FAQs – General BFA

Q: How much detail is needed when we fill out the Schedules – Asset and Liability Statements. I don’t feel comfortable about listing all my private banking details.

Financial agreements can be set aside for fraud (which essentially means non-disclosure of something that matters). Full and frank disclosure is fundamental if an agreement is to survive a legal challenge. Read More about Asset Disclosure

Why do we need to get Legal Advice?

The legal advice acts as a safety net to ensure fairness and balance in the creation of binding financial agreements. When these agreements were introduced in 2000, lawmakers recognised the need to reduce the burden on the Family Court system. They understood that while couples often know the outcomes they want to achieve, legal advice is crucial to protect both parties and maintain equality in bargaining power. This mandatory advice ensures that both partners fully understand their rights and obligations before entering into a binding contract. Read more about the mandatory Legal Advice

Q: Once we have legal advice and signed the agreement in front of a JP do we need to send or file agreement with Family Law Court?

The Short answer is No. Your agreement is a private agreement and as long as the parties are co-operative and honour their commitments under the terms of the agreement it should never see the inside of a court. Once you’ve finalised the document you can act upon it, including transferring property or splitting super etc and when you are done, store it somewhere safe (one party gets the original and the other a copy)and hope you never have to look at it again. Read more about filing a financial agreement with the court

Q: Just a bit concerned that a phone or email legal briefing for both partners would not be viewed as legitimate a process as a face to face with lawyers in the event of any future legal dispute. Can you please advise on this aspect of the process?

The conventional wisdom is that lawyers provide advice over the phone or via skype or zoom to clients everyday. It is a common and accepted part of the legal industry. Read more about phone consultations and BFA’s

Q: Can you change an agreement after it has been certified?

It all depends on whether you have signed the agreement – read more at Changing Financial Agreements.

When does a Financial Agreement come into effect?

Whilst you can stipulate how you want to divide property in the agreement theoretically, the practical division of assets and liabilities does not occur until either party has signed a separation declaration. Read more