Binding Financial Agreement (BFА)
Commonly referred to as a "Prenuptial Agreement" or a "Prenup", a Binding Financial Agreement (BFA) can be used to safeguard your assets before marriage and keep them separate from Family Court jurisdiction. However, crafting a valid BFA involves meeting various technical and legal criteria.
When is a BFA suitable?
Courts can overturn agreements for reasons like unequal bargaining power, coercion, or impracticality. It is crucial to seek legal advice tailored to your situation to assess the agreement's validity. Keep in mind that the process can be costly, as both parties must independently seek legal advice for it to be court-approved, and even then, it may not always stand.
Benefits and disadvantages of a BFA
Before entering into the commitment of a marital contract, it's crucial to be well-versed in the fundamental benefits and potential drawbacks associated with this legal document.
Opting out of Family Court jurisdiction, safeguarding assets for children from previous marriages, and more. Seek tailored legal advice for your unique situation
Fairness isn't a requirement, intangible contributions may be overlooked, and updates may be necessary with changing circumstances. Consult with our family lawyers for advice specific to your case.
Benefits of a BFA
Disadvantages of a BFA
Genuine Legal can prepare your BFA for:
A specific quote can be negotiated during your initial consultation with our Solicitors.
$5,500 to $8,800 (incl GST), depending on the complexity of your matter
BFA Legal Advice
Our skilled lawyers can draft or advise on binding financial agreements, outlining the pros and cons based on your circumstances. We guide you on whether a BFA is necessary as well as it's purpose and any potential amendments.
Costs of a BFA: Given its technical nature, creating a BFA can be a substantial investment. Proper legal advice ensures you understand its actual impact and its likelihood of withstanding challenges.
Please note that even though you may be preparing your BFA without being separated from your partner, the other party (i.e. your partner) will be required to engage separate legal representation to avoid any conflicts of interest.
Jacob Butcher
Senior Solicitor, Family Law Practice
Jacob graduated with a Bachelor of Laws with Honours, and a Bachelor of Arts from the University of Queensland.
Before joining Genuine Legal Jacob completed an internship at the Department of Justice and Attorney General and previously worked in Uber's logistics and policy team at Uber's Brisbane Headquarters. Jacob is an avid chess player and enjoys playing futsal in his spare time.
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