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Binding Financial Agreements (BFAs) – Truly “Binding” or Bird Cage Lining?

Family Law

Is a BFA worth the time of day?

Does it have much scope,

Or leave no hope?

Does it really pass muster,

Or a mere feather duster?

Is it truly binding,

Or just bird cage lining?

 Wordsworth(less)

The movies talk about ‘pre-nups’ and we talk about ‘BFAs’. In fact, “Financial Agreements” is the term used in the Family Law Act. But we will stick with “BFA”.

There are actually a number of different BFAs prescribed by the Family Law Act and each depend upon whether you are planning a marriage, are married or are divorced (a separation agreement). Similar varieties apply to de facto relationships. Opposite and same sex relationships are equally covered.

BFAs require strict compliance and, therefore, also require careful, considered drafting. Although last year’s High Court case of Thorne v Kennedy sent a shiver of concern, the case actually helped consolidate the rights and wrongs to consider when making these documents.

We say that, drafted well in the right circumstances, BFAs can be not only a smart way of foreshadowing relationship concerns, they can also be documents to show family members from a prior relationship that you are entering into a new relationship responsibly.

Please call Mark Squire on 8448 9854 to see if a BFA may suit you.