What is a Financial Agreement and How to Apply?
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Financial Agreements
What is a Financial Agreement?​​​
A Financial Agreement (formerly known as a Binding Financial Agreement or BFA) is a contract made under Part VIIIA (for marriages) or Division 4 of Part VIIIAB (for de facto relationships) of the Family Law Act 1975 between two or more parties.​​
A financial agreement is a formal arrangement made outside the court when both you and your former partner come to an agreement for your property and finances. ​If a Financial agreement is prepared and entered into in a proper way, then parties will not need to go through court proceedings.
​When can you enter into a Financial Agreement?
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You can enter into a Financial Agreement either:
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before the marriage or de facto relationship;
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during the marriage or de facto relationship; or
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after the marriage or de facto relationship.
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A condition of entering into a Financial Agreement is that both parties must obtain independent legal advice.
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Can a Financial Agreement be Set Aside?
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In some circumstances, the Court does have the power to set aside a Financial Agreement. If you are a party to one and believe that it should be set aside, speak with one of our family lawyer solicitors for more information and advice about setting aside Financial Agreements.
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For any other expert advice tailored to your matter, speak with one of the best family financial lawyers in Sydney, our team here at Elbatti Legal will look after you.
