Sometimes called a Prenuptial Agreement or Financial Agreement, a BFA is an agreement whereby parties may regulate their financial affairs formally within a marriage/de facto relationship either before, during or at the end of a relationship.
A BFA is sought in particular when the parties are older and have established assets of their own. The parties have their own children from previous marriages and relationships to consider. In such cases it is often the desire of all parties to protect the previously owned assets for the benefit of their own children.
In situations where long established family businesses/wealth (handed down from many generations) belongs to one party of the relationship, it is often required that the younger generation enter into a BFA so that the wealth/family business/farm property is preserved.
Reasons vary as to why parties require a BFA and may include:
It is imperative that each party is provided with independent legal advice before the parties enter into an agreement and statements of independent legal advice must be provided to each of the parties and exchanged with the BFA.
Such advice includes:
It is important to note that a BFA continues in force and effect notwithstanding the death of a party and is binding on the legal representatives.
If de facto couples marry, having previously entered into a BFA, such BFA will automatically be terminated.Back to FAQ
The closest train stations are Town Hall, taking the Park Street exit, or St James Station, taking the Elizabeth Street exit. John R Quinn & Co. is on the corner of Park and Elizabeth.
Best parking is in the Domain parking station. Take the moving footway and cross Hyde Park to reach our offices.