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BFA's-what's involved and how much

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Bluegreen View Drop Down
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Joined: 28/January/2018
Location: Australia
Posts: 13
  Quote Bluegreen Quote  Post ReplyReply Direct Link To This Post Topic: BFA's-what's involved and how much
    Posted: 25/February/2018 at 19:33
I think I have managed to get my husband to agree to a figure. He wants to pay some now, and the rest in 3 yrs time. I said ok, provided we had a BFA protecting us both. I'd rather have the whole sum now but I'm prepared to meet him halfway.

Are the DIY kits worth the money? Or should I just go to a lawyer and get something drawn up. I don't know what is involved in one of these agreements, so I have no idea what the fees would be, or what both I and my husband would have to provide.

Can anyone offer thoughts or experiences? All appreciated

citizen-joe View Drop Down
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Joined: 09/October/2005
Location: Australia
Posts: 494
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 25/February/2018 at 21:53
If you wish to enter into a Binding Financial Agreement you have to each see your own lawyer for independent advice, for the agreement to be legally enforceable.

Draw up what you both wish, then each take a copy to your own lawyer, if both lawyers agree, then it need to be signed by each of you and contain a statement from each of the lawyers to state they have provided each of you with advice.

However if either of you decide that you should enter into a different agreement once you have received the advice, then you'll need to negotiate again.

AMK Law View Drop Down
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Joined: 11/September/2017
Location: Australia
Posts: 21
  Quote AMK Law Quote  Post ReplyReply Direct Link To This Post Posted: 27/March/2018 at 10:27
Hi,

A Binding Financial Agreement (“BFA”) is a legal agreement that sets out split of the couple’s assets should the relationship breakdown. Further, a BFA is recognised as being legally binding under the Family Law Act 1975 (Cth) and the agreement can be reached by people who are married as well as de facto partners.

A BFA can address division of the assets (owned by individuals at the start of the relationship and any assets the parties acquire during the relationship). It can also have a clause regarding the maintenance amount to be paid by one to the other. Further, a BFA can also discuss liabilities as well.

It is recommended to get legal advise and have a lawyer review and draft a BFA to avoid unnecessary stress down the track. Further, it is imperative to make sure that a BFA has been properly drafted in compliance with the Family Law Act 1975 (Cth). Lastly, the upfront costs of preparing a BFA far outweigh the costs associated with finalising property orders at the Court.

Citizen-Joe has rightly mentioned that in order for a BFA to be legally binding, the lawyers for both parties must sign the agreement confirming provision of the independent legal advice to the parties.

Should you wish to discuss this matter further or should you require assistance with preparation of a Legally Binding Financial Agreement, please feel free to contact us via email on admin@amklaw.com.au, via phone on (03) 8564 8474 or visit our website at www.amklaw.com.au

Disclaimer:
This information is of a general nature only and it is not, nor is intended to be, legal advice. If you wish to take any action based on the content of this publication, we recommend that you seek professional legal advice. You can contact AMK Law directly by telephone on (03) 8564 8474 or by email admin@amklaw.com.au.
This information is of a general nature only and it is not, nor is intended to be, legal advice.

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