Lawyers That Will Help You Take Measures in Securing Your Hard-Earned Assets
Prenuptial & Binding Financial Agreements
Our family lawyers are highly experienced in carrying out a binding financial agreement with your spouse or partner. Often, either one or both parties seek to protect their own assets should their relationship come to an end. Our team will help you with everything you need and provide thorough advice during the binding financial agreement process.Book a No-Obligation Consultation
Concerned About Your Property Assets?
Following a breakdown in the relationship, it is important to consider what you have contributed to the relationship to secure and build a new future. A fair division of assets through a property and financial settlement is necessary to ensure that each party’s contribution is properly acknowledged. If you are considering a division of property and assets, seeking legal advice will assist the process in reaching a fair & favourable agreement.Property and Finance
What is a Binding Financial Agreement?
BFAs, also known as Binding Financial Agreements, are particularly important when one partner enters a marriage with significantly more financial assets than the other or if one or both parties are likely to inherit significant assets. Additionally, BFAs can also be utilised by parties in a broken relationship to come to a mutual agreement on the division of assets without resorting to the Family Court for Consent Orders. These types of financial agreements are crucial in determining a fair division of financial assets in the event of separation, thereby avoiding expensive litigation. The team at Loukas Law is well-equipped to guide you through the entire process with expertise and precision.
What to consider with a BFA before marriage and with a de facto relationship.
When contemplating a BFA before marriage or De facto relationship, there are 4 main areas we consider important to reflect on:
- The impact predetermining your financial circumstances may have on how you share your life with your partner throughout your relationship;
- The psychological and emotional impact of suggesting such an agreement to your partner may have
- The potential financial impact upon your children and their quality of life; and
- The legal implications.
It’s vital to keep in mind that while a BFA can help reduce the risk of future litigation, it cannot provide a guarantee. If something comes to light after a BFA has been made – for example, if one party deliberately concealed assets or was unexpectedly gifted an inheritance – this could provide grounds for a legal challenge. It’s important to note that while BFAs can be used to divide financial assets, they cannot be used to set out the terms of other issues such as parenting arrangements.
What if we enter a BFA during or at the end of a relationship?
If entering into a BFA during or at the end of a relationship, both parties must have legal representation and the agreement must be properly drafted to ensure it is not set aside as a result of a future challenge.
What is the process of preparing for a BFA?
The process of creating a BFA typically involves identifying combined assets and liabilities, assessing the contributions of both parties, considering future needs and life factors, and ensuring that the outcome is just and equitable.
If you’re wondering whether a BFA is suitable for you, Loukas Law offers a 30-minute telephone consultation to help clarify key points. Contact us today to speak with one of our accomplished family lawyers.
How We Can Help With Your BFAs
Property & Financial
Achieve a fair division of assets for you and your family through a negotiated property settlement.Property and Finance
Ensuring lines of communication stay open between parties and helping them come to their own solutions.Mediation
Experience, advice and counsel make a difference when negotiating to secure your child’s future.The Children
Our trusted partners offer strategies to support your emotional wellbeing and decision-making.Counselling
Perth Prenuptial Agreements – Your Assets. Safely Secured.