If all of the above requirements are met, a BFA is only required then. Platinum lawyers have family law practitioners who can help you set up a BFA by meeting all requirements and ensuring that the parties involved understand them. A financial agreement must not be filed in court and does not require the consent of a judge or other judicial officer to be binding. Therefore, after the breakdown of the relationship, it may be a faster and less expensive instrument to formalize an agreement between a separate couple. There is no doubt as to the binding nature of such an agreement: in the case of the distribution of assets, the Family Act of 1975 specifies that a court cannot make decisions on heritage or financial matters subject to a binding financial agreement. Although BFAs are online for the implementation of a real estate department, they are exempt from capital gains tax and stamp duty, as are court decisions. The effects of the agreement on third parties, such as family members and creditors, should also be taken into account so that they can be incorporated into the agreement, if necessary or outside it. The term “pre-nup” or “marriage contract” is often heard in today`s media and in people who think about domestic relationships or the end of domestic relationships. In the current legal context, the term “binding financial agreement” is more appropriate and includes agreements on the finances and assets of couples (including same-sex couples) before they enter into a relationship, during a relationship and when a relationship ends. If one or both parties have provided a financial guarantee – Capital gains taxes In accordance with the requirements of the Family Law, a binding financial agreement is required under the following conditions: If you and your former partner enter into a binding financial agreement, you can avoid asking a family court to decide how your wealth is shared. Before marriage (often referred to as marital agreement or prenup) – During your de facto relationship – During your marriage (also known as post-marriage agreement) – After separation or divorce a binding financial agreement is another name for a pre-marital agreement. This agreement provides for the allocation of assets and other assets if the marriage is inconclusive.