Family Law
Binding Financial Agreements
We help separating couples create Binding Financial Agreements to formally document their financial arrangements.
Helping clients throughout Mount Eliza, the Mornington Peninsula and the Bayside suburbs of Melbourne.
Creating binding legal agreements for financial certainty
When you’re going through a separation, protecting your assets and financial interests is essential. At Eliza Legal, we provide clear, practical advice on Binding Financial Agreements (BFAs), giving you peace of mind that your financial matters are properly managed after separation.
Every couple’s financial situation is different. We work closely with you to understand your needs and ensure your agreement reflects your intentions. We draft and review agreements that are personalised, fair and legally sound, allowing you to formalise your property agreement without needing to go to court.
How We Help With Binding Financial Agreements
We understand that addressing financial separation after a relationship breaks down can feel overwhelming. Our experienced lawyers provide thoughtful legal support to ensure your agreement is transparent, compliant, and protects your interests now and in the future.
Our services for BFAs include:
- Drafting and reviewing Binding Financial Agreements (postnuptial, separation)
- Ensuring agreements comply with the Family Law Act and are legally binding
- Advice on property division, spousal maintenance and superannuation
- Supporting high-net-worth individuals with complex asset structures
- Coordinating with accountants or financial advisors, where needed
- Providing required independent legal advice for enforceability
- Disputing or enforcing existing BFAs, if needed
Please get in touch with our team today for advice on creating or reviewing your Binding Financial Agreement.
Skilled Legal Support for Financial Clarity & Protection
Binding Financial Agreements are a practical and effective way to define how property and assets will be handled if your relationship ends. At Eliza Legal, we support individuals and couples across Mount Eliza and the Mornington Peninsula with carefully considered agreements designed to prevent disputes and protect what matters most.
Understanding Binding Financial Agreements in Australia
Under the Family Law Act, Binding Financial Agreements allow parties to contract outside the usual court-based process for dividing property. BFAs offer flexibility and privacy in managing financial matters, but they must be drafted carefully to be legally valid and enforceable.
When Can You Enter a BFA?
There are different times that couples choose to enter into a financial agreement, and for different purposes. We don't offer prenuptial agreements, but can help you with financial agreements after a relationship ends.
BFAs can be entered into:
- Before a relationship begins (prenuptial agreements or cohabitation agreements)
- During a relationship (postnuptial agreements)
- After separation or divorce (family law financial agreements)
These agreements clearly outline how property, debts, income and financial resources will be divided.
Legal Requirements
It's essential to seek legal advice if you are thinking of creating a financial agreement, and both you and your partner (or former partner) need to obtain independent legal advice before signing anything.
For a BFA to be binding:
- Each party must receive independent legal advice
- The agreement must comply with technical legal requirements
- Full financial disclosure must be made
- The agreement should be fair and entered into freely, without coercion
Our team ensures your agreement meets every requirement to reduce the risk of future challenges.
How we can assist:
Our firm provides comprehensive legal guidance on financial arrangements at every stage of a relationship, including:
- Postnuptial agreements during marriage or cohabitation
- Separation agreements for couples ending their relationship
- Advice on entitlements to property, business assets or inheritances
- Termination agreements
- Managing binding financial agreements involving self-managed superannuation funds
- Assistance where BFAs intersect with property settlements and spousal maintenance
- Disputes involving alleged unfairness or lack of disclosure
- Advice on how BFAs affect child support or parenting arrangements
- Responding to pressure or duress concerns in agreement negotiations
Why Work With Eliza Legal?
We do more than just provide advice and draft legal documents - we offer clarity, protection and solutions that support your long-term financial wellbeing.
Expertise in Family Law
Experienced family lawyers with deep knowledge of financial matters
Personalised Solutions
Agreements tailored to your specific relationship and asset profile
Tailored Advice
Practical, forward-thinking strategies to minimise risk and dispute
Local Expertise
Local family law firm supporting clients across the Mornington Peninsula
Our Process
Step 1: Free 20-Minute Call
Speak with one of our binding financial agreement lawyers to explore your options and understand whether a BFA is right for you.
Step 2: Fixed-Fee Initial Consultation ($440)
In a 90-minute session, we’ll assess your situation, explain legal requirements and begin planning your agreement.
Step 3: Preparation & Review
You’ll receive a pre-consultation form to help us deliver tailored advice and draft the agreement accurately.
Frequently Asked Questions
Have another question that hasn't been answered? Get in touch with our team and we'll help answer all your questions.
What are the benefits of binding financial agreements?
Binding Financial Agreements offer flexibility, privacy and certainty in managing property arrangements, financial support and asset division. They can prevent costly financial proceedings in the family court and allow parties to agree on outcomes tailored to their individual circumstances, without relying on a court order.
Are court proceedings necessary?
No, court proceedings are not required for a Binding Financial Agreement to be valid, which allows for more privacy than Consent Orders. As long as both parties receive independent advice from a qualified legal practitioner and sign a statement, the agreement is legally enforceable, making it a private and efficient alternative to court involvement.
Do you have to be married or live together to get a binding financial agreement?
De facto couples, engaged couples and married partners can all enter into a Binding Financial Agreement, even when they do not live together. These agreements can be made before, during or after a relationship ends, offering legal certainty and clarity regardless of your formal relationship status. We don't work with couples looking to get a prenuptial or cohabitation agreement, but we can help with family law financial agreements after relationship breakdown.
What can be covered in a binding financial agreement?
A Binding Financial Agreement can address property settlement, financial support, family business division, school fees, debt management and superannuation. It can also specify arrangements if the relationship breaks down. These carefully drafted terms ensure clarity and reduce conflict over financial issues in the future.
Can a Binding Financial Agreement be overturned?
Yes, but only in specific circumstances. A court may set aside the agreement if there’s unconscionable conduct, fraud, failure to disclose assets or if one party didn’t enter into it of their own free will. Receiving the right advice from specialist family lawyers reduces the risk of the agreement being challenged.
What is the difference between consent orders for property settlement and financial agreements?
Consent orders are approved through the Federal Circuit and Family Court of Australia and fall under the court’s jurisdiction, which is governed by the Family Law Act. Binding Financial Agreements are private contracts that don’t require court approval. Both options finalise financial settlements, but BFAs offer more flexibility, while consent orders carry the authority of a court order.
Why do financial agreements have so many different names in Australia?
Terms like prenuptial agreements, postnuptial agreements and separation agreements refer to Binding Financial Agreements made at different relationship stages. They serve the same legal purpose in family law matters, but the varied names reflect timing and context.
Can financial agreements be ended or changed?
Yes, if circumstances change, parties can terminate or vary an existing BFA or child support agreement. This requires a new financial agreement or a termination agreement, both of which must meet strict legal standards. Parties must still receive independent advice, and the process must reflect their own decisions made without coercion.
Book your Free 20 Minute Discovery Call with our Family Lawyers today
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