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Binding Financial Agreements

Since the year 2000 couples have been able to enter into written agreements to determine financial matters between them before, during or after the relationship

Our highly skilled team at Pearsons Lawyers can advise and guide on all aspects of such agreements. For your first FREE appointment call our specialist team so you know where you stand.

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Binding Financial Agreements

There are different types of Binding Financial Agreements (BFA’s). They include: –

  • Financial Agreements before the relationship commences commonly known as ‘pre-nups’
  • Financial Agreements during relationships
  • Financial Agreements after the relationship has broken down effecting a property settlement
  • Financial Agreements dealing with Spousal Support during or after the relationship

Our specialist team of Family Lawyers has many years of experience in advising and preparing all types of agreements. We ensure that there is financial certainty and security in the future so as to protect assets and income from future claims.

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"Just as every family is unique, every separation is as well.  In the decades of practising Family Law we have had the privilege of observing so many different situations and assisted parties untangle their children’s issues and financial matters.  In the end, the aim is to ensure that the desired outcome is achieved."

Binding Financial Agreements

Property Settlement Options

(A) Binding Financial Agreements cover 4 categories:
(i) Spousal support

An agreement can be entered into by both parties that neither of them will seek financial support for themselves from the other party. This ensures security with respect to ongoing financial support for your former partner. Alternatively, you can have a Binding Financial Agreement which makes provision for ongoing periodic financial support on a regular basis from your former partner but this is in rare circumstances and would be where your spouse is unable to work.

(ii) Property Arrangements

Binding Financial Agreements can finalise property arrangements between the parties where the option of having a Consent Order ratified by the Court is not available either because the parties choose not to have a Court seal or alternatively, the agreement is one which the Court would not approve because it is outside the range of what the parties could expect to receive from the Family Court. Sometimes entering into a Binding Financial Agreement can be quicker than a Court Order.

(iii) Pre-Nuptial

Binding Financial Agreements which are entered into in contemplation of a marriage or a de-facto relationship commencing are known as “Pre-Nups”. These agreements specify what happens in the event of a separation.

(iv) Binding Child Support Agreements

Binding Child Support Agreements are often prepared when parties want to formalise child support arrangements to include not only periodic child support as assessed by the Child Support Agency but but also may include other expenses such as:

  • Educational costs including school fees, books, uniforms and camps; and
  • Health costs including private health insurance, out of pocket expenses for medical, dental, orthodontal, chiropractic, osteo etc.
  • Extracurricular activity

These Binding Child Support Agreements can be registered with the Child Support Agency and can also filed with the Family Court.

(B) Consent Orders

Consent Orders finalise property matters between parties by way of a formal Court Application and minute of the proposed Orders sought by agreement.

Usually, one of the parties’ lawyers prepares the documents which are then signed by both parties and filed with the Court.

A Registrar of the Court reads the documents and makes an assessment as to whether the agreement is within the range of what the Court would normally expect.

The Court then seals the Orders without the need for either of the parties or solicitors to attend Court and the Orders are released. These Orders are final and they are enforceable and they remain on the Court file.

(C) The Judge’s Decision

Some parties are unable agree on the on the division of property between themselves despite negotiations between solicitors and/or mediation. In these instances, proceedings are issued and the matter takes its course in the Family Court or the Federal Circuit Court.

Mediation is a compulsory step in the litigation process. Approximately 80% of cases resolve at or before mediation.

In the event that the matter does not resolve at or before mediation the Court case will proceed to Trial. Each party and their witnesses give evidence and submissions are made.

After hearing all of the evidence and submissions the Judge, in due course, will normally hand down their decision. The timing of the handing down of the decision depends on the complexity of the case. The Judge’s decision is final and can only be appealed if there is an error in law.

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During your initial free consultation we will:

  • Discuss your circumstances.
  • Answer any questions about the divorce process.
  • Discuss your options.
  • Advise you of your entitlements.
  • Provide you with information about the cost of a divorce and separation.

Call our office or fill in the contact form to book your free appointment.

Office Hours

Monday to Friday 8:30am – 5:00pm
(Please note we are closed between 1-2pm)

Wednesday Evenings 5:00pm – 7:00pm
(by appointment only)

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"The team at Pearsons has been amazing and they have helped me get through the most difficult & challenging time of my life. "

⭐️⭐️⭐️⭐️⭐️ Truong, Melbourne