How much does a Binding Financial Agreement cost in Australia?

How Much Does a Binding Financial Agreement Really Cost?

The real cost isn’t just the agreement – it’s getting it wrong, rushing decisions, or ending up in dispute later.

Before you decide whether a separation agreement is right for you, it helps to understand how property settlements actually work, what affects cost, and how to keep things fair and amicable.

Why Should you use a Separation Agreement?

If you are separating, the aim of a Binding Financial Agreement is to divide your finances legally, stay out of court and protect your financial future.

But, as the old saying goes,  there is more than one way to skin a cat, and if you haven’t looked at all of your options, you may end up wasting your money as well as your precious time.

Once you realise there are options available that:

• allow you to make your own decisions;
• do not require repeated legal meetings;
• do not require you to enter court proceedings; and
• keep you in control.

You’ll  understand how to put your separation agreement in place for a fraction of the usual cost.

NB. When we refer to a “Separation Agreement”, we are also referring to a Binding Financial Agreement made in accordance with  Australia’s Family Law Act 1975 (Cth). They are the same document by a different name.

The one factor that affects how much your binding financial agreement costs

In any separation, the one factor that will affect your costs more than any other, is whether you and your ex-spouse or de facto partner can reach agreement yourselves, before you engage legal representation.

As long as you have reached genuine agreement, you can engage a lawyer to prepare the documentation for you, or you can draft your own Financial Agreement.

Your two options – and what each will cost you

Option 1: Have a law firm draft the agreement from scratch

If you choose to have a law firm draft the document from scratch, you can expect legal fees to be in the order of $3000-5000 for just one party, if you have a straightforward matter . If you wish to split superannuation or your finances are more complicated than most, you can expect the cost to rise dramatically. And that is before the other party receives any legal advice.

Option 2: Use an RP Emery kit and Legal Review Service

If you choose to draft your own agreement, and you choose to use one of RP Emery’s financial agreement kits and Legal Review Service, you can expect to pay just $3,397 for both parties (in most cases) to obtain an agreement that is binding and enforceable in the Family Court.

About RP Emery’s Financial Agreement Kits and the Peaceful Path to Settlement

Over the last 10 years, RP Emery have helped thousands of couples just like you prepare their own Binding Financial Agreement.

Preparing the document yourself using one of our financial agreement templates and then using RP Emery’s unique Legal Review Service will save your time, reduce your stress, and allow to keep the thousands of dollars you would have spent on legal fees for yourselves.

Why is the Peaceful Path to Settlement system so much cheaper than the alternatives?

The simple answer is you will do some of the work yourself. The lawyers will only do what they need to do, and that is, provide proper legal advice in accordance with the requirements of the Family Law Act 1975.

Think about it. If you engage a law firm to draft your document, first you will need a face to face meeting to flesh out the details. Your lawyer will ask:

• what do you own?
• what do you owe?
• when did you separate? and;
• who gets what?

Your lawyer will require your:

• bank details;
• account balances;
• superannuation details;
• where you live;
• if you own investment property, what is the address?
• do you have a mortgage? and so forth.

You will need to provide all this information, and you may need a number of face to face meetings.

Remember: every time you meet with a lawyer, their meter is running.

You may need to take time off work, and travel to meet your lawyer, and who knows how many follow up emails or meetings you will need until you get the final draft.

It’s expensive, it’s time-consuming, it’s stressful and it’s real pain in the neck.

Don’t be fooled into thinking your agreement is somehow different to everyone else and will be drafted from scratch. Law firms have always used template agreements, and your lawyer will start by populating one with the information you provide.

So if you have all the information you need about the details of the property division and you know how to use Microsoft word, why would you pay a lawyer upwards of $300 per hour to populate a form?

Doesn’t it make more sense to do this part yourself?

The reality is, most couples have relatively simple arrangement and preparing your separation agreement is much easier than you might think, especially if you have someone to help you along the way.

All you need is

• a suitable Australian Binding Financial Agreement Kit;
• someone to lead you personally through the process; and
• two lawyers who can provide your legal advice.

Fortunately, RP Emery realised reducing the lawyers time on your matter will result in substantial savings, without affecting the quality of the final document.

We have negotiated a reduced fixed rate for our customers with several Nationally accredited lawyers who specialise in financial agreements, who can provide Legal advice over the phone and via email. No travelling, no time off work and professionals who have completed thousands of agreements probably very similar to yours.

With communication speeds as quick as they are, the legal industry is slowly changing, and completing a BFA template before you seek legal advice has proven to be a game changer.

RP Emery’s Binding Financial Agreement kits and legal review system gives you precisely the same result as if you paid thousands to have a lawyer draft the document from scratch, and it will generally cost under $3,397 for both parties.

Compare that to your other options.

Frequently asked questions about BFA costs

How much does a Binding Financial Agreement cost in Australia?

Through RP Emery, a Binding Financial Agreement costs $3,397for both parties in most standard cases. This includes the agreement kit and the Legal Review Service – two independent solicitors providing the certified legal advice required by law. If your situation involves superannuation splitting, an SMSF, or particularly complex assets, costs may be higher – but you will always know the price upfront before you commit.

What are the disadvantages of a Binding Financial Agreement?

A BFA is not suitable for couples who are in genuine dispute about how to divide assets – it assumes you have already reached agreement. If you cannot agree on terms, you may need a family lawyer or mediation first. For most couples who have agreed on terms, a BFA is an effective, cost-efficient solution.

Can I write my own Binding Financial Agreement?

Yes – and that is exactly what RP Emery’s kits are designed to help you do. You complete the BFA Planner template yourself using User’s Guide. agreement provided. The kit alone does not make the agreement legally binding, you must also obtain independent legal advice for both parties, which is what the Legal Review Service covers.

Does this pricing apply to prenuptial and de facto agreements too?

Yes. A Separation Financial Agreement is one type of Binding Financial Agreement under the Family Law Act 1975. BFAs also cover prenuptial agreements (before marriage), postnuptial agreements (during marriage), de facto agreements (before or during a de facto relationship), and divorce settlements. The kit cost varies slightly by agreement type – most standard kits are $49 – but the Legal Review Service is $3,490 for both parties across all types in most standard cases.