, an Application seeking Interim Orders may be made to the Court.

Such an Application enables a party to obtain Orders from the Court expeditiously. The purpose of such an Application is so that Orders may be entered by the Court until such time as the Court has had the opportunity to hear the matter in full and make Final Orders.

Please do not hesitate to contact our Family Law Department if you wish to obtain further advice about protecting your rights and obtaining Orders as a matter of urgency.

 

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