Protection that
holds up.

Is a BFA legally binding?

Yes — if it meets the strict requirements of the Family Law Act 1975. The agreement must be in writing and signed by both parties, and before signing, each party must receive independent legal advice from their own lawyer about the effect of the agreement and its advantages and disadvantages. Each lawyer must provide a signed statement confirming that advice was given, and the statements must be exchanged. If these requirements aren't met, the agreement generally won't be binding. Getting the process right from the start is what gives a BFA its strength.

Can a BFA be challenged?

Yes, but only on specific grounds set out in the Family Law Act. A court can set aside a BFA where one party engaged in fraud (including failing to disclose a significant asset), the agreement was signed under duress or undue influence, the agreement was entered into to defeat a creditor, it has become impracticable to carry out, or circumstances relating to the care of a child have materially changed and enforcing the agreement would cause hardship. A BFA cannot be set aside simply because one party later feels the deal is unfair. The real risks lie in the process — rushed timing, pressure, incomplete disclosure, or advice treated as a formality. Our approach is designed to eliminate those risks.

Do we both need our own lawyer?

Yes. The law requires each party to receive advice from their own independent lawyer — one lawyer cannot advise both of you. We act for you, and your partner will need to engage and pay for their own lawyer. We can recommend practitioners who are experienced with BFAs and can turn the advice around promptly.

How long does a BFA take?

The timeline depends on the complexity of your situation and how quickly both parties can obtain independent legal advice. A straightforward BFA can typically be completed within two to four weeks. If you're planning to sign before a wedding or moving in together, start early — agreements signed under time pressure are the ones most vulnerable to challenge.

What is the difference between a General and Enduring Power of Attorney?

A General Power of Attorney is only valid while you have mental capacity and is often used for specific transactions or time periods. An Enduring Power of Attorney continues to operate even if you lose mental capacity — making it the more important document for long-term planning.

What's the difference between a Power of Attorney and an Enduring Guardian?

A Power of Attorney covers your money and property. An Enduring Guardian covers your health and personal life. They're separate documents, appointing separate people (who can be the same person, or different people, depending on what you want), and most people need both — one without the other leaves a real gap.

Can I appoint the same person for both?

Yes, or different people for each. Some people prefer the same person managing both, for consistency. Others prefer splitting the roles — someone financially sharp for the Power of Attorney, someone close to their day-to-day care for the Guardian appointment. Both are valid approaches.

Can Legally Ready review a contract I have already received?

Yes. Legally Ready reviews, marks up and advises on contracts you have received from a counterparty. We will identify the key risks, flag unusual terms, and advise on what to negotiate before you sign.

What happens if I sign a contract without having it reviewed?

You're bound by whatever the document actually says, not what you assumed it said. Unfavourable terms — payment triggers, liability caps, exit clauses, automatic renewals — are far cheaper to catch before signing than to argue about afterward. A short review up front is usually a fraction of the cost of unwinding a bad term later.

Do I need a Shareholders Agreement if I am the only director?

If you are the sole shareholder and director, a Shareholders Agreement is not required. However, if you have co-founders or investors — even informally — a Shareholders Agreement sets out each party's rights and obligations, and gives you an agreed mechanism for resolving disputes instead of starting from zero if one arises.

What happens if we skip the formal agreement?

Verbal understandings between co-founders tend to hold while things are going well and unravel exactly when they matter most — a falling-out, a departure, an acquisition offer one founder wants and another doesn't. Without a Shareholders or Partnership Agreement, you're relying on default statutory rules that weren't written for your specific business, and on everyone continuing to remember the deal the same way.