The Binding Financial Agreement is also known as the prenuptial contract. It is protected under the Family Law Act 1975. It offers couples a sense of certainty and control over their financial matters. Such agreements are set up during or before marriages. They can be signed even after separation. These contracts regulate the finances during the relationship or guide the distribution of assets during divorce.
This legal document can be an effective way to safeguard your property, and hiring financial agreement lawyers in Perth can be beneficial. They can introduce you to some important considerations to factor in before you sign.
In this blog, we will explain the advantages and disadvantages of such agreements so that you can make an informed decision. So, let’s continue reading to find the right way to safeguard your assets during times of trouble.
Let’s talk about the advantages of BFA first:
BFAs can reduce emotional and financial stress during legal issues by setting some predetermined terms. During divorces, heightened emotions of both parties can make it difficult to negotiate. Therefore, such documents are signed during loving relationships as both parties are inclined to act in the other’s best interests.
They have a positive mindset, which allows them to facilitate fair and transparent agreements. By signing a binding financial agreement WA can negotiate the details of this contract more effectively.
Couples can enter into this agreement to see how they can split assets among themselves if they have to separate in the future. The BFA helps them to establish their guidelines rather than letting the Family Court decide. The financial agreement lawyers can help the couple decide on their share of the property.
The fundamental objective of this document is to provide peace of mind during separation. The feeling of safety comes when you know that your property is safe and secure. The BFA allows you to acquire, manage or sell assets after you decide not to continue your relationship any longer.
Apart from the security, it brings clarity and confidence for couples who decide to keep their financial matters private. By contacting the family law services in Perth, WA, you can procure this agreement if necessary.
The BFA sidesteps the need for expensive and time-consuming court proceedings. Therefore, it is a better way to make a settlement. Aa Perth family lawyers say they are also predictable, which helps you make informed decisions.
Now that you know about the pros, it’s time to take a look at the cons of a binding financial agreement.
The major demerit of this prenuptial agreement is that it can start a dispute between the couple. It may be a practical approach, but just by bringing up the topic, the relationship can become stressful even before starting.
Suggestions for signing such legal documents can come across as a sign of mistrust, which can lead to feelings of suspicion. Therefore, before proposing the idea of such a contract, it is advisable to take the help of the best family lawyers in Perth.
It is not easy to factor in every event that happens in your life in the BFA. It is generally agreed before marriage and only considers assets that have been created then. However, during separation, the financial circumstances may change, and it will not really be applied at that time.
As we have seen, the pros outweigh the cons. The top family lawyers in Perth will help you make a BFA and provide control to some extent in case of an unexpected occurrence. Some motives, like if you are wealthier than your partner or have investments that you do not want to tamper with, you can consider BFA.
In conclusion, we would like to say relationships can turn bitter sometimes. However, if you have a BFA, you can feel financially safe and secure. Now, as you have gained a deeper understanding of this document with its pros and cons, you are in a better position to decide if this contract is right for you. If you choose to go ahead with this idea, do not hesitate to contact binding financial agreement lawyers in Perth.
Even if you are just signing the agreement, it is important to get in touch with Family Lawyers. They will explain the rights and responsibilities before signing the document. Apart from this, they will guide you through every step so that your best interests are protected despite whatever is in store for the future.
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