Family Law
Pre Nuptial/Binding Financial Agreements
If you are getting married or are married, you may wish to consider a Binding Financial Agreement (BFA). It is not pessimistic or opportunistic to consider a BFA for the division of assets prior to or upon the breakdown of a relationship. It is realistic and a practical way of managing your financial affairs with your spouse and hopefully it will never have to be put into action. Like health insurance, the BFA is a preventive measure. It may provide asset protection at a time when emotions run high.
A BFA is a contract between the parties setting out how the assets of their union should be divided if the relationship should cease. Assets which may be considered in BFA are shares, real estate, vehicles, superannuation, valuable personal items, prospective inheritances, and other goods.
A BFA may help to prevent a break up becoming "messy" if the parties disagree on how to divide assets.
Issues such as Capital Gains Tax and Stamp Duty can be considered in your BFA to make it as tax effective as possible however we recommend that you obtain specialist tax advice in that regard.
A BFA is only legally binding when signed by both parties and each party has sought independent advice from a lawyer explaining the content and consequences of the BFA. It does not require registration or approval from any Court or any other instruction.
Contact Rockliffs lawyers today to discuss whether a BFA will be an effective measure in your circumstances.
