Are you considering a binding financial agreement (BFA) to protect your financial assets in case of a break-up? While a BFA can provide peace of mind, it`s important to understand the costs involved.
First and foremost, it`s critical to seek legal advice from a family law specialist to ensure that your BFA is valid and enforceable. The cost of legal advice will vary depending on the complexity of your agreement and the hourly rate of your chosen lawyer. Some lawyers may offer a fixed fee for drafting and reviewing a BFA, while others may charge an hourly rate.
Additionally, if you and your partner decide to negotiate the terms of the BFA, you may incur additional costs such as mediation fees or the cost of a private arbitrator. These costs can vary significantly and will depend on the length and complexity of the negotiations.
It`s important to note that the cost of a BFA can also vary depending on your jurisdiction. Each state and territory in Australia may have different legal requirements and fees associated with BFAs. For example, in New South Wales, you may need to pay a filing fee to register your BFA with the Family Court.
It`s also worth considering the potential costs of not having a BFA. If you and your partner separate without a BFA, the division of your assets may be decided by a court. This can be a lengthy and expensive process, with legal fees and court costs quickly adding up.
In summary, the cost of a BFA will depend on a range of factors, including the complexity of your agreement, the legal fees of your chosen lawyer, and any additional costs associated with negotiations or registering your agreement. While the cost may seem high, it`s important to consider the potential costs of not having a BFA in place. Seeking legal advice and drafting a valid and enforceable BFA can ultimately save you time, money, and stress in the long run.