Financial Agreements

Financial Agreements | Protecting Your Financial Future

Looking For Advice On A Financial Agreement?

A financial agreement can provide certainty, protect your assets and help avoid costly disputes if a relationship changes in the future. Whether you are entering a new relationship, already living together, getting married or separating, a properly prepared financial agreement can help both parties clearly understand their financial rights and responsibilities.

At Cornish Lawyers, we provide practical advice on Binding Financial Agreements (BFAs) for individuals and couples throughout Geelong. Our experienced family lawyers prepare, review and advise on financial agreements that comply with Australian family law and are tailored to your individual circumstances.

Whether you wish to protect existing assets, safeguard a family business or formalise a financial agreement after separation, our team can help you make informed decisions with confidence.

What Is A Binding Financial Agreement?

A Binding Financial Agreement (BFA) is a legally recognised agreement made under the Family Law Act 1975 that sets out how property, financial resources and, in some cases, spousal maintenance will be dealt with if a relationship ends.

Unlike a verbal agreement or informal arrangement, a properly prepared Binding Financial Agreement is intended to provide certainty for both parties and reduce the likelihood of future disputes.

Financial agreements can be entered into:

• Before a relationship or marriage


• During a relationship


• After separation


• Following divorce

Every financial agreement should be carefully prepared to reflect the circumstances of both parties and comply with the legal requirements of Australian family law.

Why Consider A Financial Agreement?

Every relationship is different, and there are many reasons why couples choose to enter into a Binding Financial Agreement. Whether you are getting married, moving in together, already in a relationship or planning for the future, a financial agreement can provide certainty and help protect your financial interests.

Many people refer to these agreements as prenuptial agreements or prenups. While Australian family law does not use the term “prenup”, a Binding Financial Agreement can be entered into before marriage, before commencing a de facto relationship, during a relationship or after separation.

A financial agreement can help protect:

• Assets owned before the relationship


• The family home or investment properties


• Businesses or farming enterprises


• Family trusts


• Inheritances


• Superannuation


• Investments and savings


• Future financial interests


• Children’s or blended family interests

It can also provide certainty by clearly outlining each party’s financial rights and responsibilities, helping to minimise future disputes and avoid lengthy property settlement proceedings if the relationship ends.

Rather than expecting a relationship to fail, many couples see a financial agreement as a practical form of financial planning that provides clarity, transparency and peace of mind for both parties.

Why Consider A Financial Agreement?

Every relationship is different, and there are many reasons why people choose to enter into a financial agreement.

Common reasons include:

• Protecting assets acquired before the relationship


• Preserving family wealth


• Protecting a business or farming enterprise


• Providing certainty for both parties


• Protecting inheritances


• Clarifying financial responsibilities


• Avoiding lengthy property settlement disputes


• Supporting blended families


• Protecting children’s future interests

Rather than expecting a relationship to fail, many couples view financial agreements as a practical form of financial planning that provides clarity and peace of mind.

Binding Financial Agreements Vs Consent Orders

Although both options can formalise a financial settlement, they operate differently. Choosing the right option depends on your personal and financial circumstances.

Are Financial Agreements Legally Binding?

A financial agreement will only be legally binding if it satisfies the requirements of the Family Law Act.

Generally, this includes:

• The agreement being in writing


• Both parties signing the agreement


• Each party obtaining independent legal advice


• Solicitors providing the required legal certificates


• The agreement complying with legislative requirements

Improperly prepared agreements may later be challenged or declared invalid.

For this reason, it is important to seek advice from an experienced family lawyer before signing any financial agreement.