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Why make the property settlement official—legal and binding?


12.05.20

Do you need a legal and binding agreement?

If you want….

  • Financial security and stability
  • To move on with your life rebuild yourself financially
  • A legally binding and enforceable agreement
  • To cut altogether your and your partner’s financial ties now and into the future
  • You want to save tens of thousands of dollars in stamp duty
  • To split superannuation
  • Peace of mind that your partner won’t come back for a second bite of the cherry
  • Your future assets and superannuation, including inheritances and lotto wins, to be yours free and clear of any claim by your partner

then you simply have to make your agreement about your financial split (aka your property settlement) legal and binding.

There are only two ways that you can make your property settlement legal and binding under the Family Law Act 1975 (remember—Western Australia has different legislation to the rest of the country when it comes to family law).

One way is by a BFA, and the other way is a FCO. You can read more about the differences CLICK HERE.

Paper napkin agreements, Statutory Declarations and deeds of agreement don’t cut the mustard when it comes to achieving the outcomes listed above.

There’s no two ways about it—you either have your agreement made official in a BFA or a FCO, or not at all and risk your financial future and security.

When you’re considering the upfront cost of getting the paperwork prepared to make it official, remember this—it’s a short term upfront cost for a long term gain.

You can’t put a price on peace of mind and security.