A Binding Financial Agreement can be one of the most effective tools for protecting assets in the event of separation. When drafted properly, it allows couples to decide in advance how property will be divided, rather than leaving the outcome to the discretionary framework of the Family Law Act.

In this episode of Explain That by Velocity Legal, host Andrew Henshaw is joined by Thomas Jenkins from Velocity Legal’s Family Law team to examine how Binding Financial Agreements work in practice, when they are enforceable, and why poorly prepared agreements are vulnerable to being set aside.

The discussion covers:

• What a Binding Financial Agreement is and when it can be entered into
• How financial agreements differ from court-determined property settlements
• When agreements may be set aside, including duress, fraud, uncertainty and impracticality
• The risks of signing agreements shortly before a wedding
• How inheritance, family trusts and intergenerational wealth can be protected
• Sliding scale arrangements and changing entitlements over time
• The cost comparison between a Binding Financial Agreement and family law litigation
• Why online templates create significant legal risk

For tailored advice on Binding Financial Agreements or family law risk management, contact our Family Law team at www.velocitylegal.com.au.