Challenging a binding financial agreement (BFA) can be a complex and daunting process. It is important to understand the legal requirements and the steps involved in order to challenge the agreement successfully.
A BFA is a legal agreement made between parties who are in a de facto relationship or who are contemplating marriage. It sets out the financial arrangements between the parties in the event of a breakdown of the relationship. BFAs are binding and can only be challenged under certain circumstances.
There are several grounds on which a BFA can be challenged, including:
1. Duress or undue influence: If one party was forced into signing the agreement or was influenced by the other party, the BFA may be challenged on the grounds of duress or undue influence.
2. Fraud or misrepresentation: If one party made false statements or misrepresented their financial position in order to induce the other party to sign the agreement, the BFA can be challenged on the grounds of fraud or misrepresentation.
3. Unconscionable conduct: If the agreement is so one-sided that it is unfair and unreasonable, it may be challenged on the grounds of unconscionable conduct.
If you believe that your BFA can be challenged on one of these grounds, the first step is to seek legal advice from a family law specialist. They will be able to advise you on the chances of success and the best course of action.
In order to challenge a BFA, you will need to lodge an application with the Family Court of Australia or the Federal Circuit Court of Australia. The court will then consider the evidence presented and make a determination on whether the agreement should be set aside.
Challenging a BFA can be a costly and time-consuming process. It is important to carefully consider your options and seek legal advice before embarking on this course of action.
In conclusion, challenging a binding financial agreement can be a complex and challenging process. If you believe that you have grounds to challenge your BFA, it is important to seek legal advice from a family law specialist and carefully consider your options before taking any action.