This week, Family Lawyer, Emma Nichelsen, explains.
Short answer is …No, not completely.
And the reason for this is that Binding Financial Agreements (BFA’s) have to be made pursuant to The Family Law Act, and Section 90G of that Act says that you have to have had legal advice in order to complete an enforceable Binding Financial Agreement.
A lawyer has to sign the certificate attached to that agreement.
BFA’s also have really specific clauses and sections that they have to have included in order for them to be valid. Which sections and which clauses that need to be included depend on exactly the type of BFA that you need.
So, it’s always best to get legal advice from a lawyer when doing a BFA, if only to get advice on something that you have drafted. So that they can let you know what needs to be included, and give you the appropriate advice so they can sign the certificate making the agreement valid.
Emma Nichelsen, Associate