Binding Financial Agreement
No one enters into a relationship with the expectation that it will one day end. Unfortunately, by choice or circumstance, many relationships do fall apart and the parties are left to pick up the pieces and divide the property pool amongst themselves. This isn’t always easy, particularly if the relationship ended on poor terms. A Binding Financial Agreement (BFA) will help expedite this process and ensure that you retain everything that you are entitled to.
A BFA is a written legal document that sets out the property to which you are entitled and may also specify the amount of spousal maintenance that is to be paid by one party to the other. It can be entered into at any stage of the relationship and is similar to a contract in that the parties to a BFA must intend that it will be legally binding and understand that there are legal consequences if any of its terms are breached.
BFA’s are complex documents and due care and skill must be used in the drafting of the document. Before a BFA may be executed, both parties must have each received independent financial and legal advice. If they have not or if the BFA is poorly drafted by the solicitor, the BFA may not be enforceable.
The team at CSD Law can help you draft an airtight BFA that you can rely upon. It’s a small investment towards your future happiness.