What it means
A Binding Financial Agreement (BFA) is a private contract under the Family Law Act that records how a couple's property and finances will be divided. It can be made before, during, or after a marriage or de facto relationship. Unlike consent orders, a BFA is not approved by a court — but to be enforceable, each party must receive independent legal advice before signing, and strict formal requirements must be met. If those requirements are not followed, the agreement can later be set aside.
How it's used
Before moving in together, the couple signed a binding financial agreement protecting the home Jess had owned for ten years.