Binding Financial Agreements Explained

financial-agreements

When it comes to the breakdown of a relationship there must be a fair and equitable division of assets and debts. Legally, this is called a binding financial agreement, though it is often known as a ‘pre-nup’. Family lawyers like Culshaw Miller can help in establishing a pre-nup and in advising about the division of assets if there is none.  In some cases this can be done quite easily between two people who separate amicably, but very often it has to be taken to court for a legal decision to be made as the two parties cannot agree on a fair division.

If it can be settled out of court it avoids the cost of court proceedings and just as importantly saves time and stress. Court proceedings are known for their slow movement forward and this can certainly add to the stress of the whole business of divorce. However, the reality is that a divorce is often accompanied by bitter feelings, which get in the way of any decisions that could be considered fair.

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