If you are in the midst of a separation or divorce, you may be wondering if you can do your own binding financial agreement. While it is technically possible to draft and execute your own agreement, it is highly recommended that you seek the assistance of a qualified family lawyer.
A binding financial agreement (BFA) is a legally binding document that outlines how you and your partner will divide your assets and liabilities in the event of a separation or divorce. It can also include provisions for spousal maintenance and other financial matters. Typically, a BFA is drafted by a family lawyer and must be signed by both parties.
While it may seem tempting to save money by doing your own BFA, it can be a risky proposition. Here are some reasons why:
1. Legal Language: A binding financial agreement is a legal document that requires specific language and terminology. A qualified family lawyer will be able to draft an agreement that is legally binding and enforceable.
2. Complex Financial Situations: If you or your partner have complex financial situations, such as multiple businesses, investments, or inheritances, it is crucial to seek legal advice. A qualified family lawyer can help you navigate the complexities of your financial situation and ensure that the agreement is fair and equitable.
3. Court Approval: If you and your partner decide to file for divorce, the court will need to approve your binding financial agreement. If the agreement is not drafted correctly, it may not be approved by the court, leaving you and your partner without a clear financial agreement.
4. Future Changes: If your financial situation changes in the future, you may need to modify your binding financial agreement. A qualified family lawyer can help you navigate these changes and ensure that the agreement remains legally binding.
In summary, while it is technically possible to do your own binding financial agreement, it is highly recommended that you seek the assistance of a qualified family lawyer. A binding financial agreement is a legally binding document that requires specific language and terminology, and a qualified family lawyer can navigate the complexities of your financial situation and ensure that the agreement is fair and equitable.