Binding Financial Agreement
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A Binding Financial Agreement (BFA) is a legally binding way to safeguard your assets and avoid the potential emotional cost of a relationship breakdown. Avoid property disputes whether you’re moving in together, married or in a defacto relationship. By agreeing to divide your assets (property) and liabilities (debts) in the event of separation or death you are entering into a contract that formalises future arrangements. Whether it’s your property, savings or important possession assets, we can help safeguard you from future disputes.
A Financial Agreement or prenup can provide clarity of thought and intentions. Its like having an insurance policy that protects you and your partners rights. We’ll handle the mountains of paperwork and so you can focus on the people in your life.
A Binding Financial Agreement, or BFA, is a legal agreement couples can make before moving in together, when they’re married or in a de facto relationship or at the end of a relationship. It’s the ultimate blueprint that sets out how your cash, property, and assets will be split if you decide to go your own ways.
You might’ve heard of them being referred to as “pre-nups” or “post-nups.” They’re now considered beneficial for couples with major assets, debts or children from previous relationships who want to protect what’s rightfully theirs.
But here’s the lowdown: for a BFA to be legally binding, both parties have to have independent legal advice and acknowledge that they are each aware of their rights and obligations under the agreement.and the agreement’s got to be in writing and signed by both parties.
With over four decades of experience in helping couples reach agreement Arcuri Turnbull Law knows how to navigate all range of scenarios when it comes to Financial Agreements.
When it comes to Family Law we understand your needs like no others. Our mission is simple: to deliver the best outcomes for everyone involved while ensuring the process is efficient and stress-free. We’re all about solutions, keeping it real, and communicating with you every step of the way through your journey.
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When you work with Arcuri Turnbull Law, you’re not just another case file. Our mission is to cater to your individual and business legal needs, not just for the moment, but for the long haul. We’re your partners in crime, and together we’ll conquer the legal universe, considering every aspect, from the big picture to the tiniest of details.
Ready to take the next step and start the conversation about Binding Financial Agreements? Then contact us today!
Property division during a Divorce or Separation is governed by the Family Law Act 1975. If the parties have reached an agreement about dividing the property pool, you can document your agreement via Consent Orders or a Financial Agreement in accordance with the Family Law Act 1975. If you and your partner cannot reach an agreement about the property division, you can make an application to the Court for orders.
Consent Orders and Binding Financial Agreements are both ways of settling property and financial matters between parties in a family law dispute. Consent Orders are approved by the court and are more final, while BFAs are private agreements between parties that are not approved by the court and are more flexible. For Consent Orders, the parties must file an application with the court and provide full financial disclosure. The court will then consider the orders and, if they are satisfied that they are fair and reasonable, approve them. For BFAs, parties must obtain independent legal advice and sign the agreement in the presence of their legal practitioner.
By creating a parenting plan which sets out the arrangements for parenting and visitation. The plan should cover issues such as where the children will live, how much time they will spend with each parent, and how major decisions will be made. It’s important to make sure the plan is in the best interests of the children.
Our team of Gold Coast-based lawyers are accessible and approachable. Down-to-earth and practical solutions are at the foundation of what we do. Allow us to simplify the legal process and jargon to provide you with real-world solutions that bring genuine peace of mind.
