Limiting Liabilities through Binding Financial Agreement

Binding Financial Agreements (BFA) can be drawn up prior to, during or after a relationship/marriage. BFA’s set out how all or any assets or liabilities will be divided in the event of a breakdown of your relationship.
BFA is also used by people who wish to quarantine certain assets (especially those in the business industry) from their spouse for their benefit or that of third parties such as their children. Although a BFA is not the most romantic thing to propose in any relationship, it is certainly a responsible and mature way of taking appropriate steps to prepare for a worst-case scenario, and therefore provides certainty and peace of mind.

BFAs are particularly useful if you:
• Have significant assets prior to entering into a relationship and want to protect what you have accrued;
• Have a much greater asset pool than your partner;
• Have been married or in a de facto relationship before, and want to protect your assets more carefully this time around;
• Have children from a previous relationship and want to protect your assets for their benefit;
• Expect to inherit a lot of money;
• Have been gifted or loaned money from a family member;
• Own or expect to inherit a family farm or business;
• Have made significant gifts or contributions to your partner before or during your relationship (a BFA can ensure that these are properly taken into account if you separate).

Our team at Straits Lawyers possess our own unique skillsets and language abilities to help you better understand your rights and options. If you would like to prepare a Binding Financial Agreement, Straits Lawyers are now offering online services in both English and Chinese.
Simply purchase our online services via this link: https://straits-lawyers.square.site/product/binding-financial-agreement-consultation-bfa-/5?cs=true
Alternatively, you can email us at info@straitslawyers.com or call at 08 8410 9069 to find out more.

Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.