Binding Financial Agreements: Key Questions to Ask

jnflbrisbane
Jun 12
3 min read

When entering a relationship or going through a separation, financial security and clarity are paramount. That’s where a Binding Financial Agreement (BFA) may be advisable. At James Noble Law, we believe in proactive planning to protect your assets and ensure peace of mind. But the success of a BFA hinges not just on having one—but on asking the right questions before it’s drafted. Knowing what to ask your lawyer can make the difference between an enforceable, effective agreement and one that may not hold up in court.

What Is a Binding Financial Agreement and Is It Right for Me?

Not everyone needs a BFA, and your first question should help you understand if you do. Ask your lawyer to explain what a BFA is, in practical terms. Does it apply to your situation—whether you’re entering into a de facto relationship, planning a marriage, or separating? At James Noble Law, we tailor each agreement to your unique circumstances, ensuring it serves your future interests.

What Assets and Liabilities Should Be Included?

A common mistake is overlooking assets or debts that can later become points of contention. Ask your lawyer what should be disclosed. Full financial disclosure is critical for the BFA to be legally binding. Our team helps clients ensure nothing is missed—superannuation, trusts, inheritances, and even business interests.

Will This Agreement Be Legally Binding?

A BFA is only binding if it meets strict legal requirements under the Family Law Act 1975. Both parties must obtain independent legal advice, and the agreement must be signed voluntarily. Ask your lawyer how the agreement will be made compliant and whether they foresee any risk of the BFA being challenged later.

Can a BFA Be Challenged or Set Aside in the Future?

It’s crucial to ask about potential risks. While BFAs offer strong protection, they can be overturned under certain circumstances—like fraud, duress, or significant changes in circumstances (such as the birth of a child). James Noble Law emphasises transparency and realism in preparing BFAs, so you understand exactly what could impact its future validity.

What Are the Costs and Timeline Involved?

Before proceeding, clarify the financial and time commitments involved. Ask for a clear breakdown of legal fees and expected timeframes. At James Noble Law, we offer upfront, fixed-fee pricing options where possible, so you can plan with confidence.

A well-prepared Binding Financial Agreement can save you emotional and financial strain down the road. But its success starts with asking the right questions. At James Noble Law, we’re not just here to draft documents—we’re here to guide, advise, and protect your interests every step of the way. By being informed and proactive, you give yourself the best possible foundation for the future.

Call us on 1800 662 535 or book online at www.jamesnoblelaw.com.au

To learn more about Binding Financial Agreements and how they may benefit your situation, reach out to the experienced Brisbane Family Lawyers team at James Noble Law.

Need assistance? Contact James Noble Law today for a FREE 20-minute consultation and schedule a meeting with one of our qualified and experienced family lawyers in Brisbane.

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