Binding Financial Agreements
|A Binding Financial Agreement, or BFA, is an agreed disbursement of the assets of a marriage or de facto relationship under the Family Law Act 1975 (cth)
A BFA can be created by the lawyers of either party however under the Family Law Act you will require independant legal advice regardless of who drafted the agreement.
Commencing proceedings in the Family Court can delay final settlement of your matter by several years. By negotiating a settlement between all parties you are not bound by a process that will delay evolution in your life. It may also save you several thousands of dollars and prevent assets being liquidated under court order rather than an agreed distribution.
What is described as a property pool includes but may not be limited to:
• Real Property - Home, Investment Properties and Land
• Motor Vehicles, Motor Bikes, Push Bikes and Boats
• Superannuation of both parties
• Bank accounts and investments such as shares and fixed term deposits
Our experienced solicitors can advise on possible outcomes of the court process and guide you towards a more amenable settlement that can save you a lot of time and money. Contact us using the Enquire button below to discuss your options.