What is a Binding Financial Agreement?

A Binding Financial Agreement (BFA) is a legal document that outlines how a couple’s property, finances, and superannuation will be divided if the relationship ends. It can be made before, during, or after a marriage or de facto relationship.

When Can You Make BFA?
You can create a BFA:

• Before you move in or get married (like a prenup)

• During the relationship

• After separation or divorce

Example
David owned a home before meeting Amanda. They signed a BFA before marriage to say he’d keep the home if they separated. Years later, the agreement helped them avoid a legal dispute.

What Can It Cover?

• Property division

• Who gets what (homes, savings, vehicles)

• Spousal maintenance

• Superannuation splitting
  BFAs do not cover parenting arrangements.

Why Use One?

• To protect your existing assets

• To avoid future disputes

• To give clarity and peace of mind

• To save on legal costs after separation

Are BFAs Enforceable?

Yes—if both parties get independent legal advice and the agreement is in writing and properly signed.

Can You Change It Later?
Yes. You can:

• Replace it with a new agreement

• End it by agreement

• Ask the court to set it aside in rare cases (e.g., fraud or major change)

Final Thought
A BFA is a proactive way to protect your financial future. It’s not just for the wealthy—it’s for anyone who wants clear terms if things don’t work out.