A Binding Financial Agreement, or BFA, is a legal document that sets out how your assets and finances will be divided if your relationship ends. You can create a BFA before, during, or after marriage or a de facto relationship.
A BFA helps you and your partner agree on how to handle your finances if your relationship breaks down. It can prevent disagreements and make things clearer, saving time, stress, and money in the long run.
There are three main types of BFAs:
Before Marriage/Relationship: Known as a pre-nuptial agreement, made before you get married or start living together.
During Marriage/Relationship: Created while you're married or in a relationship.
After Separation: Set up after you’ve separated to sort out financial matters.
While you don’t need a lawyer to draft your agreement (we can do this for you – saving you money), you and your partner do each need to obtain your own independent legal advice for the agreement to be legally binding under Australian law. This requires each party’s lawyer to provide a certificate confirming that they have explained how the agreement affects your rights and the pros and cons of signing it.
Here’s how it works:
Select Your Situation: Choose the type of BFA you need—pre-nuptial, post-nuptial, or separation.
Download the Template: Download the BFA template that suits your situation.
Complete the Template: Follow our instructional video to fill in your personal information directly into the pre-drafted template.
Engage Your Lawyer: After completing the template, consult with your lawyer to review the document, make any necessary changes, and ensure it meets your specific needs.
Final Sign-Off: Once your lawyer is satisfied with the BFA, both parties need to sign the agreement in the presence of witnesses. Don’t forget to obtain a certificate of advice from your lawyer to confirm that independent legal advice was provided.
Download your BFA template instantly and start filling in your personal details, which typically takes just 1 to 2 hours. After you’ve completed the template, the time it takes to finalize the agreement will depend on your lawyer’s review and any necessary edits. In simple cases, the process can be completed in as little as one week, but more complex situations may take up to a month.
With EasyBind, you can save significantly on the drafting costs of a BFA. Our service allows you to download a template for just $50, which can help you avoid the $2,000 to $5,000 that lawyers typically charge for drafting. Although legal fees can vary, in our experience, having a lawyer review your completed template and provide a certificate of advice is often achievable for under $2,000. If you’re having trouble finding a lawyer near you, contact us on XXXXXXXXX and we’ll try to put you in touch with one of our partner law firms.
Yes, a BFA can be challenged in certain situations, like if one person didn’t fully disclose their financial situation or if the agreement was signed under pressure. That’s why it’s important to ensure everything is done properly from the start.
If things change significantly after you’ve signed the BFA, you and your partner can agree to update it. It’s a good idea to review your BFA regularly to make sure it still suits your situation.
A BFA mainly deals with financial matters. While you can include your intentions regarding children, these aren’t legally binding for custody or support arrangements.
If you need to amend or terminate your BFA, both parties must agree to the changes, and new legal advice must be obtained. The amended or terminated agreement must also comply with the legal requirements under the Family Law Act 1975.
Getting started is simple! Click here to choose your BFA type, download the template, and follow the video instructions. When you’re done, have your lawyer review and finalize it.