De Facto Relationships and Prenups. What You Have to Know
Prenuptial agreements, also known as ‘Binding Financial Agreements’ in Australia, are a delicate and frequently misunderstood topic. Some people mistakenly believe that these types of Financial Agreements indicate that a relationship is in trouble, although this is rarely the case. People get life insurance not because they anticipate dying soon, but because they want to make sure their finances are in order if the worst happens. In the same manner, people construct Wills, etc to ensure things today can be taken care of for tomorrow. Financial agreements that are legally binding are no exception. While these agreements are frequently subject to plenty of media attention usually with people signing prenups to protect their billions, in real life many couples with wide-ranging asset pools consider prenups as an insurance policy if things go wrong. But what you must know is that prenups or their correct legal name, “Binding Financial Agreements (BFA)” are a very useful tool for financia...