As it is not a particularly romantic idea, it may not have occurred to you to contact a family lawyer when entering into a long-term relationship. However, here’s a secret Disney doesn’t tell you: in many cases, ensuring your happily-ever-after requires a Binding Financial Agreement.
No one enters into a relationship imagining that it will end one day. Everyone wants to believe that their relationship will last forever. From the moment you meet and decide to marry your beloved, your thoughts are most likely filled with building a life together and having a hand to hold through new careers, homes, and life stages.
It is easy to get caught up in the excitement of new beginnings without giving any thought to how things may end. Unfortunately, sometimes relationships do end.
A Binding Financial Agreement is how you protect your assets even if you can’t protect your heart.
In Australia, a Binding Financial Agreement can be established between married or de facto couples, before, during, or after their relationship. They are often known by other terms like:
- Pre-nuptial Agreements
- Post-nuptial Agreements
- Cohabitation Agreements
- Separation Agreements
- Divorce Agreements
These agreements allow couples to decide how their assets will be divided in the case of separation. Without ever having to appear in court, couples can decide on the agreement that best fits them and their unique circumstances. Couples are afforded a flexibility that would not be possible in court and can avoid the uncertainty, cost and stress of a course settlement.
You don’t have to approach these agreements with a sense of resignation or sadness. Instead, think of it as a way of saying to your partner:
“I want us to prepare for every possible outcome of our relationship. I want you to protect your own assets while I also protect mine.”
While it is true that establishing a Binding Financial Agreement introduces a new way of looking at your relationship, you can view it as a necessary, practical, and beneficial step. Don’t let worries about your personal assets negatively affect your relationship; prepare for all outcomes with a Binding Financial Agreement.
For more information contact the team at Rose for a no obligation quote: