Whether it`s financial agreements, prenuptial agreements or complex financial matters, our lawyers are experts in the field. There may also be some benefits to having a binding financial agreement if you are concerned that the family court will not approve the agreement that you and your ex-partner have entered into. All types of binding financial agreements have in common the legal requirement that each party has requested legal advice independently of the other party and that the effects of signing the binding financial agreement have been fully explained. Without a lawyer`s certificate for each spouse, the agreement is invalid. Reaching financial agreements can sometimes be difficult when a party is unwilling to abide by them. We can guide you through any disagreements with other parties to ensure that your financial agreement is finalized as quickly and easily as possible. Binding financial agreements are a contract between a person and their partner that sets out their agreement on financial separation in the event of the breakdown of their marriage or common-law relationship. We prepare BFA or “prenups” that enter into financial separation and divorce orders and enter into a marriage or common-law relationship. BFA and fixed fee divorce orders can be enforced simultaneously. Negotiating the terms of a financial agreement with another party can often end in disputes and resentment.
We can help you discuss the terms with your ex-partner so that both parties are well informed to make the most appropriate decisions for a positive outcome. It is important that you work with an experienced lawyer to prepare your binding financial agreement. Our team of family law experts in Brisbane is experienced in dealing with complex scenarios and the associated tax and property implications. If you want to prevent your financial future from being decided by the family courts, a binding financial agreement allows you to decide your finances amicably with your spouse or ex. There are a number of advantages and disadvantages to consider when concluding a binding tax agreement. In this video, we look at the main advantages, disadvantages and legal loopholes. A binding financial agreement defines what would happen to your finances (your own personal finances and your common finances) in the event of a marital or relationship breakdown. Ultimately, financial arrangements are intended to protect the assets of both parties when they enter into a serious relationship or marriage. They should be designed with the help of an experienced lawyer, and they can make things much easier if you ever have to work through a divorce. BFAs exclude the jurisdiction of the family court to deal with your financial separation.
This means that when you enter into a BFA, you and your partner agree that in the event of separation or during your separation, your division of assets and liabilities will be subject to the terms of the agreement and not to a court order. However, the court reserves the right to terminate your contract if it is deemed unenforceable or entered into under duress or fraud. In the following video series, Justine Woods, Family Law Partner at CGW, discusses what you need to know about binding financial arrangements for married and common-law couples, including the pros and cons, risks and potential loopholes, and what the process is likely to involve. Binding financial agreements are just that – binding. Each party must respect what it has stated in the document. When a couple`s assets are divided after a separation, they are first placed in an “asset pool”. However, assets described in a financial agreement are usually excluded from this pool, which means they are protected. It`s a good idea to think carefully about what kind of things you want to include in the agreement.
Remember, however, many people in Western Australia still refer to BFA as marriage contracts. Many people who have gone through a divorce want some level of protection when they enter a new relationship by entering into a financial agreement. Without a financial agreement, regardless of the assets you held before the relationship, in the event of separation, a court will generally apply the provisions of the Family Law Act when deciding matters. Binding financial agreements, or BCAs, are agreements used before, during, or after a couple`s union or de facto relationship. The BFA is done in accordance with the Family Law Act. Getting involved in this type of agreement can give couples peace of mind, as they can help avoid raising issues in family court, which can be stressful and costly. In general, any assets you have when you enter into a relationship, physically or not, should be added to your financial agreement. .