For a financial agreement to be legally binding, it must be signed by both parties and each party must have received independent legal advice from a lawyer before signing the effects of the agreement and its pros and cons to the party. In addition, the agreement should include a certificate signed by lawyers providing independent legal advice that independent legal assistance has been granted to that party. Robertson Hayles Lawyers assists you in preparing a binding financial agreement and can also independently advise you on the terms and implications of a financial agreement you wish to conclude. For more information on the process of formalizing your agreement, please visit How do I – Apply For Property and Financial Orders and Applying to the court for orders fact sheet. Given the nature of the binding financial agreement, it is important that you consult with an experienced lawyer in the development and advice of binding financial agreements. When choosing your lawyer, you must ensure that you choose a lawyer who works exclusively in family law and who has experience in developing binding financial agreements and consulting proposed contracts. The costs of a binding financial agreement take into account the work that must be done by your lawyer in accordance with the requirements of the current legislation and it is important that your lawyer work to ensure that they meet these conditions in order to give effect to the binding financial agreement. There are several reasons why binding financial agreements can be challenged, so it is important that you can obtain competent legal advice on such agreements before entering into them. For good reason, a binding financial agreement cannot be concluded in haste or at the last minute. With mutual signature, the binding financial agreement enters into force and is legally binding, unless the agreement expressly specifies that it will enter into force at a later date. The BFAs offer peace and protection to new couples before saying «I do» or establish a new de facto relationship. They are an indispensable instrument for financial and successor planning.