Free binding financial agreement (BFA) template (Australia)
A free Australian binding financial agreement (BFA) template from Quillio is drafted to Part VIIIA (spouses) or Part VIIIAB (de facto) of the Family Law Act 1975 (Cth). It covers property division, spousal maintenance, financial resources, and the section 90G (or 90UJ) "effect and advantages" declarations. CRITICAL: a BFA is only binding if each party received independent legal advice from a different lawyer before signing. I draft BFAs but cannot give the independent advice required for binding status.
Strict formation requirements
Under section 90G (spouses) or 90UJ (de facto) of the Family Law Act 1975 (Cth), a BFA is binding only if: each party received independent legal advice before signing; each lawyer signed a statement confirming the advice covered the effect and advantages/disadvantages; the agreement is signed by the parties; and each party was given a signed copy. The same lawyer cannot advise both parties — this alone voids most defective BFAs.
Pre, during, or post-relationship
Pre-nuptial / pre-relationship BFA: made before marriage or moving in together. Used most commonly to protect pre-existing assets (family wealth, businesses). Mid-relationship BFA: made during the marriage or de facto relationship. Used for asset restructuring, inheritance, business changes. Post-separation BFA: made after separation as an alternative to court consent orders. All three are valid under Part VIIIA/VIIIAB.
Risks and set-aside grounds
Under section 90K (or 90UM), a court can set aside a BFA for: fraud or material non-disclosure; undue influence or unconscionable conduct; impracticality due to changed circumstances; material change relating to a child; or where enforcement would cause hardship. BFAs are contested aggressively — set-aside applications cost $50,000-$200,000+.
How I draft BFAs
Tell me the parties, the assets being addressed, and the proposed arrangement. I draft a BFA in Part VIIIA/VIIIAB compliant form with full effect and advantages statement. You still need to refer each party to their own lawyer for independent advice — this cannot be skipped.
Common issues
- The same lawyer cannot advise both parties — this alone voids most defective BFAs
- Full financial disclosure should be annexed — hidden assets lead to set-aside
- Birth of a child after the agreement can ground set-aside on hardship grounds
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