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The following article was published in our article directory on June 23, 2012.
Learn more about SpinDistribute Article Distribution System.

Should you have a Binding Financial Agreement?

Article Category: Break-up

Author Name: Alan Weiss

{Picture|Image|Photo} this, Sally is a 32 year {old {school|college}|traditional} {teacher|instructor|educator|tutor} {and|as well as|and also} while she is not {wealthy|rich|affluent}, she {{worked|functioned|operated|worked out|performed} {hard|difficult|tough|challenging}|strove} {and|as well as|and also} {saved|conserved} the {deposit|down payment} for her {own|very own|personal} {house|home|residence|property} at the age of 26. Sally {has|has actually|has certainly} been {committed|carried out|executed|pulled off|dedicated} to {paying off|paying} her {mortgage|mortgage loan|home mortgage|home loan|property loan} {ever|ever before} {since|because|considering that|due to the fact that}. On Sally's 30th {birthday|birthday celebration} she {met|satisfied|fulfilled|complied with} Greg, a 34 year old {builder|craftsperson}, {and|as well as|and also} {{fell|slipped} in|fell} love. {Recently|Just recently|Fairly recently} Greg {asked|inquired} Sally to {marry|wed|pledge} him. She is {excited|delighted|thrilled|enthused|motivated|amazed}, in love {and|as well as|and also} {can|can easily|is able to|could|may} not {wait|hang around|stand by} to {start|begin} her life with Greg, {but|however|yet} there is one {small|little|tiny|modest} {problem|issue|complication}. Greg {has|has actually|has certainly} {spent|invested|devoted} his life {traveling|taking a trip|journeying} the {world|globe}, he has no {assets|possessions|resources} to his name {and|as well as|and also} he has his {bags|sacks|pouches} {packed|loaded|stuffed|jam-packed} to {move|relocate|shift} in to Sally's {house|home|residence|property}.

The {scenario|situation|circumstance} {above|earlier} {depicts|illustrates} the {increasing|enhancing|raising|boosting} {trend|fad} of {marrying|weding|getting married to|pledging} {later|later on} in life, which comes hand in hand with the {issue|problem|concern} of one {person|individual} {having|having actually|having certainly} {accumulated|built up|collected|gathered} {more|much more|a lot more|even more} {financial|economic|monetary} {assets|possessions|resources} than the {other|additional|some other}. This is where the {issue|problem|concern} of a Binding Financial {Agreement|Contract|Arrangement} ({also|additionally|even|likewise} {known|understood|recognized|considered|realized} as a "pre-nuptial {agreement|contract|arrangement}") {becomes|comes to be} {a hot|a warm|a scorching} {topic|subject|theme|subject matter}. A Binding Financial {Agreement|Contract|Arrangement} is {an agreement|a contract|an arrangement} {between|in between} a de facto or married {couple|few} that {{sets|sets up|specifies|schedules|establishes|determines} out|shows} {how|exactly how|just how|precisely how} {property|land|realty|piece of property|estate|premises} {and|as well as|and also} {finances|financial resources|financial circumstances} {will|will certainly|will definitely|may} be {dealt with|handled|managed|coped with} {should|ought to|must|really should|needs to} their {relationship|partnership} {{break|bust|damage|crack} down|divide}. It {allows|permits|enables|lets} {couples|few} to have {control|command} {and|as well as|and also} {certainty|surety} {as to|about} their {financial|economic|monetary} futures {and|as well as|and also} to {protect|safeguard|shield|guard|secure|defend} their {individual|personal|specific} {assets|possessions|resources}.

If you are in {a similar|a comparable|a quite similar} {situation|circumstance|scenario} to Sally, it is {likely|most likely|very likely} that {suggesting|recommending|proposing|advising} a Binding Financial {Agreement|Contract|Arrangement} will be {met|satisfied|fulfilled} with protests of "why do we {need|require|want|wish for} one?" {and|as well as|and also} "{don't|do not} you trust me?" {Unfortunately|Sadly|However|Regrettably}, {{more|much more|a lot more|even more} {often|frequently|typically|commonly} than not|generally|usually|typically} when {a couple|a few} {separates|divides|splits} {what|exactly what|just what} was "I {wouldn't|would not|most likely would not|definitely would not|probably would not} take {what|exactly what|just what}'s yours if we were to {separate|divide|split}" {quickly|rapidly|promptly|swiftly|very quickly} {becomes|comes to be} "I am {going to|visiting} take you for {everything|every little thing|every single thing|all the things|anything} you are worth". Without a Binding Financial {Agreement|Contract|Arrangement}, {should|ought to|must|need to} Sally {and|as well as|and also} Greg's {relationship|partnership} {break|breather} down, Greg {will|will certainly|will definitely|may} {be able to|have the ability to|can} {{apply|use|administer} to|put on} the Family Law Courts for {a division|a branch} of {assets|possessions|resources}. Sally's {house|home|residence|property}, or {part|component|element} of its {value|worth}, {will|will certainly|will definitely|may} be {viewed|seen|watched|checked out} by the Family Law Courts as divisible {between|in between} Sally {and|as well as|and also} Greg.

