Repartnering – What are some of the considerations to take into account?

by Kerry White on April 28, 2015

Kerry White

Repartnering at any age can be exciting and fraught with concerns. High amongst the concerns are doubts as to what will happen financially in the event the relationship flounders and the parties separate. This can be an even more potent source of worry for those repartnering in their 50’s and 60’s.

This is because at this stage of life most people have adult children to whom they may wish to leave some of the assets acquired by them prior to the new relationship.

Whilst people in this age category usually are free of dependent children, they can be concerned about preserving their assets for their retirement and in order to leave some assets in the future to their adult children. Accordingly, repartnering may require a consideration of what might happen in the event that the partnership was to be unsuccessful. In that event there may be a need for a property settlement which could impact in unexpected ways on a person’s retirement plans and their intentions in relation to leaving assets to adult children.

A Binding Financial Agreement is one way to set out in advance how the parties plan to divide assets in the event the partnership ends through separation. A Binding Financial Agreement can, if drafted correctly and with both parties receiving proper legal advice, prevent the need for the making of Family Court Orders in the event of a later separation.

It can provide a degree of certainty not otherwise possible in a Family Law sphere. This is because a Binding Financial Agreement can operate to oust the Court’s jurisdiction under the Family Law Act 1975, and accordingly the documents are complex.

Should you require advice on the pros and cons of entering into a Binding Financial Agreement in your circumstances and the cost, please contact one of our senior solicitors at Armstrong Legal for advice.

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