When can you enter into a Binding Financial Agreement

At what stage of your relationship can you do a Binding Financial Agreement

Binding Financial Agreement | DIY Family Law Australia

Couples who are either married or intending to marry, can enter into a Binding Financial Agreement:

  • Before they marry;

  • During their marriage;

  • After they separate;

  • After their divorce.

De facto couples, couples who intend to commence living together in a de facto relationship, or couples who are concerned their relationship is such that they may be considered to be in de facto relationship, can enter into a Binding Financial Agreement:

  • Before they start living together (cohabiting);

  • After they have already started living together (cohabiting);

  • After they separate.

You cannot enter into a Binding Financial Agreement if you have already entered into a Binding Financial Agreement with another person. For example if you are married and also have a mistress, you cannot have Binding Financial Agreements with both. 

It is not usually recommended that couples sign a Binding Financial Agreement in the weeks leading up to their wedding, as it could later lead to it being argued that the agreement was signed under duress and so should be set aside. 

There are different types of Binding Financial Agreements depending on whether you are married or in a de facto relationship and depending upon the nature and stage of your relationship. See more in our fact sheet Types of Binding Financial Agreements & Which type do I need.

Binding Financial Agreements: What else you need to know

We explain the basics of a Binding Financial Agreement in the fact sheet What is a Binding Financial Agreement.

What should you put into a Binding Financial Agreement and what should you discuss with your partner before you enter into one. Find out in our fact sheet What can you include in a Binding Financial Agreement.

Can you prepare your own Binding Financial Agreement without a lawyer. We explain the answer in the fact sheet Can I prepare a Binding Financial Agreement myself.

You must be eligible to be able to lawfully enter into a Binding Financial Agreement. Read more in the fact sheet Who can enter into a Binding Financial Agreement.

People often start living together, get engaged, have a baby or even get married and only then think about getting a Binding Financial Agreement. If this applies to you then you should read the fact sheet Is it too late to enter into a Binding Financial Agreement.

Will a Binding Financial Agreement actually work to protect your assets and income? Find out in the fact sheet Are Binding Financial Agreements actually Binding.

If have entered into a new relationship or are about to and you are thinking about the provision of your Will or what might happen after you die you should know the information in our fact sheet How having a Binding Financial Agreement might help your Succession Planning.

Read the benefits of having a BFA in the fact sheet What are the Advantages of a Binding Financial Agreement.

There may be a downside to having a BFA. This is discussed in the fact sheet What are the Disadvantages of a Binding Financial Agreement.

Questions such as can your Binding Financial Agreement be changed or updated, what circumstances might have a court declare it invalid and set it aside are answered in the fact sheet Can a Binding Financial Agreement be set aside, updated or terminated.

The fact sheet How to tell your Partner you want a Binding Financial Agreement might also be helpful to you.

If you have separated or divorced and want to document your property settlement agreement in a legally binding and enforceable way, then the fact sheet Should I use a Binding Financial Agreement or a Consent Order will contain important information for you.


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Content By:
Michelle Beatty, Senior Lawyer
Virtual Legal

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