Binding Financial Agreement s90UD de facto separated

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At a Glance

Ending a de facto relationship can be complex, particularly when financial matters are involved. A Binding Financial Agreement (BFA) to End a De Facto Relationship provides legal certainty by outlining asset division, financial obligations, and post-separation arrangements. This legally binding agreement ensures legal practitioners, couples, and financial advisors have a clear framework for financial separation, helping to prevent disputes and ensure a fair resolution for both parties. 

 

A Binding Financial Agreement (BFA) at the end of a de facto relationship is a legal document that outlines how the assets, liabilities, and financial resources of the parties will be divided after the relationship has ended. These agreements are designed to provide clarity and finality to financial matters, avoiding the need for court intervention.

A Binding Financial Agreement end DeFacto (pre-nup) template for after the end of a defacto relationship: s 90UD

The Family Law Act 1975 sets out the general principles the court considers when deciding financial disputes after the breakdown of a defacto relationship (see Sections 90SM(4) and 90SF(3)).

The general principles are the same, regardless of whether the parties were in a marriage or a defacto relationship, and are based on:

  • working out what you’ve got and what you owe, that is your assets and debts and what they are worth
  • looking at the direct financial contributions by each party to the marriage or defacto relationship such as wage and salary earnings
  • looking at indirect financial contributions by each party such as gifts and inheritances from families
  • looking at the non-financial contributions to the marriage or defacto relationship such as caring for children and homemaking, and
  • future requirements – a court will take into account things like age, health, financial resources, care of children and ability to earn.

 

INCLUDES

  • Table of Contents – A structured outline of the agreement for easy navigation.
  • Separate Property – Defines assets owned individually before and during the de facto relationship.
  • Joint Property – Outlines assets acquired together and their management.
  • During the De Facto Relationship – Establishes financial obligations and responsibilities.
  • Separation – Covers procedures and conditions in case of a relationship breakdown.
  • Division of Property – Specifies how assets and liabilities will be divided post-separation.
  • Independent Legal Advice – Ensures both parties receive separate legal counsel before signing.
  • Tax Considerations – Details tax implications related to asset division.
  • Claims Against Estate – Addresses provisions for claims made against a deceased party’s estate.
  • Notices – Defines communication procedures between parties regarding the agreement.
  • Governing Law & Jurisdiction – Specifies the applicable legal framework governing the agreement.
  • Further Assurance – Ensures both parties take necessary steps to uphold the agreement.
  • Execution Page – Contains designated spaces for official signatures and legal acknowledgment.
  • Annexure A – Assets and Liabilities – Supplementary documentation detailing financial disclosures.
  • Annexure B – Additional supporting documentation as required.
  • Annexure C – Further relevant annexures related to the agreement.
  • Statement Under Section 90G of the Family Law Act 1975 – Confirms compliance with legal requirements.
  • Separation Declaration Pursuant to Section 90DA of the Family Law Act 1975 – Required declaration upon separation.

A Binding Financial Agreement (BFA) is a legally enforceable document that requires careful drafting to ensure compliance with Australian family law. To be legally binding, both parties must receive independent legal advice from a solicitor before signing, as required by the Family Law Act 1975 (Cth).

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