Binding Financial Agreements
Fixed Price Prenuptial ('Prenups') and Binding Financial Agreements ('BFAs')
Binding Financial Agreements are a contract between a person and their partner setting out their agreement for financial separation in the event of a breakdown of their marriage or de facto relationship. We prepare BFA's or a 'Prenups' which will finalize a financial separation and divorce orders and will finalize the marriage or de facto relationship. BFA's and fixed fee divorce orders can be done at the same time.
We offer fixed fees for Binding Financial Agreements. Our fixed fees for preparation of Binding Financial Agreement are from $1,750.00 exc GST.
Our practice is located outside of the Perth CBD and because of this our hourly rates and fixed prices for binding financial agreements and property settlements are 20% lower than the standard rates charged by most Perth law firms. Our rates are extremely competitive compared to the rates charged by other Perth Divorce Lawyers.
Property settlement is the division of assets, liabilities and financial resources in the case of a divorce or separation. This can be done either mutually by agreement, or through a judicial decision in the Family Court of Western Australia. For more detailed information on Property Settlements click here.
When should I consider a Binding Financial Agreement?
A BFA can be entered into before, during or after a marriage or de-facto relationship. They may cover:
* Division of property, finances, and debts;
* Spousal Maintenance; and
* Adult child maintenance.
Our services include (if necessary) access to the various range of experts necessary to advise in respect of a resolution of financial issues including access to land valuers, business valuers, accountants and other professionals as required.
Where an agreement for property division has been reached we can advise you on the most appropriate and cost effective way to formalize your agreement. This may be through consent orders in the Family Court of Western Australia or with a financial agreement.
What are the benefits of a Binding Financial Agreement?
BFA's can be a useful tool to:
* Protect significant wealth;
* Safeguard potential inherited wealth;
* Protect family companies; and
* Provide financial certainty in the event of separation.
There are lots of matters to take into account when negotiating property settlement and we can provide you with advice on your entitlements.
You should take legal advice from the best Perth divorce lawyers, experienced in drafting and reviewing Binding Financial Agreements and Property Settlements for a fixed price. We also offer very competitive fixed fees for legal advice on a BFA prepared by your spouse's family lawyer.
BFAs are often mistakenly referred to in Australia, as a pre-nuptial agreement or a prenup, which is an American concept. A prenup is made before the parties are married.
There is no concept of prenuptial agreements, prenup agreements or prenups in Western Australia. The acts deliberately do not make any reference to the phrase pre-nuptial to draw the distinction that BFAs are a completely difference concept.
Many people in Western Australia however still refer to BFAs as pre-nuptial agreements.
Contrary to popular belief a pre-nuptial agreement does not have to be entered into prior to marriage. The Family Law Act 1975 and the Family Court Act 1997 (WA) allows for couples in Perth and Australia to legally enter into a Binding Financial Agreement either before, during or after a marriage and by de facto couples where there is no marriage at all.
Part V111A of the Family Law Act 1975 (Cth) is where you will find the legislative provisions for BFAs for married couples, Part 5A Division 3 of the Family Court Act 1997 (WA) for de facto couples in Western Australia and Part V111AB Division 4 of the Family Law Act 1975 (Cth) for de facto couples in other States and Territories.
For good reason BFAs can not be entered into quickly or as a last minute decision. Usually you will want divorce orders to be made in the Family Court at the same time.
WHY LAWYERS ARE NEEDED
- To enter into a valid Binding Financial Agreement in Western Australia parties will need the involvement of 2 experienced and independent family lawyers. Drafting a BFA that will withstand future challenge is a complicated task and the lawyers must have an extensive knowledge of all the technical requirements.
- There have been a number of cases that show the problems that can arise if BFAs are not properly prepared.
- Once the terms of the BFA are agreed and drafted into the correct form each party must obtain independent legal advice. Both parties must receive independent legal advice about the effect of the BFA on their rights and the advantages and disadvantages of entering the BFA.
- If either party breaches a term of a BFA then the other party can apply to the courts to enforce the BFA. The court can assist to enforce the terms of the financial agreement as if they were orders of the court.
Because our offices are not located in the Perth CBD our rates are substantially lower, often up to 20% lower, than most Perth Family Lawyers.