Yes, however it is important to remember that once a BFA is entered into correctly, it will be considered binding and the setting aside of the BFA (without the other party’s consent) is a difficult and usually expensive process. The circumstances in which a BFA can be set aside include:
- Dishonesty, such as fraud
- The logistics of the agreement are impractical to implement,
- There has been a major change concerning the care and welfare of children, or
- One party to the agreement acted in an unconscionable (unethical) way.
Once entered into, BFA’s can only be changed by entering a subsequent BFA which entirely replaces the earlier agreement or by making a written agreement (known as a Termination Agreement), which terminates the earlier agreement.
A BFA made between de facto partners will cease to be binding if, it is not made in contemplation of marriage and after entering the BFA the parties marry.
You should not enter into an Agreement hoping that later on you may be able to have it set aside or terminated. You should not rush into entering a Financial Agreement and you should carefully prepare your Agreement with your solicitor.