Skip to main content

Binding Financial Agreements (commonly known as a BFA for family law) is a legal agreement made between parties before, during or once a relationship has ended. It is this legal agreement which determines the financial arrangement which is to take place either during the term of the relationship or after the relationship comes to an end.

If you have signed a Binding Financial Agreement you agree to how your financial resources, assets, liabilities are to be divided. Therefore if there is a dispute between the parties as to financial arrangements in a Family Court after separation and you have signed a Binding Financial Agreement, then you will lose your right to dispute the division of your financial items. This is because the financial resources will be divided according to what has been agreed in the Binding Financial Agreements.

Binding Financial Agreements Fixed Fee Brisbane, Gold Coast, Sunshine Coast

Depending on the complexity of your legal matter we can offer a fixed fee for your Binding Financial Agreement. Contact us on (07) 3317 8346 to learn more.

Why do people enter into a family law Binding Financial Agreement?

  1.  In case of separation, parties have the reassurance that they will receive equitable treatment financially, especially in the cases where large asset are brought into the relationship by one party and not the other.
  2. Peace of mind especially one party has children or assets that they wish to protect in the case of a relationship breakdown.
  3. Estate planning – ensuring that property passes through as intended
  4. People who wish to protect themselves against a possible claim against their assets in the event of separation or sometime in the near future

When does a Binding Financial Agreement become binding?

When the parties to a financial agreement obtain formal legal advice and are issued with a Certificate pursuant to the Family Law Act, then the financial agreement becomes binding on the parties to the agreement.

Can you terminate a Binding Financial Agreement?

Yes, but this can only be done in accordance with the Family Law Act which states that parties may terminate the agreement only if:

  1. Parties include a provision relating to termination in another financial agreement
  2. Parties draft a written agreement, “termination agreement”

The Act states a number of factors determining when the termination agreement becomes binding.

Effect of Binding Financial Agreement’s upon the death of either party

A binding financial agreement continues to operate despite the death of a party to the agreement and operates in favour of, and is binding, on the legal representative of that party.

The legal representative of a deceased party can then either enforce the BFA or apply to set aside the BFA after the death of a party.

Helpful articles and resources


Our reputation speaks for itself...

Greg BrownGreg Brown
03:10 04 Dec 22
Absolute pleasure to deal with! Luke and the team at Cudmore were amazing to deal with, really receptive to my requests, nothing was too much bother. Would recommend.
Emily PeeblesEmily Peebles
00:31 09 Nov 22
Possibly the best lawyer/ Law firm, I've personally ever had a pleasure working with. Emily was impressive to watch in court and was always professional. Her knowledge of law granted me a successful win. Hiring a lawyer can be scary and overwhelming. Emily made me feel comfortable, calm and I always left her, feeling empowered. Highly recommend.
Bill LottBill Lott
00:44 23 Sep 22
Luis Tunstall at Cudmore Legal was outstanding handling my family law matter. I was particularly impressed with the way that he applied his knowledge and expertise. He was professional and pragmatic, making it clear how the courts would likely handle the matter should it go to court and advised me appropriately and effectively. Luis was a steady hand in what could have been an emotionally charged procedure. I will highly recommend him to anyone in need of legal advice.
Mel GlennonMel Glennon
04:44 13 Jun 22
I had Amelia Medina represent myself through a family law matter, Amelia is exceptionally thorough in what she does and very supportive throughout the 18 months.Very reliable, timely and professional in response to other parties.It’s not easy going through something so heartbreaking, Amelia was sympathetic and made sure my case was strong and well supported with documentation.Thank you so much Amelia, your hard work, long hours are greatly appreciated.

Book your free family law phone consultation

Contact us today to book your free 20 minute, no obligation chat with one of our experienced family lawyers over the phone.

"*" indicates required fields

Areas of Interest
Close Menu