A binding financial agreement (BFA) is a legal document that can help to avoid disputes in the event of a marriage breakdown. However, taking the property disclosure process seriously is important when signing a BFA. Whether both parties have accurately disclosed all of their local and overseas assets is essential for the agreement’s validity.
Even if you believe that some assets are of little value, you still need to disclose them.
If the court finds that you have not disclosed all of your assets, it may rule that you have concealed assets and void the agreement. If the agreement is void, the undisclosed assets will be considered divisible property and will need to be redistributed.
If you have any legal questions regarding a binding financial agreement, please contact us immediately. Our Family Lawyers will answer your legal questions and provide you with professional strategies to safeguard your rights.
*Disclaimer: The above content is provided as general legal knowledge and should not be taken as specific advice for your individual situation. The law is complex, and we strongly recommend consulting professional legal advice. Canaan Lawyers shall not be held liable for any loss or damage caused by the information contained or omitted in the above content.