The biaxial phase in nematic liquid crystals has been experimentally elusive for several decades, following its initial prediction in 1970. A notable recent experimental success came from Liu et al. [Proc. Nat. Acad. Sci. 113, 10479 (2016)], who observed biaxiality in FNs. By leveraging the distinct spatial scales of dipolar and magneto-nematic interactions, they achieved an equilibrium configuration where the nematic phase has biaxial characteristics. The chapter provides a theoretical framework to understand the emergence of biaxial order in FNs. The quantitative estimates of biaxiality as a function of coupling strength are well supported by an analytical expression obtained by using fixed-point analysis.