We hear this more often than you might think.
The reality is that signing a Binding Financial Agreement (BFA) is not as simple as having a lawyer witness your signature.
Before a BFA can be legally effective, each party must receive independent legal advice about:
- The effect of the agreement on their rights.
- The advantages and disadvantages of entering into the agreement.
- The legal implications in their particular circumstances.
Your lawyer needs to properly review the agreement, understand your financial situation, consider whether you’ve received full disclosure, identify any potential risks, and ensure you understand exactly what you’re signing.
Simply witnessing a signature without providing that advice is not enough.
A BFA can have significant and long-lasting consequences for your financial future. Taking the time to obtain proper legal advice now can help avoid costly disputes down the track.
If you’ve been told, “You just need someone to witness your signature,” it’s worth getting advice before putting pen to paper.
Contact us for help today.
