As soon as you discover your options, you will see that there is a more economical and faster way to secure a binding financial agreement. If you decide to design your own agreement and decide to use one of RP Emery`s financial kits and the Legal Review Service, you can expect them to pay for both parties (in most cases) less than $2000 to get a binding and applicable agreement in the Family Court. Some advantages of reaching a financial agreement are to have certainly and control your future financial situation, privacy before the usual court proceedings and the freedom to do things under the agreed terms. Financial arrangements can help foster a consensual and relatively rapid distribution of assets and liabilities following a breakdown of a relationship. If there is no BFA, each party can invoke its family law to go to the family courts. Without BFA and without an amicable agreement, their financial future is uncertain, as the family has a large margin of appreciation in financial affairs. Many people still refer to binding financial agreements as marriage contracts or prenups. You can get a financial agreement before, during or after a marriage or a de facto relationship. These agreements can cover all types of binding financial agreements and are required by law that each party has received legal advice independently of the other party and that the effects of signing the binding financial agreement have been fully explained. In the absence of a lawyer`s certificate for each spouse, the agreement is not valid. Decisions to approve property and finance contracts can be taken into account: binding financial agreements are not innocent.
Disadvantages of financial agreements include their inability to take into account unpredictable changes in circumstances, their ability to be revoked (if circumstances are proven) and the possibility of contractual litigation. A marriage must be concluded before the start of the marriage or relationship. A binding financial agreement can be reached before the start of the marriage or the de facto relationship. Once you have signed a binding financial agreement, you agree to allocate your financial resources, assets and commitments. Therefore, if the parties argue over financial agreements in a family court after the separation and you have signed a binding financial agreement, you lose your right to challenge the sharing of your financial positions. This is because financial resources are allocated in accordance with the agreements agreed in binding financial agreements. Once the terms of the financial agreement have been agreed and have entered into good shape, each party must obtain independent legal advice. However, a BFA can also be created when couples are established in a marriage or de facto relationship, or even after the breakdown of a marriage or de facto relationship. This is the main reason why it is wrong to characterize a binding financial agreement as a marital agreement.
After the date of marriage and even after the date of separation, a binding financial agreement can be reached. Many people think that they can develop something themselves, and most importantly, they think that if they put it in some kind of formal document, such as a signed contract or a legal declaration signed by a justice of the peace, the document can rely on that and will be sufficient to protect their financial situation and assets. We provide a fixed fee for the development of a BFA. Call us to agree on a free 15-minute consultation or a reduced consultation to discuss what is needed when preparing a binding financial agreement or marriage agreement and what they may cost.