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. Consult the lawyerslist.com.au to find family lawyers to give advice to both parties involved and get an explanation on 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.
- If it is drawn up before or even during a relationship, it can cause division if one party draws it up to suit themselves without any consultation with their partner. It can certainly make that person feel the other one does not trust them, or is about to leave the relationship. In fact, it would even seem that their partner is preparing for failure in the relationship rather than working towards establishing a relationship that is strong enough to last the tests of time.
- No court or any other regulatory body gets to examine the details of the BFA. It can be drawn up in any way the person doing it deems fit, whether or not it is fair and just to the other person.