Binding Financial Agreements Gold Coast
A Financial Agreement (commonly referred to as a Binding Financial Agreement or “BFA”) is a legally enforceable agreement between the two parties of a marriage or de facto relationship seeking to finalise certain financial matters that may arise in the event of a relationship breakdown.
REAL RELATIONSHIPS. PROVEN RESULTS.
Gold Coast’s Leading Family Lawyers
Book an appointment with compassionate family and divorce lawyers.
- Gain certainty from multi-award winning, highly-qualified team of legal professionals
- Afford premium legal services with Marino Law’s cost-effective rates
- Access practical solutions, strategic legal advice & a track record of success
- Consult with recognised leaders in our specialised divorce & family law practice areas
OBLIGATION FREE
Ordinarily, A Binding Financial Agreement Can Cover:
- the division of the joint and separate assets, liabilities and financial resources of each party (including the splitting of superannuation);
- the payment of maintenance (financial support) to a party; and
- any other incidental financial issues.
A financial agreement may deal with all the assets, liabilities or financial resources of the parties, or it may only deal with specific assets, liabilities or financial resources, depending on the specific circumstances of a matter.
A Financial Agreement Can Be Entered Into At Any Time During The Course Of A Relationship, Including:
- before marriage (prenuptial agreements)
- during the course of a de facto relationship (cohabitation agreement)
- during the course of a marriage
- after separation or divorce (separation agreement).
By entering into a prenuptial or financial agreement, the parties could agree to forgo the opportunity to seek a property distribution, and if relevant, a claim for spousal or de facto maintenance, from the Court.
However, if certain legal requirements are not strictly complied with in the preparation and execution of a financial agreement, a party may have the ability to apply to the Court to set aside the financial agreement.
The Legal Requirements To Be Complied With To Ensure That A Financial Agreement Is Legally Binding, Are:
- the execution of the agreement by all parties;
- to obtain independent legal advice for each party prior to the execution of the financial agreement about the effect of the agreement on the rights of that party and about the advantages and disadvantages of entering into the agreement from a legal practitioner
- the provision of a signed statement to each party by each legal practitioner stating that the requisite advice has been given.
Take your first step to supportive, compassionate and expert legal advice today. Let our team listen and provide you with the clarity and advice you need for your family.
OBLIGATION FREE
Prenuptial Agreements
A financial agreement entered into by parties that are contemplating marriage is more commonly known as a prenup or prenuptial agreement.
The primary benefit of a prenuptial agreement is the ability to determine how the joint and separate assets, liabilities and financial resources of the relationship will be distributed in the event the marriage breaks down, preventing any potential future financial dispute resulting in litigation.
How Can A Prenuptial Agreement Lawyer Help?
Prenuptial agreements are a particularly useful way to protect assets when one party holds significant wealth before entering a marriage or in subsequent relationships. They can also help quarantine assets from claims by the other party and safeguard wealth for future generations.
Individuals considering a prenuptial agreement should seek independent legal advice from an experienced prenuptial agreement lawyer to ensure their best interests are protected. Financial responsibilities can be a sensitive topic but with an experienced family lawyer from Marino Law with you all the way, you will feel more confident about your financial future.
Cohabitation Agreements
A financial agreement entered into during the course of a de facto relationship is more commonly known as a cohabitation agreement. They are available to both same-sex and heterosexual de facto couples.
The primary benefit of a cohabitation agreement is the ability to determine how the joint and separate assets, liabilities and financial resources of the relationship will be distributed in the event the relationship breaks down, preventing any potential future financial dispute resulting in litigation.
Similar to prenuptial agreements, cohabitation agreements are a particularly useful asset protection tool for a party who holds significant assets or wealth prior to entering into the relationship.
It is important to remember that a cohabitation agreement will become void upon the marriage of the parties. If you have a cohabitation agreement and are planning on getting married, it is crucial to seek legal advice. This is necessary to determine whether a new financial agreement will need to be entered into to reflect your new circumstances.
