How to tell your Partner you want a Binding Financial Agreement

Talking to your Spouse about getting a Binding Financial Agreement 

A big concern of many people, is how to tell their partner they would like them to sign a Binding Financial Agreement.

Perceptions of how your partner might react, or what they might think, often concern someone thinking about raising the issue of making a Binding Financial Agreement.

Sometimes, merely how you approach the issue can affect the outcome.

We’ve compiled a list you should read if you think your partner might not react well to your suggestion of having a Binding Financial Agreement, as it is often the case however:

 

 

• That many spouses are more than happy to sign a Binding Financial Agreement.

• Commonly, spouses are happy to sign a Binding Financial Agreement, to show their partner they are in the relationship for the “right” reasons.

• Some say their relationship actually improves once they have a Binding Financial Agreement in place, as any suspicion or niggling doubts one party may have had, are removed, and further, they have talked openly and honestly about each of their respective financial positions and how to combine finances (or not) moving forward, such that each know where they stand.

• If a spouse does not wish to sign a Binding Financial Agreement, in circumstances where the other spouse is wanting to protect or quarantine their own assets, then maybe the couple need to review whether they have similar financial morals, similar financial goals and a similar financial mind-set.

• If spouses have different views about contributions to the relationship and their financial entitlements in the event the relationship fails, many suggest that is best ascertained earlier in the relationship, rather than after separation, when it is highly likely they will disagree about financial entitlements and/or how their finances and assets should be divided.

• In recent years, Binding Financial Agreement’s have become so much more common, such that if one spouse is more financially wealthy than the other, both spouses have usually thought about their respective financial situation. In those circumstances, one of them raising the possibility of having a Binding Financial Agreement, is not usually a surprise.

If you are going to talk to your about about entering into a Binding Financial Agreement, you should firstly read our information sheet What should you include in a Binding Financial Agreement, as that will give you a list of things you need to discuss with your partner.

More to know about Binding Financial Agreements

The basics about Binding Financial Agreements are explained in the information sheet What is a Binding Financial Agreement.

Are you able to you prepare your own Binding Financial Agreement without lawyers? Find the answer in our information sheet Can I prepare a Binding Financial Agreement myself.

Are you eligible to enter into a Binding Financial Agreement with your partner. Find out in the information sheet Who can enter into a Binding Financial Agreement.

When you enter into a Binding Financial Agreement with your spouse can be important. Read more in the information sheet When can you enter into a Binding Financial Agreement.

You might think you have left it too long to enter into a Binding Financial Agreement. If so, you may be surprised by what you read in our information sheet Is it too late to enter into a Binding Financial Agreement.

Did you know there are different types of Binding Financial Agreements and that if you do not use the correct type of Binding Financial Agreement it may later be set aside. See our information sheet Types of Binding Financial Agreements & What type of BFA do I need for more information.

Can Binding Financial Agreements really protect your assets and future income? Find the answer in our information sheet Are Binding Financial Agreements actually Binding.

If you are starting a new relationship, you might be thinking about the provisions of your Will or what might happen after you die. In any event you should be aware of the information in our information sheet How having a Binding Financial Agreement might help your Succession Planning.

Read about the benefits of having a Binding Financial Agreement in our information sheet What are the Advantages of a Binding Financial Agreement.

If you are concerned about any possible downside to having a Binding Financial Agreement, read our information sheet What are the Disadvantages of a Binding Financial Agreement.

Can you change or update your Binding Financial Agreement? In what circumstances might a court declare your Agreement invalid? Find out the answers in our information sheet Can a Binding Financial Agreement be set aside, updated or terminated.

If you have separated or have divorced and agreed with your former spouse about your property settlement division, then you must document that agreement in a legally binding and enforceable way. The information sheet Should I use a Binding Financial Agreement or a Consent Order contains information helpful to you.

 

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