In the following video series, CGW family partner Justine Woods discusses what you need to know about binding financial arrangements for married and de facto couples, including the pros and cons, risks and potential flaws, and what the process will likely entail. The Family Act of 1975 provides for parties to a marriage or, de facto, to enter into a binding legal agreement on financial arrangements in the event of a breakdown of their marriage or de facto relationship. Sometimes people know these agreements as “marital agreements,” but the legal term is “financial arrangements.” When considering marriage or entering into a common-law relationship, a binding financial agreement (BFA), sometimes referred to as “pre-nup,” can be a practical and effective way to protect your wealth and avoid the potential emotional and financial costs of a relationship breakdown. But what makes the BFAs contractual and can they be overthrown by a judge? Read the main basics here. In this short introductory video, we look at the circumstances under which you should consider a binding financial agreement. You can agree on how to distribute your property without trial. You do so either: If you and your spouse want to enter into a binding financial agreement, you both require your own independent family rights lawyer to sign the contract. Parties to a binding financial agreement can reverse it by creating a new binding financial agreement or termination agreement. When a married or common-law couple is separated, the Family Act 1958 is clear that if the parties agree to a real estate transaction, the only possibility of making this agreement mandatory is either the family court approval decisions or a binding financial agreement. A decision of approval is a written agreement between spouses, which is approved by the family court. As a general rule, a party will discuss and negotiate the orders with each other or through its lawyers, and as soon as the orders have been accepted, they will file a motion with the family court to approve the orders. When the parties conclude their financial relationships following a separation, the question arises as to how best to reach a fair settlement.