Binding Financial Agreements can be made either during a marriage or de facto relationship or following a separation or divorce. It is an agreement where you and your partner legally assess and plan out your financial rights and responsibilities.
Both you and your partner must obtain independent financial legal advice prior to entering into a Binding Financial Agreement. The agreement must contain authentication from the legal practitioner to confirm independent legal advice has been sought and then provided.
A Binding Financial Agreement does not need to be lodged with the Court for approval.
The Family Law Act provides for those in a marriage or de facto relationship to enter into a binding legal agreement about the financial arrangements should their marriage or de facto relationship breakdown.
You can make a financial agreement before, during or after a de facto relationship. A court can declare a Binding Financial Agreement invalid and set it aside under provisions within the Family Law Act.
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