A binding financial agreement (BFA) is a legal document that outlines property and financial arrangements between partners in the event of a relationship breakdown, including divorce. It is a crucial step for couples who want to protect their assets and ensure a fair outcome in case of separation. However, many people are often daunted by the cost of drawing up a BFA, and this can lead to them avoiding it altogether. In this article, we will discuss how much it costs to get a binding financial agreement.
The cost of a binding financial agreement varies depending on several factors, including the complexity of the agreement, the type of lawyer you engage, and the location of your lawyer. A simple and straightforward BFA will be cheaper than a complex one that involves multiple assets and liabilities. Similarly, a large city like Sydney will have higher legal costs than a smaller town like Wagga Wagga.
Typically, a binding financial agreement can cost between $2,000 and $10,000. However, the cost can be higher if the agreement is more complicated and requires additional legal advice. It is essential to note that a BFA is a legal document that requires a lawyer’s involvement. Therefore, it is crucial to have a clear understanding of the legal fees involved before starting the process.
Some law firms may charge an hourly rate, while others may charge a flat fee that covers the entire process. It is essential to read the fine print of the contract to understand the costs involved fully.
Working with an experienced family lawyer is essential when creating a BFA as it ensures that everything is done to the highest standard. A good family lawyer will ensure that your agreement aligns with your needs and ensures that you receive the best possible outcome in the event of a relationship breakdown.
In summary, the cost of a binding financial agreement varies depending on the complexity of the agreement and the location of your lawyer. It is crucial to do thorough research into legal fees and work with an experienced family lawyer to ensure that your agreement aligns with your needs and provides you with the best possible outcome. While a BFA may seem expensive initially, it can provide you with peace of mind and financial security in the long run.