It was the Hollywood rerun we were all happy to see and no I am not talking about Annie (yes that one definitely should have been left as the original!). Jennifer Lopez and Ben Affleck (known collectively as “Bennifer”) wed in July 2022 after initially ending their engagement back in 2004 and reconnecting in 2021. It couldn’t have been anymore ‘Hollywood’ the way that Bennifer reconnected and the way their romance flooded every inch of our social media.

After a whirlwind second romance, on 20 August 2024, Jennifer filed for divorce from Ben after two years of marriage. This will obviously necessitate them finalising their financial affairs and whilst the way property matters are dealt with overseas are different to how they are dealt with here, the key take away is this:

They did not have a Binding Financial Agreement in place!

If they did have a Binding Financial Agreement in place this would have meant that:

1. They would have a clear pathway in how assets are to be dealt with;
2. They would have certainty and understanding of their respective financial circumstances; and
3. It would save them time, expense and the stress of being involved in property settlement negotiations.

In Australia, a Binding Financial Agreement is entered into under Part VIIIA of the Family Law Act 1975 (“the Act”). A Binding Financial Agreement can be entered into by parties either:

1. Prior to a de-facto relationship commencing;
2. Prior to parties marrying;
3. During a de-facto relationship;
4. During a marriage; and
5. Following the breakdown of a de-facto relationship or marriage.

The Act contains specific requirements in order for a Binding Financial Agreement to be binding. Some of those requirements are:

1. It is signed by both parties; and
2. Before signing the Binding Financial Agreement each party received independent legal advice.

If you are considering a rerun, are entering a de-facto relationship or marriage, or are otherwise in a de-facto relationship or a marriage and wish to enter into a Binding Financial Agreement, reach out today for a discussion with Hope Earle’s family law team.