Legal terms explained
Find plain-English explanations of the legal terms you may come across in your agreement.
What Counts as a Pet in a Binding Financial Agreement?
Federal law has specific rules for companion animals, meaning animals kept mainly for companionship. These rules started on 10 June 2025. They cover married couples and eligible de facto couples (sections 79 and 90SM)
4 min read
What Is a De Facto Relationship?
Under federal law, you are de facto partners if you are not married to each other or related by family and live together as a couple on a genuine domestic basis. The facts matter, not a fixed starting date
6 min read
What Is a De Facto Partner?
A de facto partner is a person you are in a de facto relationship with under section 4AA of the Family Law Act 1975
5 min read
What Is Independent Legal Advice (ILA)?
Independent legal advice is a statutory requirement for a BFA to be binding under the Family Law Act
6 min read
What Is Financial Disclosure in a BFA?
Complete and accurate financial information is important, even though disclosure is not listed as a separate statutory formality for a binding financial agreement
6 min read
What Is the Difference Between a Financial Resource and a Financial Asset?
A financial asset is something you own that has a present monetary value
5 min read
What Is Spousal Maintenance?
Spousal maintenance is financial support paid by one former partner to the other after separation
6 min read
What Is Asset Division in a BFA?
Asset division is the process of deciding who gets what when a relationship ends
6 min read
What Is a Separation Declaration?
A separation declaration is a written declaration used to give effect to certain provisions in a financial agreement after a relationship breaks down
5 min read
What Is Ring-Fencing in a BFA?
Ring-fencing describes recording that an asset is to be treated separately from the shared property arrangements
4 min read
What Is a Dispute Resolution Clause in a BFA?
A dispute resolution clause sets out how disagreements about the BFA will be resolved
4 min read
Can a BFA Include a Sunset Clause or Expiry Date?
No clause and no expiry date can end a Binding Financial Agreement on its own. A BFA is not designed to lapse by a sunset clause, however it is worded
5 min read
What Actually Happens If You Separate Without a BFA
A Binding Financial Agreement (BFA) records agreed financial terms for separation
7 min read
Family Law Reforms 2025: What Changed for Property Settlements?
The property reforms in the Family Law Amendment Act 2024 (Cth) commenced on 10 June 2025. They changed the court framework in Part VIII for married couples and Part VIIIAB for eligible de facto couples
9 min read
What happens if you don't have a prenup?
Australian law does not divide property 50/50. If you separate and cannot agree, a court decides using the framework in section 79 (married couples) or section 90SM (de facto couples) of the Family Law Act
6 min read12 of 15 guides
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