A binding financial agreement (BFA) is a legal agreement between two parties who are either married, in a de facto relationship, or intending to get married or start a de facto relationship. This agreement outlines how the financial assets and liabilities of the parties will be divided in the event of a separation or divorce.
While it is highly recommended to seek legal advice when drafting a binding financial agreement, there are plenty of free templates available online that can help get you started. In this article, we will discuss the benefits of using a BFA template, what to look for in a good template, and provide some resources for finding the best templates.
Benefits of Using a BFA Template
1. Saves time: Starting from scratch can be a daunting task, but using a BFA template can make the process much easier and faster.
2. Cost-effective: Hiring a lawyer to draft a binding financial agreement can be costly. However, using a free template can help reduce the cost of creating a legally binding agreement.
3. Flexibility: While BFA templates provide a good starting point, they can be customized to suit your specific needs and circumstances.
What to Look for in a Good Template
A good BFA template should:
1. Be legally binding: Ensure that the template is legally sound and enforceable in court.
2. Cover all relevant topics: The template should cover all the necessary topics such as property division, spousal maintenance, debt division, and child support.
3. Be easy to understand: The template should be easy to understand and written in plain language.
4. Be flexible: The template should be flexible enough to cover a variety of situations and circumstances.
Where to Find the Best Templates
1. Australian Government: The Australian Government provides a free BFA template on their website. This template covers all the necessary topics and is legally binding.
2. LawPath: LawPath is an online legal service provider that offers a free BFA template. The template is customizable and easy to use.
3. LegalVision: LegalVision is another online legal service provider that offers a free BFA template. The template is easy to understand and covers all relevant topics.
In conclusion, a binding financial agreement is an important legal document that can help protect your financial assets in the event of a separation or divorce. While it is recommended to seek legal advice when drafting a BFA, using a free template can help make the process easier, faster, and more cost-effective. When choosing a template, ensure that it is legally binding, covers all relevant topics, is easy to understand, and flexible enough to suit your specific needs and circumstances.