There are various agreements recognised under Australian law. Binding financial agreements are unfortunately among the most ignored. These are contracts under the Family Law Act 1975, which defines the economic aspects of your relationship during different stages.
To ensure that your BFA is legally binding, contract a family law firm in Townsville to help you. There are different agreements the experts will recommend based on the stage of your relationship. Here are some tips to help you.
If you plan to get married, you should make a financial agreement in case things do not work out. This type of commercial arrangement is called a prenuptial agreement and is the most common. Under Australian law, however, a prenuptial agreement is simply called a financial agreement.
Whether you are married legally or in a de facto relationship, a BFA is essential to enhance your peace of mind and financial security. Financial disagreements are in fact a leading cause of relationship breakups. A cohabitation agreement is designed for couples in de facto relationships, while married couples have a post-nuptial agreement.
35% of marriages in Australia, unfortunately, fail within twelve years. When exiting from a de facto relationship or getting a divorce or separation, a financial agreement is essential. These types of contracts are known as divorce or separation agreements. They address issues on how to deal with the assets and debts accumulated when you were living together and any financial obligation after that, including alimony and child support.
With the given BFAs, you can safeguard your relationship against disagreements involving finances. Different sections of the Australian Family Law Act govern these types of BFAs. A prenuptial agreement, for instance, falls under section 90B of the law, while separation agreements are under section 90C.