LawAnswers.com.au - Australia's #1 Legal Community

LawAnswers.com.au is a community of 10,000+ Australians, just like you, helping each other.
Ask a question, respond to a question and better understand the law today!
Join us, it only takes a minute:

QLD Binding Financial Agreement Not Adhered to After Separation

Discussion in 'Family Law Forum' started by Bec1605, 3 April 2015.

  1. Bec1605

    Bec1605 Member

    Joined:
    3 April 2015
    Messages:
    4
    Likes Received:
    1
    My husband had a Binding Financial Agreement (BFA) drawn up by his solicitor after our separation for me to transfer my 50% share of our house to him in order for my name to be released from the mortgage now that we have separated. I signed & returned the agreement to his solicitor Thursday 26/3/15. In schedule B it states:
    " in order for the property distribution pursuant to the agreement to be fair and equitable, the husband shall pay the wife the amount of $500 within (7) seven days of this agreement and take over the liability of two credit cards totalling $10 000."

    It is now 8 days - so I assume the money should have been paid by yesterday. What do I do now?
    Am I within my rights to request this money before I sign the title transfer paperwork?

    Thank you for any advice offered :)
     
  2. Ian Macleod

    Ian Macleod Well-Known Member

    Joined:
    30 January 2015
    Messages:
    32
    Likes Received:
    12
    Did you also receive legal advice before you signed the agreement. It doesn't sound like you did.

    A financial agreement has no legal teeth unless you have received independent legal advice before you signed the agreement.
    http://www.austlii.edu.au/au/legis/cth/consol_act/fla1975114/s90g.html

    It is often the case that the bank will require either a valid financial agreement or a court order before they will complete the new mortgage, if the agreement is invalid they will no be able to proceed.

    If you need information about how a financial agreemnt actually works click here
     
  3. Bec1605

    Bec1605 Member

    Joined:
    3 April 2015
    Messages:
    4
    Likes Received:
    1
    Yes I did Ian.
    I am giving him my share of the house in return for him taking on all debt - I didn't even know about his credit cards.
    There is no equity, so it's not financially feesible for me to seek a property settlement.
    I am just asking what them exit step is now that he hasn't paid me the $500 since I can't call my solicitor today with it being a public holiday.
    I have been in discussion with the bank in regards to the whole situation.
     
  4. Ian Macleod

    Ian Macleod Well-Known Member

    Joined:
    30 January 2015
    Messages:
    32
    Likes Received:
    12
    I must remember not to jump to conclusions, sorry about that. You can't do anything over the weekend anyway but he has breached the agreement by not making payment. Maybe the money will be in your account by Tuesday? If not, I suppose you have to make the decision whether you want to spend more money to have a court enforce the agreement for the sake of $500.00. Talk to your solicitor they may have a better idea.
     
  5. Bec1605

    Bec1605 Member

    Joined:
    3 April 2015
    Messages:
    4
    Likes Received:
    1
    Thanks so much for your advice Ian :)
     

Share This Page

Loading...