Should I have a Prenup – Binding Financial Agreement (BFA)
Everyone starts a relationship with the intention that it will last forever but statistics reveal that approximately half of all relationships will fail. Many couples are coming together later in life with assets accumulated by their hard work. It is essential to protect these assets with a Binding Financial Agreement (BFA).
A BFA can be made before, during or after a marriage or defacto relationship. The court considers a BFA as binding and will not disturb it unless there are extenuating circumstances. Each BFA needs to consider your particular circumstances.
I recommended that you have a BFA for the following reasons:
a. To protect your assets in the event of any breakdown;
b. To provide clarity for any children from your prior relationships;
c. To provide a clear understanding between each other to prevent any future misunderstandings regarding your financial affairs.
As a family lawyer I have extensive experience of sensitively drafting many BFA’s for my clients to ensure compliance with legislation and to minimise any later challenge. Your BFA must faithfully reflect your situation and wishes and I work with you to protect your assets.