BFAs offer peace and protection to new couples before saying “yes” or establishing a new de facto relationship. They are an indispensable instrument for financial planning and beyond. The discretion of the courts to overturn a binding financial agreement is relatively important. Therefore, the parties and their family lawyers should be cautious about preparing and concluding a binding financial agreement. They cannot “make concessions” in the preparation of a binding financial agreement. At Thomson Family Lawyers, our team of lawyers in Perth is experienced in providing legal advice in this area. As part of our service, we will also discuss the effects of not a binding financial agreement so that you know all your options. Once the terms of the financial agreement are agreed and formulated in the correct form, each party must seek independent legal advice. In the event of cancellation of a financial agreement, the court may make liquidation and maintenance orders in accordance with the principles of the Family Law Act. There are many situations in which such agreements may be appropriate, for example.B.: the State of Western Australia has maintained its own autonomy and jurisdiction with respect to financial arrangements for de facto, heterosexual or same-sex couples.
Under the Family Act, a binding financial agreement may concern the division of property, the settlement of assets, the rights to financial resources, the sharing of superannuation (only for married couples in VA) and spousal support. The advantage of entering into a binding financial agreement is that it gives you the guarantee of the possibility of protecting assets and financial resources after a relationship breakdown. A binding financial agreement can also help avoid costly and time-consuming proceedings in Western Australian family court after separation. Financial arrangements are also not unusual when one or both parties have divorced or been separated beforehand, or when they have children from a previous relationship and wish to protect their property to ensure that it is inherited from their children after their death. . . .