Separation Agreements
A financial agreement entered into after the breakdown of a relationship has occurred is more commonly called a separation agreement. Such agreements are available to both married couples (either before or after the parties are divorced) and de facto couples.
A separation agreement is ordinarily the result of negotiation between the parties and their legal representatives seeking to come to an amicable resolution to finalise the distribution of assets, liabilities and financial resources of a relationship, and if relevant the maintenance of either party, upon the breakdown of the relationship, rather than engage in a costly litigation.
By entering into a financial agreement the parties agree to forgo the opportunity to seek a property distribution, and if relevant, a claim for de facto or spousal maintenance, from the family court.
Why Choose Us
Experienced
Multi-award winning, highly qualified and experienced team of legal professionals.
Specialised
Recognised as leaders in our specialised areas of practice of business and personal law.
Practical
Practical solutions, strategic legal advice and a track record of success.
Affordable
Access premium legal services at Marino Law’s cost effective rates.
Personal & Business
Marino Law can handle all of your personal and business law requirements.
Central
Easily accessed with easy parking, find Marino Law on the highway at Mermaid Beach.
WE LET OUR CLIENTS DO THE TALKING
Excellent legal service. Outstanding professionalism. Extremely prompt and reliable. Not expensive but very good value for much. Recommend them highly.
Kyle B.
Would highly recommend this firm very easy to work with, punctual and professional. Thankyou to everyone involved in my case.
Hamuera M.
A huge thank you to the team at Marino Law for sticking by me in my long divorce and property settlement, ensuring an outcome I was very happy with.
Their lawyers are exceptional, they are extremely competent and knowledgeable in family law, they are professional, diligent, and meticulous during each and every battle we faced and they really listened to what I wanted as a client.
Most importantly to me, they showed empathy, kindness and respect to both me and others involved, it is these attributes that raise lawyers from capable to outstanding.
I would recommend Marino Law wholeheartedly, particularly to anyone who values ‘fighting with honour.’
Penne S.
Marino Law are true professionals and engage with sincere care and attention. Their focuses on getting the job done efficiently rather than trying to find endless ways to bill you. Highly recommend, I couldn’t be happier.
Trent
I chose Marino Law after speaking with several different firms. They were forthcoming with advice, their concern for my situation was evident and they never mentioned engaging their services past that call.
It was because of this I chose to engage them for my custody dispute post separation.
Their commitment to their clients and the welfare of their children is evident, and their guidance made what was a very difficult and hostile situation bearable and led to an agreeable outcome.
I have since referred other people to Marino Law and can only advise others that having a dedicated team who give you expert advice and keep you from responding emotionally, during a very emotional time makes all the difference for the future of you and your family.
Thanks again
Sahlua R
Great Service, Great Lawyers, Great Team, Great Results. Very Professional Legal firm who manage my case in NSW. Thank you for all your support.
RGT
I would like to sincerely Thank Marino Law for all their continued support and excellent legal advise and guidance.
Ive sincerely appreciated the companies ongoing professionalism and care guiding me through a very daunting process.
Hand on heart the team is amazing and the company collabration and committment was incredible.
Marino Law secured a 100% positive outcome for me in my matter.
I Highly recommended them.
Sandy S.
Marino Law is amazing in Family Law.
Their professionalism, wealth of knowledge and great advice along with their caring approach got my family and I the best result in the end.
Thank you Marino Law.
Allira I.
I recently had the pleasure of working with Marino Law on my family law matter, and I cannot speak highly enough about the quality of their services. From start to finish, they demonstrated exceptional professionalism, expertise, and care for my legal needs.
Right from our initial consultation, I was impressed by my lawyers ability to understand the unique details of my case. She provided clear explanations of the legal process, ensuring that I was fully informed and comfortable with the next steps.
Throughout the entire process, thye kept me up to date with frequent updates and progress reports. She was always available to answer any questions I had, and I felt confident that she had my best interests at heart.
