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3 Instances When You Can Go For A Binding Financial Agreement

5 June 2019/Binding Financial Agreement

If you are looking for a formal binding financial agreement in NSW, you may only be aware of it only briefly, as most couples are. It is a concrete means to ensure convenient segregation of property between partners. It is this and more; there is a host of critical technicalities involved.  Depending on the status of a relationship, you need to decide when to go for a BFA. Fundamentally, there are three instances.

Before Entering a Relationship

There are options whereby you could go for a formal agreement even before entering into a de facto relationship; it could be a marriage or same-sex relationship. Securing an agreement before formalizing a relationship is the most recommended by experts. In that case, the agreement ensures that whatever your assets are, they remain protected against any unforeseen rupture in the relationship. In the event of an unlikely walk away, you are at least assured of leaving with what you came intact.

Within a Relationship

It is the most common instance where couples tend to go in for a written agreement. If you feel that your current relationship is not stable; or you are facing considerable issues with your partner etc. you can opt for an agreement as a precautionary measure.  It is important to keep in mind that while the subject of an agreement could crop up at any time during a relationship, it is by no means the signal of the end. There are couples who believe that a formal financial agreement provides the much-needed stability to a shaky relationship. Keep in mind that the agreement is essentially a security measure.  It has the potential to steer the relationship on more solid ground. It is meant to protect both the assets acquired during and before the relationship.

After a Relationship

The BFA is by far the best means to ensure a convenient close to a financial relationship. The written agreement is an effective alternative to obtaining Court orders for ending a relationship. What is more, in case of a Court intervention, you might not always be okay with the orders? Apart from that, repeated Court proceedings could also be particularly bothersome. In that case, it is best to go for an agreement. If you are looking for a binding financial agreement, you could consider one conveniently, irrespective of whether you are in a formal relationship or not.

An agreement is essentially meant to safeguard property interests against the potential impact of emotional upheaval. According to expert recommendations, it is ideal to go for an agreement before entering into a formal relationship. A formal relationship could either be marriage or de facto. However, as mentioned earlier, it also depends on the current status of affairs in the relationship. If you want to go into a formal agreement to safeguard your assets, Matthew Buckley is one of the most celebrated attorneys in Australia, with specialization in a broad scope of subjects ranging from domestic violence to international family law.

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