Binding Financial Agreement Pros And Cons

If you are separated or divorced and need to document your real estate transaction contract in a legally binding and enforceable manner, I should use a binding financial agreement or consent order, including important information that you should read. Marino Law is available to provide effective, cost-effective and informed representation in negotiating the terms of a BFA, to create a BFA and advise you. Our expertise focuses on the critical assessment of your existing BFA and the possibility of requesting the cancellation of the agreement taking into account the circumstances that existed at the time of the contract, or your current and modified circumstances. It is important to act quickly if we consider that it is necessary to set aside a binding financial agreement. While people who are prosperous or who have been divorced before and who have lost a lot of money in the agreement may perceive the need for a binding financial agreement, those at the other end of the spectrum are not so likely to be concerned about finances or to see the need to have one. In any case, I hope that you and your partner will be safe with this agreement. Because of the many emotional and practical issues that the process of making a BFA can cause, my advice is to seek legal advice, not because you must, but because, individually, you need to understand your rights. Also discuss the terms of the agreement in advance to avoid further tensions. However, there are some general pros and cons that apply in all areas and should be considered by parties considering a BFA: in Western Australia, Part VIIIA of the Family Act deals with financial arrangements for married couples and Part 5A Division 3 of the Family Act 1997 (AV) deals with financial arrangements for common-law couples. Part VIIIAB Division 4 of the Family Act of 1975 contains similar provisions for common-law couples in other states and territories. Since 2001, married couples have been admitted to a BFA in Australia under the Family Law Act.