Formerly known as a pre-nuptial agreement or pre-nup, a Binding Financial Agreement is a legal agreement setting out intentions as to division of property and other financial issues in the event of the breakdown of a relationship or marriage.
You can have an Agreement prepared prior to commencement of, during or after the breakdown of the relationship or marriage.
Yes, If you and your partner enter into a Financial Agreement and later separate, your assets will be divided as set out in your Financial Agreement. However, for the Financial Agreement to be binding, strict legal requirements must be met, including a requirement that each party obtains their own independent legal advice.
In some circumstances it can. These include one or both parties not receiving legal advice prior to signing, some assets not being disclosed in the agreement, if the circumstances changed to the point that the agreement is no longer relevant or if there was duress or pressure put on a party to sign the agreement.
The law regarding Financial Agreements is complex and people’s individual circumstances are too varied to recommend anyone other than a trained, experienced Family Law Solicitor to prepare the document. As a solicitor has to also give advice for the document to be legally binding, you need to see a solicitor anyway and very few solicitors[…]