What is a Binding Financial Agreement in Western Australia?
A Binding Financial Agreement (BFA) is a legal document that can be entered into by parties prior to, during or after a marriage or de facto relationship in Western Australia. It sets out the terms and conditions of how property and financial resources will be divided if the parties separate. BFAs are also known as prenuptial agreements or financial agreements. They are governed by the Family Law Act 1975 (Cth) and are used to protect the parties’ assets and financial interests in the event of separation. It is important to note that these agreements must be entered into voluntarily, and must be in writing, signed by both parties and witnessed.
What are the steps involving a Binding Financial Agreement in Western Australia?
- Negotiation: Both parties will need to discuss and negotiate the terms of the agreement, with or without the assistance of legal representation.
- Preparation: Once the terms of the agreement have been agreed upon, a lawyer will prepare the BFA document.
- Disclosure: Both parties will be required to provide full and frank financial disclosure to each other, including details of all assets, liabilities, income and expenses.
- Independent legal advice: Both parties will need to seek independent legal advice from separate lawyers, who will explain the effect of the BFA and the parties’ rights and obligations under it.
- Signing: Once both parties have received independent legal advice, they will need to sign the BFA in the presence of a witness.
It is important to note that BFAs can be set aside if they are considered to be unfair, if one party did not have independent legal advice, or if the agreement was obtained through fraud or undue pressure.
How can a Family lawyer help?
A lawyer can assist couples in Western Australia by providing legal advice and drafting a BFA that complies with the requirements of the Family Law Act 1975 and the regulations made under it. This can include providing advice on the legal implications of the terms of the agreement, ensuring that the agreement is fair and equitable for both parties, and ensuring that the agreement is executed correctly.
A BFA lawyer can also provide advice on the legal consequences of entering into a BFA and can help couples understand the rights and obligations that arise under the agreement. They can also help with the negotiation and drafting of the agreement, to ensure that it meets the needs and interests of both parties.
Additionally, BFA lawyer can also help couples understand the legal requirements for the BFA to be binding and enforceable and can assist with any disputes that may arise if the terms of the agreement are not met.
It is important to note that both parties must have independent legal advice before they sign a BFA, as it is important that each party understands the legal consequences of entering into the agreement.
The lawyers at Rebus Legal can provide advice and act for you in these matters. Call our 1800 732 875 number and take advantage of a free 15-minute consultation.