Binding Financial Agreement. What You Need to Know
What are Binding Financial Agreements (BFA)? BFA’s are a great way to protect yourself and your loved ones. As you may know, the law can be confusing and complicated, so it’s important to have a lawyer who can help. A BFA is a legal document that outlines how much money each spouse will receive in case of divorce and other issues related to finances. Introduction to a BFA A BFA is a contract between two people who are in a relationship. It’s like a prenuptial agreement, but it can be used by anyone and doesn’t have to be done just before getting married. A family law solicitor will help you draft up your binding financial agreement and make sure that it’s legally valid. The benefits of entering into one include: ● Protecting your assets from creditors if one partner gets into debt or stops paying their bills; ● Ensuring that both partners get what they’re entitled to should the relationship break down; ● Setting out how any future children will be cared fo...