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Binding Financial Agreement Templates
While agreements first result in one of the parties applying to the family court for the division of property, the purpose of introducing binding financial agreements is to encourage couples to agree on exactly how their marital property will be distributed in the event of separation or separation. This can be very reassuring if you have already suffered the collapse of a marriage. Our kit provides all the information you need to create a professional agreement before your first meeting It not only saves your legal advisors time and it means that your costs should be significantly reduced At what stage of your relationship financialagreements.com.au can provide a BFA template with easy-to-understand instructions that save you time and money. Sections 90B-90 C of the Family Law Act 1975 deal with financial agreements between the parties to a marriage. Article 90UA-90UN applies to financial agreements entered into by de facto couples. The Act provides for de facto financial agreements between couples only if, at the time of the conclusion of the agreement, the parties to the relationship had their habitual residence in New South Wales, Victoria, Queensland, South Australia, Tasmania, the Australian Capital Territory, the Northern Territory or Norfolk Island. Many people think that they can design something themselves and especially think that if they include the formal document as a signed treaty or a legal statement signed by a justice of the peace, the document can be reliable and will be sufficient to protect their financial position and property. A de facto binding financial agreement is an agreement between defacto, which means that couples are soon married or are already married, either before, during or after their relationship. Binding financial agreements can be made by same-sex couples or opposing couples One might think that a binding financial agreement must be fair to both parties, but this is not necessarily the case. If your agreement comes to court, the courts will not reject or annul an agreement simply because it favours one party over the other. Indeed, Article 90G of the Family Law requires both parties to seek independent advice before signing the contract. The Family Act 1975 provides that the parties to a marriage or de facto relationship shall enter into a binding legal agreement on financial arrangements in the event of the breakdown of their marriage or common-law relationship. .