What is a binding financial agreement?
A binding financial agreement (commonly referred to as a BFA or financial agreement) is one of the ways that parties to a marriage or a defacto relationship can come to a private agreement regarding a property settlement. The purpose of the agreement document states how the assets, such as property and other financial resources will be distributed after separation or divorce. The agreement can be decided either before, during or after the relationship. Instead of going to Court, if parties can reach a mutually agreement between themselves, either by negotiation or by mediation, then they can record the terms of their settlement in a BFA. This can save you time and money. The main benefit of a BFA is that the terms and conditions are kept private between the parties and not filed in Court.
To prepare a BFA, the parties must have a lawyer and receive independent legal advice before signing. For BFA assistance, contact our expert family lawyers. We offer a free 30 minute meeting at no cost and no obligation.
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