A piece of paper that could save your assets
Whether you are thinking of entering into a de-facto relationship, or if you intend to marry, or even if you are already married or in a de-facto relationship, you may wish to have a written agreement with your life partner spelling out details of how your property and assets will be dealt with if the marriage or de-facto relationship breaks down. These written agreements are commonly called “pre-nuptial agreements” or “co-habitation agreements”, but the legal name is “Binding Financial Agreement”, commonly called “BFA”.
You may particularly wish to talk to our solicitors about a BFA if you have more assets than your partner and you wish to protect your assets because you have obligations to other people, such as your children from a previous marriage or relationship. You should also consider calling us to discuss a BFA if you expect to receive an inheritance from your side of the family and you want to reduce the likelihood of your family’s assets being claimed upon if your relationship fails.
You and your spouse or partner might have simply made the decision that you wish to be financially independent of one another and you want documentary evidence of how you have agreed to meet expenses, provide for one another if the relationship ends and protect assets in the event of breakdown of the relationship or death.
Approaching the delicate issue of a Binding Financial Agreement
You must be aware that the introduction of the topic of BFAs into a relationship can spark feelings of shock and hurt and distrust, therefore we strongly recommend that you call one of our family law solicitors to obtain their advice prior to discussing it with your fiancé or intended partner. You must be aware that in order to have an effective BFA there must be a complete disclosure of financial situations, and you must know what your options are. You must obtain our advice as to whether a BFA is at all appropriate because if you do not “sell” the benefits to your spouse or partner in an appropriate way it could damage your relationship. Our solicitors will tell you very frankly whether a BFA is appropriate in your circumstances.
You may be subjected to pressure from your side of the family to have a BFA. We can give you an objective assessment of your needs, but we will also respect your personal feelings on what can be a very sensitive topic.
Call us now for expert advice!
If you want personal attention and sensitive consideration of your individual needs, then you should call us and speak to one of our team of four family law experts. We have the experience to appreciate the emotions that the suggestion of a BFA might generate, but if the parties agree then our lawyers have the professional skills to negotiate and draft the proper documents.