At Meillon – Bright, our family lawyers advise you and develop binding financial agreements to protect your rights and your financial situation. A binding financial agreement provides both parties with benefits and a path to follow in the event of marriage or a breakdown of fact. Finally, a binding financial agreement may be a more economical and simpler solution than other options after separation. This could include the higher cost of attempting to negotiate a transaction or the Court of Justice`s decision on the allocation of assets and financial resources. The conclusion of a binding financial agreement allows the parties to a relationship to agree, sometimes in advance, on the question of who its assets, liabilities and financial resources are treated after the conclusion of the relationship (if this happens). When you analyze the pros and cons of binding financial agreements, you need to understand that there is always potential for a court to cancel the agreement. There is also no monitoring body to take into account the conditions of the BFA and there is no registration system to be followed when a BFA has been completed. Finally, the law on binding financial agreements can be complex and there are not many cases where binding financial agreements have been cancelled. This can lead to some uncertainty.
However, the reality is that when one party has a larger fortune or fortune than the other, when it enters into a relationship or marriage, it is important that it enter into a properly crafted and well-thought-out binding financial agreement to protect its assets. You should also keep in mind that if your real estate transaction contract is not documented by law, you will not be able to do so: 7. Stamp duty and other tax benefits may apply to the contract; Even the death of a party does not interfere with the operation of a BFA and will remain binding on that person`s representative. Binding financial agreements (BFA) are written agreements that define how your assets will be split in the event of separation. It encompasses both de facto and marriage relationships. They are often called marital agreements. Financial arrangements are also not unusual when one or both parties have been previously divorced or separated, or when they have children from a previous relationship and want to protect their property to ensure that they are inherited from their children after their death.