The {greatest|biggest|best} {advantage|benefit|positive aspect} of Binding Financial Agreements is that they {exclude|leave out|omit} the {jurisdiction|legal system} of the Family Law Courts. This {means|implies|indicates|suggests} that {parties|celebrations|get-togethers|functions} to a Binding Financial {Agreement|Contract|Arrangement} {can|can easily|are able to|could|may} not make an application to the Family Law Courts to have the Courts {determine|identify|figure out|establish} {how|exactly how|just how|precisely how} their {finances|financial resources|financial circumstances} {and|as well as|and also} {assets|possessions|resources} are to be divided, {but|however|yet} {instead|as an alternative|rather} their {assets|possessions|resources} {will|will certainly|will definitely|may} be {treated|dealt with|managed|handled|rewarded} in the {way|method|means} the {parties|celebrations|get-togethers|functions} {agreed|concurred|said} at the time they made the Binding Financial {Agreement|Contract|Arrangement}. {Therefore|For that reason|As a result|Consequently}, a Binding Financial {Agreement|Contract|Arrangement} is {a relatively|a reasonably|a fairly|a pretty} {inexpensive|affordable|economical|low-cost|cost-effective} {way|method|means} for you to {protect|safeguard|shield|guard|secure|defend} your {assets|possessions|resources} {and|as well as|and also} {avoid|prevent|stay clear of|eliminate} {arguments|disagreements} {and|as well as|and also} court {proceedings|procedures|process} {following|adhering to|sticking to} separation. Of {course|program|class}, as with {everything|every little thing|every single thing|all the things|anything} in life, there are {exceptions|allowances|exemptions} {and|as well as|and also} your {personal|individual|private|personalized} {circumstances|situations|scenarios} {will|will certainly|will definitely|may} {determine|identify|figure out|establish} if any of the {exceptions|allowances|exemptions} {{apply|use|administer} to|put on} you.

{Ousting|Kicking out} the {jurisdiction|legal system} of the Family Law Courts is {a serious|a significant|a major|a severe} {matter|issue} {and|and also} as such, there are {very|extremely|really|incredibly|remarkably} {strict|rigorous|meticulous} {requirements|demands|needs|criteria|conditions} that {must|should|need to|have to|will need to|ought to} be {met|satisfied|fulfilled|complied with} to {ensure|guarantee|make sure|make certain} a Binding Financial {Agreement|Contract|Arrangement} is {actually|really|in fact|literally} {binding|holding|joining} {and|as well as|and also} enforceable. It is {rarely|seldom|hardly ever} {financially|economically|fiscally} {advantageous|beneficial|helpful|useful|valuable} for {a person|an individual} with {fewer|less|far fewer|a smaller amount of} {assets|possessions|resources} to {{enter|get in} {into|in to}|become part of} a Binding Financial {Agreement|Contract|Arrangement} that {seeks|looks for|pursues} to {protect|safeguard|shield|guard|secure|defend} the {person|individual} with {greater|higher|more significant|better} {assets|possessions|resources}. It is for this {very|extremely|really|incredibly|remarkably} {reason|explanation|cause} that the {person|individual} with {fewer|less|far fewer|a smaller amount of} {assets|possessions|resources} {may|might|could} {try|attempt|check out|strive} to {challenge|test} the {validity|credibility|validity period} of the Binding Financial {Agreement|Contract|Arrangement} if the {relationship|partnership} {{breaks|busts|damages|cracks} down|divides}. The {person|individual} with {fewer|less|far fewer|a smaller amount of} {assets|possessions|resources} {may|might|could} {try|attempt|check out|strive} to have the Binding Financial {Agreement|Contract|Arrangement} {{set|set up|specified|scheduled|established|determined} {aside|apart}|reserved} in the {belief|view|mindset|opinion} that they {will|will certainly|will definitely|may} be {better|much better|far better|more desirable} off {financially|economically|fiscally} if it the Family Law Courts divided the {assets|possessions|resources} in {accordance|conformity} with the {Family|Household|Family members|Loved ones} {Law|Legislation|Regulation} Act.

In the {recent|current} {case|situation|instance|circumstances} of Sullivan & Sullivan FamCA 752 (" Sullivan") the {Wife|Spouse} {challenged|tested} the {validity|credibility|validity period} of a Binding Financial {Agreement|Contract|Arrangement}, which she {had|had actually|had certainly} signed at the {Husband|Spouse|Other half|Hubby|Partner|Companion|Life partner}'s {insistence|emphasis}, {because|since|due to the fact that} once they {had|had actually|had certainly} {separated|divided|split} she did not {wish|want|desire|like|prefer} to be bound by it.

