Why consider a BFA?
The reasons why people enter into financial agreements are probably many and varied. Often parties want some security. In the event that the marriage is unsuccessful, they want to know how their assets are to be divided with the other party.
One needs to consider the other party’s feelings and reactions in relation to a proposal that a financial agreement be entered into. Relationships can break down because of a dispute over whether a financial agreement should be entered into and the terms of that agreement.
It may be that a Financial Agreement can promote marital harmony by avoiding disputes later about ownership of property. The parties may not argue over such matters because both parties are clear as to their position.
Factors to consider
Examples of factors which might contribute to the decision of parties to enter into a Financial Agreement could include one or more of the following factors:
- If you are a business owner and want to maintain control of that business in the event of separation;
- You have significant assets;
- You have considerably more assets than your partner;
- You have children from a previous marriage and you want to be sure that the family wealth passes to them;
- You may be giving up a lucrative career and want protecting in the event of separation;
- You have a family member who has special needs, i.e. disabled child;
- You want certainty in respect of your financial position in the event of separation;
- You are concerned about a significant debt that one of you are bringing to the marriage.