A pre-marriage agreement (a type of Binding Financial Agreement) is crucial for asset management during separation or divorce. Parties use this pre-marriage agreement to outline asset division before, during, or after a relationship.
However, at Martens Legal, we understand that navigating the process of drafting and finalizing a BFA, including a pre-marriage agreement, can be daunting.
That’s why we’ve compiled a list of top resources to simplify the process, ensuring efficient and correct handling. Ultimately, what you need from the process will of course depend on your situation but consider this your starting point.
1. Financial Advisors for a Pre-Marriage Agreement
Consulting with a financial advisor is crucial when drafting a BFA. These professionals can clarify the financial implications of the agreement and help protect both parties’ financial interests.
Financial advisors can assist in identifying issues relevant to projecting future financial needs, understanding tax implications and identifying whether some assets may require valuation.
If financial advice is something you’re chasing, consider consulting:
- Financial Planning Association of Australia (FPA): This is a local organization where you can find accredited financial planners who are familiar with Australian family law and financial regulations.
- Association of Independently Owned Financial Professionals (AIOFP): This association can provide independent financial advice, crucial for structuring BFAs.
2. Mediation Services for a Pre-Marriage Agreement
Mediation can play a pivotal role in the BFA process, particularly if there are disagreements between the parties involved. Mediators help facilitate discussions and negotiations, aiming to reach an agreement that is acceptable to both parties.
The benefit of a mediation process is the opportunity to negotiate and identify the issue in dispute. If mediation is something you’re weighing up, we suggest exploring providers at:
- Resolution Institute: Offers access to qualified mediators who specialize in Australian family law.
- Family Relationships Online: Provides information and referral services for families, including access to family mediation services across Australia.
3. Legal Advice and Representation for a Pre-Marriage Agreement
While DIY resources and preliminary advice are useful, professional legal advice is indispensable. There is no substitute for proper advice for your circumstances.
A lawyer specializing in family law can provide personalized advice, ensure the legality of the agreement, and represent your interests during negotiations.
- Martens Legal offers expert legal advice and representation for drafting and finalizing BFAs. Our team ensures that your BFA aligns with legal requirements and effectively protects your assets and future.
4. Books and Guides
For those who prefer to start with a thorough understanding of the subject before consulting professionals, there are numerous books and guides available that cover the ins and outs of BFAs.
- “Australian Family Law in Context: Commentary and Materials” by Patrick Parkinson provides a detailed exploration of family law in an Australian context.
- “The Family Law Book”: This is a practical guide for lawyers but can also provide valuable insights to those navigating their own BFA.
Conclusion
Preparing a Binding Financial Agreement doesn’t have to be an overwhelming process. With the right resources, you can gain a clear understanding of what needs to be done and how to approach it effectively.
At Martens Legal, we are dedicated to guiding our clients through this process with as much ease as possible. Whether you need tailored legal advice or full representation, we’re here to help every step of the way.
To find out more about how we can assist you with your BFA, visit our website or contact our office today.
