Binding financial agreements can cover any financial issues between the parties, for example:
• Splitting assets and debts
• Division of finances
• Spousal maintenance
• Child support
BFAs can also cover more specific financial issues, including:
• Division of superannuation
• Dealing with a family business
• Where one or both parties have given a financial guarantee
• Capital gains tax liabilities
Parties can ask the Family Court to make consent orders based on their BFA. This means that both parties agree on the orders.
If one party breaches the BFA, the other party can apply directly to the Family Court to uphold the orders. It’s a quicker, more efficient way to enforce a BFA.
