Binding Financial Agreements (BFA)

It is possible to enter into a Binding Financial Agreement (BFA) in order to finalise your property division.

These are generally used where the Court may not make the order you are seeking, or for complicated property settlements. BFAs are not assessed by the court to ensure they are “just and equitable” or fair. Lawyers for both parties must sign a certificate of legal advice for the BFA to be legally binding.

Some lawyers have concerns about the enforceability of BFAs and it may be difficult to find lawyers who will sign these certificates (unless they are confident the division is just and equitable).