What is a Binding Financial Agreement?
What’s the difference between a Binding Financial Agreement and a prenup?
A prenup or prenuptial agreement is simply a binding financial agreement that is created before marriage.
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When can you get a Binding Financial agreement?
When are Binding Financial agreements most useful?
What are the legal requirements for a Binding Financial Agreement?
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Binding Financial Agreement Advantages and Disadvantages
You may want to weigh up the advantages and disadvantages of a Binding Financial Agreement or BFA before deciding whether to undertake one.
BFA can incorporate both financial (incl. superannuation) and parenting arrangements.
There is no central register, such as a court, which can be checked if the BFA is lost or destroyed;
It can include child support arrangements;
There is no independent oversight by the court to ensure the agreement is ‘just and equitable’ as required in property consent orders;
More flexibility than consent orders;
The bargaining power between the couple may be unequal;
The BFA cannot be varied and continues after death.