Binding Financial Agreements
Binding Financial Agreements which are sometimes known as a prenuptual agreements or (pre-nups) set out the way assets will be divided in the event the relationship breaks down. A selection of 7 Binding Financial Agreements
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BFA Before DeFacto
BFA Before Marriage
BFA End DeFacto
BFA In DeFacto
There are many names for Binding Financial Agreements, including;
- Pre-nuptial Agreements (commonly known as pre-nups),
- Post-nuptial Agreements (post-nups); and
- Cohabitation Agreements.
They are known by the courts as Binding Financial Agreements (BFA)
A BFA provides an agreement in advance for a division of assets if the relationship or marriage breaks down.
These agreements can be entered into before the commencement of a marriage, de facto relationships or even during or after a marriage or separation. relationship and even after separation.
BFA’s need to be set up correctly to be legally binding. To be binding, there are certain requirements that BFA’s need to meet, if these items are not met, then the agreement can be void or set aside.
It is advisable that a BFA be reviewed every 24 months or after, during any changes in relationship.
A correctly executed BFA may provide some degree of certainty to the parties and thus avoid unnecessary arguments, in the event that a relationship ends, as they have agreed in advance as to how the property will be divided.
It can also make parties feel secure knowing that the property they have accumulated before the relationship or marriage is safe. By reaching agreement in advance, the issues that occur after a break up are more likely to be carried out without costly legal expenses or court delays.
Binding Financial Agreements can provide comfort to relationships if issues arise.