The {Wife|Spouse} in Sullivan signed the Binding Financial {Agreement|Contract|Arrangement} {before|prior to|just before} she {and|as well as|and also} the {Husband|Spouse|Other half|Hubby|Partner|Companion|Life partner} were {married|wed|gotten married to|pledged} {and|as well as|and also}, crucially, the {Husband|Spouse|Other half|Hubby|Partner|Companion|Life partner} signed the Binding Financial {Agreement|Contract|Arrangement} after they were {married|wed|gotten married to|pledged}. The {Family|Household|Family members|Loved ones} Court {found|discovered|located|identified|had} that the Binding Financial {Agreement|Contract|Arrangement} {between|in between} the {parties|celebrations|get-togethers|functions} was {not {binding|holding|joining}|invalid} {because|since|due to the fact that}, {among|amongst} {other|additional|some other} {things|points}, the {Family|Household|Family members|Loved ones} {Law|Legislation|Regulation} Act {requires|needs|calls for|demands} that both {parties|celebrations|get-togethers|functions} to a pre-marriage Binding Financial {Agreement|Contract|Arrangement} be "{contemplating|considering|pondering|mulling over|reflecting upon} {marriage|marital relationship}" {and|as well as|and also} the {{Husband|Spouse|Other half|Hubby|Partner|Companion|Life partner} {and|as well as|and also} {Wife|Spouse}|Couple} were {already|currently|actually|presently} {married|wed|gotten married to|pledged} at the time the {Husband|Spouse|Other half|Hubby|Partner|Companion|Life partner} signed. The Binding Financial {Agreement|Contract|Arrangement} {could|could possibly|might|can|could well} not be {rectified|corrected|redressed|remedied|repaired} to be {a during|a throughout|an in the course of} {marriage|marital relationship} Binding Financial {Agreement|Contract|Arrangement} {because|since|due to the fact that} the {Family|Household|Family members|Loved ones} {Law|Legislation|Regulation} Act {requires|needs|calls for|demands} that the {parties|celebrations|get-togethers|functions} be "{parties|celebrations|get-togethers|functions} to {a marriage|a marital relationship}" {and|as well as|and also} the {{Husband|Spouse|Other half|Hubby|Partner|Companion|Life partner} {and|as well as|and also} {Wife|Spouse}|Couple} were not {married|wed|gotten married to|pledged} at the time the {Wife|Spouse} signed.

It is {imperative|important|vital|essential|crucial}, {particularly|especially|specifically} for the {person|individual} with {greater|higher|more significant|better} {assets|possessions|resources}, to {ensure|guarantee|make sure|make certain} that the Binding Financial {Agreement|Contract|Arrangement} {will|will certainly|will definitely|may} {withstand|endure|survive|stand up to|take|resist} {challenges|obstacles|difficulties|tests} to its {validity|credibility|validity period} {and|as well as|and also} enforceability. If you are {going to|visiting} make a Binding Financial {Agreement|Contract|Arrangement}, you {{need|require|want|wish for} to|have to|should|must} {ensure|guarantee|make sure|make certain} that the {agreement|contract|arrangement} {{complies|conforms} with|satisfies|abides by|obeys} the {requirements|demands|needs|criteria|conditions} in the {Family|Household|Family members|Loved ones} {Law|Legislation|Regulation} Act.

Binding Financial Agreements {can|can easily|are able to|could|may} be made {before|in the past|previously}, {during|throughout|in the course of} or after a de facto relationship or {marriage|marital relationship}. You {should|ought to|must|really should|need to} {consider|take into consideration|think about|think of|take into account} making a Binding Financial {Agreement|Contract|Arrangement} if you:

wish to {avoid|prevent|stay clear of|eliminate} {costly|expensive|pricey} court {proceedings|procedures|process};
are {marrying|weding|getting married to|pledging} {later|later on} in life;
{have|have actually|have certainly} been {married|wed|gotten married to|pledged} {previously|recently|formerly|in the past};
have {children|kids|young children|youngsters|little ones} from a previous {relationship|partnership};
{have|have actually|have certainly} suffered {financial|economic|monetary} {hardship|difficulty|problems|trouble} as {a result|an outcome} of a the {break|breather} down of {a past|a previous|a beyond|a last} {relationship|partnership};
are in {a blended|a combined|a mixed|a mixed up|a blended thoroughly} {family|household|family members|loved ones} or {about|regarding|concerning} to {{become|come to be} {part|component|element} of|enter into} {a blended|a combined|a mixed|a mixed up|a blended thoroughly} {family|household|family members|loved ones}; or
if you have {significant|substantial|considerable} {assets|possessions|resources} prior to {{entering|getting in} {into|in to}|becoming part of} {a relationship|a partnership}.

Keywords: divorce, relationship, family law,

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