In Australia marriage is defined as “the union of a man and a woman to the exclusion of all others, voluntarily entered into for life”. When that union has broken down with no reasonable prospect of a reconciliation the law allows for a mechanism to dissolve the union. This is known as a divorce. A divorce changes your legal status.
Binding Financial Agreements (or BFA’s) are intended to provide married and de facto couples with the power to avoid Court and divide their assets as they deem fit.
A BFA is a written document, prepared by lawyers, which regulates the financial matters between married or de facto couples. If both parties agree to the terms of the BFA, and it is drafted and signed off properly, it has the power to override the jurisdiction of the Family Court.