Perhaps most importantly, my lawyer was able to achieve a successful outcome for my case, and I am extremely grateful for her hard work and dedication. I truly believe that her expertise and attention to detail were key factors in securing a positive outcome.
Overall, I would highly recommend Marino Law to anyone in need of legal representation. They truly went above and beyond to provide excellent service, and I cannot thank them enough for their help.
Regan M.
Amazing service, understanding and speediness of ensuring a resolution. I cannot recommend Marino Law enough from my initial enquiry to the end result. 5 stars and then some 🙂
Cammy M.
If you are in need of Family Law Experts then go to Marino Law. They were amazing and worked tirelessly on my case given the urgency I was faced with. Having previously engaged another law firm for 3 months that did not even contact me once they had my funds. So walking through those doors of Marino for the first time I felt finally at ease and confident that I was in the right place. I cannot recommend them more highly. Thank you for all your work, effort and the outcome.
Leonie F.
Great Team at Marino Law. Worked outside of hours to ensure we meet a short deadline and got a great result.
Thanks again Team Marino
Michael M.
Marino Law assisted me with a complex Family Law matter & had a number of issues arising over the course of a few years. Their sensible but empathetic approach helped me greatly in dealing with the emotional roller coaster. They explained things to me in a way that helped me in understanding the legal processes and procedures.
Bel
I have had nothing but the most professional service looking after my family law requirements. They has always gone above and beyond for me, has been highly professional and shows a deep understanding of family law. I cannot speak highly enough of the team at Marino Law and would happily recommend Marino Law to anyone requiring their services.
Jacqueline M.
Our Experience
1.25 Hours
Someone retains the services of Marino Law every 1.25 hours
150+ Years
Over 150 years combined experience
15+ Years
Achieving successful outcomes for clients for over 15 years
14,000+ Clients
Over 14,000 valued clients
Setting Aside Financial Agreements
There is limited scope under the Family Law Act 1975 that enables a party to have a financial agreement set aside. This is very different to where a matter has been concluded by consent orders.
In respect of a financial agreement relating to a marriage, the court may make an order setting aside a financial agreement or a termination agreement if the court is satisfied the agreement was obtained by fraud, or entered into with reckless disregard of creditor/s to the party.
Upon considering the facts of the case and determining whether any of the above requirements apply, the court may vary or set the financial agreement aside and/or make further financial orders in substitution for the terms of the agreement that had been set aside.
If you are considering applying to the court to set aside a financial agreement, it is important to seek immediate legal advice.
The law surrounding such applications is particularly complex and difficult to navigate. The skilled family law solicitors at Marino Law have considerable experience in successfully litigating an application to set aside a financial agreement.
Termination
A financial agreement can only be terminated with the agreement of each party to the original agreement or by means of a Consent Order. If an agreement to terminate the financial agreement is reached, termination can only be undertaken by entering into another financial agreement that includes a provision that terminates the previous agreement; or by entering into a termination agreement. Similar to the original financial agreement, the termination agreement must be signed by each party, and each party must have received independent legal advice prior to entering into the terms of the termination agreement.
Death Of A Party
Upon the death of a party, the terms of the financial agreement are binding upon the executors of that party’s estate and continue to be in effect despite the death of the party.
Unfortunately, a financial agreement cannot prevent a party from making any future family provision claim against your estate. However, your financial agreement can be effectively drafted to dovetail into your estate plan, and at the very least be used as evidence of your intention in the event of your death.
Our team of experienced family lawyers at Marino Law can attend to the negotiation of terms, drafting and provision of advice in respect of any financial agreement entered into under the Family Law Act 1975.
Need Advice On Other Family Law Matters?
Marino Law has been named as a Recommended Gold Coast Family and Divorce law firm for several years running on the prestigious Doyles Guide. Our dedicated team are experts in all aspects of family law. Our family law team have extensive experience in all areas of family law and is highly sought after.
If you need more than a professional prenuptial agreement lawyer and are seeking advice beyond Binding Financial Agreements, find out more below:
Award Winning Lawyers
