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How can I protect my assets against a claim from my partner?
- Provided that both you and your partner agree (consent is essential), the only protection is to enter into a Financial Agreement (also known as a ‘BFA’ or a ‘pre-nup’) which complies with the provisions of the Family Law Act, prescribing who gets what in the event of a separation.
- It is a private contract in which you opt out of the protections otherwise available through the Family Courts on the breakdown of the relationship.
- Both parties need to obtain independent legal advice on the Financial Agreement or it will not be legally binding.
- Consult a specialist family lawyer to draft the Financial Agreement. Any Agreement which does not meet the strict legislative requirements or is badly drafted may be declared invalid if challenged in the Family Courts.
- A Financial Agreement must be proved invalid in Court before a Court can make orders in relation to the property of the parties.
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