BFA, PRE NUPs & POST NUP
FUTURE PROTECT ASSETS
GOLDMAN LAW EXPERTS
Avoid Family Law Disputes
At Goldman Lawyers, we understand that navigating financial agreements in a relationship can be complex and emotionally charged.
Binding Financial Agreements (BFAs), commonly referred to as prenuptial agreements in other jurisdictions, offer a strategic way to manage and protect your financial interests, whether before, during, or after a relationship.
Our guidance will take you through all you must know about BFA’s. Make informed decisions for asset protection with peace of mind and our transparent fixed fee structures.
MARKET PRICE ANALYSIS FOR BFA's
This is the Market Analysis
In summary, while many Australian family law firms offer fixed fees for drafting or reviewing a BFA – often in the $2,000–$5,000 range for drafting and $1,000–$2,500 for independent advice on an existing agreement – the actual cost can vary. It depends on factors like whether the agreement is a simple prenup with agreed terms or a complex financial settlement, whether superannuation splits are involved, and whether any negotiation/mediation or extra legal work (beyond drafting the document and advising on it) is required.
TRASNAPRAENT FEES FOR STANADRD BFA's
Expert & Senior Financial Lawyers
For the review of a standard BFA From $990 plus GST
For preparation of a standard BFA $1990 plus GST
What is a standard BFA?
Most BFA's May Not Be "Standard"
Most fixed fees above assume a relatively straightforward scenario – for example, assets and terms already agreed between the parties, and no extensive negotiations required. If substantial negotiation or mediation is needed to reach an agreement, that typically falls outside the scope of fixed-fee packages and is at an additional per hour cost.
Provide us a list of your assets and liabilities and if you pre-agree the terms of the split, you have a standard BFA.
Examples of Non Standard BFA"s
Contact Us To Confirm
The complexity of the financial arrangements can significantly impact BFA costs. Most fixed fees above assume a relatively straightforward scenario – for example, assets and terms already agreed between the parties, and no extensive negotiations required. If substantial negotiation or mediation is needed to reach an agreement, that typically falls outside the scope of fixed-fee packages
Similarly, larger or more complex asset pools MAY lead to higher costs. Complex cases MAY involve high-value assets, multiple properties, businesses, overseas assets, etc.).
We are financial legal experts so what others consider complex may be simple and routine to us. Don’t be fooled. Contact us before losing money on unnecessary legal fees.
BFA LEGAL ESSENTIALS
BFA's only binding subject to strict legal requirements
It must be in writing and signed by both parties.
Each party must have received independent legal advice about the agreement’s impact on their rights and the advantages and disadvantages at the time the advice was provided.
The agreement must include a statement that both parties have received this independent legal advice.
Full financial disclosure between parties is mandatory to avoid future disputes or the agreement being overturned.
CASE STUDY: BFA WAS SET ASIDE
Binding only if done properly
A Binding Financial Agreement (BFA) is a legally enforceable contract between couples that stipulates how assets and financial responsibilities will be divided in the event of a relationship breakdown. These agreements can be entered into before marriage (prenup), during a marriage (postnup), or after separation (separation agreement). They are designed to offer certainty and avoid the costs and emotional strain of court disputes.
Grant Hackett’s wife successfully sets aside the BFA
- Hackett’s lawyers prepared a pre-nup (BFA) prior to his marriage to Candice Alley.
- The agreement was later amended during his wife’s pregnancy with their twins.
- According to the newspaper article at the time:
“Hackett sued the two law firms over the allegedly botched agreement, claiming their negligence caused him financial loss because it was found to be not binding.” - Both law firms denied negligence, and earlier this year the case was settled privately between the parties.
- Candice Alley claimed that she did not receive the appropriate legal advice before signing the agreement and the way in which the agreement may have been modified at a later date.
WATCH US & LISTEN TO LEGAL "SECRETS"
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FAQs on BFAs
Compiled With Over 10Years of Data From Real Client Questions
How much does a BFA cost?
Costs can vary depending on the complexity of the assets and the required legal advice. It’s an investment in your financial security.
Can a BFA be challenged?
Yes, a BFA can be challenged and set aside by the court under circumstances like fraud, inadequate disclosure, or if it’s found to be unconscionable.
What Are The Benefits of BFAs
BFAs provide numerous benefits, including:
- Clarity and Certainty: Clearly defines how assets and liabilities are to be handled, providing peace of mind for both parties.
- Protection of Assets: Protects individual assets, inheritance, and increases in value of separate properties.
- Avoiding Litigation: Minimizes the likelihood of costly and protracted legal disputes should the relationship end.
What Are The Common Pitfalls and How to Avoid Them?
While BFAs offer significant advantages, they must be carefully drafted to avoid common pitfalls such as:
- Inadequate Legal Advice: Both parties must receive comprehensive legal advice separately; failing to do so can render the agreement invalid.
- Lack of Full Disclosure: Complete transparency regarding assets is crucial. Concealment can lead to the agreement being set aside.
- Pressure or Duress: Agreements signed under pressure or duress are not enforceable.
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