Yes, you can. A Binding Financial Agreement (BFA) isn’t set in stone. If circumstances change—or you and your partner simply want to make updates—you can either modify the agreement or end it completely.

1. Modifying a BFA

You can update a BFA if both people agree. This is usually done by creating a new BFA that replaces the old one, or by signing a variation agreement that makes specific changes.

Example
Emma and Liam had a BFA that didn’t account for super splitting. Years later, they both agreed to update the terms to include it. Their lawyers drafted a new agreement with the changes.

2. Terminating a BFA

There are two main ways to end a BFA:

• Mutual agreement: You both sign a Termination Agreement

• Replacement: You make a new BFA that cancels the previous one

Either way, you must still follow the same legal steps:

• The termination or new agreement must be in writing

• Both people must get independent legal advice

• Lawyers must sign certificates confirming advice was given

3. When the Court Can Set a BFA Aside

In some cases, a court can declare a BFA invalid or set it aside. This happens if:

• There was fraud or dishonest conduct

• One person was pressured to sign

• Circumstances have changed drastically (e.g., a child is born with special needs)

• The agreement is no longer fair or practical

Example
Jade signed a BFA after being threatened with the end of her engagement. Years later, she showed evidence of coercion. The court set aside the agreement.

4. Why You Might Want to Update or End a BFA

• Your financial situation changes

• You buy or sell major assets

• You have children

• You separate or divorce

• You realise the original agreement isn’t fair or clear

Final Thought

BFAs can be changed—but they must be changed properly. If you both agree, the process is usually straightforward. Just make sure you follow the legal steps so the new agreement holds up if ever challenged.