Creating a Binding Financial Agreement

Before the right to create Binding Financial Agreements (BFAs) was extended to same-sex and de facto relationships, when such a relationship had broken down, both parties would have had to prepare themselves for some long-winded and tedious litigation through the Supreme Court. Thank goodness, this has now all been changed with the introduction of section 90UD of the Family Law Act 1975 which specifically entitles people in de facto relationships to agree upon what they consider to be a fair distribution of property and financial resources once the relationship has broken down. Effectively, this now places de facto agreements in the same category as is already enjoyed by married couples. It means that same-sex relationships are apportioned with similar rights to heterosexual couples and this will be viewed as a welcome move by many gay rights groups that have been concerned and campaigning over these issues.

Source: http://EzineArticles.com/6459131

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