Standard Settlement Of Binding Financial Agreement

by Ray Latimer

Prior to the ability to construct Binding Financial Agreements (BFAs) was extended to same-sex and de facto relationships, when such a relationship had split up, both parties would have had to arrange themselves for some long-winded and tiresome lawsuits through the Supreme Court. Thank goodness, this has now all been changed with the launch of section 90UD of the Family Law Act 1975 which precisely entitles people in de facto relationships to agree upon what they contemplate to be a rational division of asset and financial resources once the relationship has separated. Appropriately, this now places de facto agreements in the same category as is already enjoyed by husbands and wives. It implies that same-sex relationships are apportioned with similar rights to heterosexual couples and this will be observed as a welcome move by many gay rights groups that have been involved and campaigning throughout these issues.

How Does One Go About Building A BFA In These Instances? If a de facto, or same-sex relationship has split up irretrievably, s.90UD of the 1975 Act sets out that the following practices will have to be put into practice in order for a court to determine and apply a binding financial agreement. These are the following: They will have to guarantee that each party seek professional and qualified legal advice. This is vital and it should help to guarantee that each party's unique situation is analyzed and legally commented upon. If gross unfairness can be identified within the agreement as it stands, the legal adviser will point this out to the relevant partner and they will then only go ahead and sign once they understand specifically what they are agreeing to and/or possibly compromising.

A certificate must be received from the applicable legal professional which will confirm the fact that this demand has been pleased. It would then need to be added as an 'annex' to the main written legal document which will comprise the BFA. The BFA will need to indicate the extent of any relevant spousal maintenance to be provided. It will has to be signed by both of them and a copy of the agreement will be retained by each. Provided all of the steps have been taken above, the court should not scrutinize the BFA to be sure that it is just and equitable. The court would only tend to set a BFA aside if there were fundamental flaws with the documents (e.g. the BFA had been created in a fraudulent manner). It is also important to note that a person can only enter into a BFA if they are not already party to such an agreement with another person.

Swifter Conclusion at the end of a Relationship: This type of post nuptial agreement should help to ensure that any financial matters are dealt with far more smoothly than they may well be. Granted, some time would be essential on both sides to conceive the binding financial agreement, but once a settlement is arranged, the BFA will provide a far quicker solution to the question of who gets what. Naturally, to a large scope, at the end of any relationship and at a period when communication between both parties may not be as manageable as it once was, a lot will depend on how fast an agreement can be satisfied. Nonetheless, it would probably turn out to be more prudent and cost efficient for the parties to fix the asset and financial issues in this way.

Whichever actions the members of a de facto relationship elect to take when things have separated, the reality is that Australian law now offers them with these options. Gone are the days where there was only limited avenues that could be went after in order to settle such matters. Such de facto agreements now exist to realise a swifter conclusion to the division of asset and money.



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