Disadvantages of a Binding Financial Agreement

6 Disadvantages of a Binding Financial Agreement

When two people are about to enter into a relationship, one of them may decide that a Binding Financial Agreement (BFA) should be drawn up to protect them from financial loss should the relationship fail.  Family lawyers are needed to give advice to both parties involved and explain exactly what the terms of the agreement mean.

While such an agreement can be entered into at any time – before, during or after the relationship, it is best to do it beforehand or even during the relationship while both parties are happy. To be fair, there should be input from both parties, although this often does not happen. While there are advantages to having a BFA, there are also a few disadvantages.

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