Binding Financial Agreements deal with the property of a relationship. In practice, there are four types of Binding Financial Agreements, categorised according to their time of execution:
1. Binding Financial Agreement entered into before Marriage (or before the commencement of a de facto relationship);
2. Binding Financial Agreement entered into after marriage and before separation or Divorce (or after the commencement of cohabitation for a de facto relationship);
3. Binding Financial Agreement entered into after separation of the parties but before a Divorce Order is granted;
4. Binding Financial Agreement entered into after a Divorce Order is made.
Binding Financial Agreements, provided they have been validly executed, essentially oust the jurisdiction of the Family Court in relation to all property and financial matters.
Binding Financial Agreements are an alternative to obtaining Consent Orders that formalise property matters following the breakdown of a marriage or de facto relationship. Unlike Consent Orders, the agreement reached is not submitted to a Court and Orders are not made. However Binding Financial Agreements are nonetheless legally binding on the parties to them.
The requirements for a valid Binding Financial Agreement are onerous. Significant expertise is required by the lawyer to satisfy his/her duty under the Family Law Act
Although these agreements may be varied this is not often done and the ability to set them aside is very restrictive.
Key Contacts:
At Taylor and Scott Lawyers, we care for you. Contact At Taylor and Scott Lawyers, we care for you. Contact Family Law Accredited Specialist, Rescina Hekimian or Family Lawyer, Amanda Hynes on 1800 600 664 or email us by filling the contact box on the right of this page.