Page 58 - Tropic Magazine Issue 21

TROPIC • LEGAL

married or living together. A BFA 3 The BFA might not provide
addresses how assets and liabilities will for certain circumstances that
be divided in the event of a relationship weren’t foreseen at the time it
breakdown. Some might say this kills the was prepared.
romance but think of it like an insurance Sexism aside, Kanye West had some
Relationship policy: something you should have but valid points in his rhymes. An essential
hope to never have to use.
element of a BFA is that parties must
insurance The pros: get independent legal advice before they
1 A BFA can provide peace of mind sign any agreement. Cairns Family Law
LEGAL ADVICE and precise details of the way assets Group has experience in drafting BFAs
Amalie Grima of Cairns Family will be divided. and providing advice.
Law Group examines the pros 2 It forces couples to have a frank
discussion about finances upfront.
and cons of getting a pre-nup. Many people separate because of
differences over money.
Words: Amalie Grima
3 A BFA can save time and money
Kanye West once delivered the message by negating any arguing over who
to men that a pre-nuptial agreement is gets what.
‘something you need to have’ because The cons:
according to him, when the relationship
subsequently breaks down she’s going to 1 The law can change. There’s a
‘leave with half’. Pre-nups are common risk these agreements can be
before Hollywood weddings but they affected by legislation changes or
aren’t reserved for the rich and famous. Court decisions.
In Australia, a pre-nup is called a Binding 2 If they are not executed properly, the
Financial Agreement or BFA and it can Court may find that the BFA does MORE: cairnsfamilylawgroup.com.au
be entered into prior to a couple getting not apply. to book an appointment online.

58 • Tropic • Issue 21