Binding Financial Agreements can be formulated either during a marriage or de facto relationship or following a separation or divorce. It is an agreement whereby a couple set out their financial rights and responsibilities.
Each party must obtain independent legal advice prior to entering into a Binding Financial Agreement and the agreement must contain a certificate from the legal practitioner in confirmation that legal advice has been provided independently of each party.
A Binding Financial Agreement does not need to be lodged with the Courts for approval.