Nicholes Family Lawyers recognise that going to court is a daunting experience for most clients. We therefore strive to settle matters for clients without recourse to Court wherever possible.
In particular, one option for clients involved in Family Law property matters is to enter into a Binding Financial Agreement with respect to the division of property between them.
Binding Financial Agreements (otherwise known as “prenuptial agreements” of “BFAs”) can be entered into by parties to a relationship prior to or at the commencement of a relationship, during the relationship, or following a relationship breakdown.
When properly prepared, Binding Financial Agreements oust the jurisdiction of the Court and prevent parties from making an application to the Federal Circuit and Family Court of Australia should their relationship break down following the proper execution of a Binding Financial Agreement.
Binding Financial Agreements can deal with issues such as property settlement in the event of a relationship breakdown and financial support including spousal maintenance.
There are strict technical requirements for Binding Financial Agreements to be valid and enforceable, including a requirement that each party to the relationship obtain independent legal advice with respect to the Binding Financial Agreement and advice as to the advantages and disadvantages of the agreement, and they are each required to have signed the Binding Financial Agreement.
Nicholes Family Lawyers has expertise in preparing Binding Financial Agreements and providing the requisite advice to clients.