There are all manner of events which could take place in your life when you will require a financially binding agreement, and today we are going to discuss exactly how you can obtain one. Some may look to draw up a prenuptial agreement prior to a marriage, others may be looking for cohabitation agreements and some may even be drawing up a binding financial agreement for a business partnership. Whatever the case may be, you will need to use the services of a binding financial agreement lawyer.
These men and women usually specialise in other areas of the law, working perhaps as a family lawyer, but they are able to help you in securing the agreement which you need. Here is how you can have one of these agreements drawn up, and made official.
The Details of The Agreement
The first place to start is with other signatories of the agreement, in drawing up exactly what it is that is being agreed upon. Whether this is ownership, division of assets, child custody or financial settlements, all the information must be documented first. This can be as basic or as specific as you so wish, and it can be done between you and the other parties. Finally, all parties will sign the contract, and then you will take it to a specialist lawyer who can bring it into motion.
Chiselling The Details
The reason why using a lawyer is so important here is that they will be able to see through any holes in the agreement. There may be a loophole which you haven’t considered, which could easily be used by one of the parties in the event of an agreement being broken. Once the lawyer spots anything which is out of place or which needs to be firmed up in terms of the language, you will be able to make the changes with the other party or parties and once again sign the document.
It is not just the parties which are involved in the agreement who will need to sign the document once it is completed. Along with your binding financial agreement lawyer, you will also need the legal teams of the other parties to sign the document.
Enforcing The Document
The document, once signed by lawyers, doesn’t need to be presented to the court, it is in fact binding from the moment that all legal teams add their signature. The agreement however will be enforced in the event of anyone breaking it, or simply in the event that it has been drawn up for. To take the example of a prenuptial agreement, this of course is something which will be enacted when the couple file for divorce. Ultimately as long as the document has been well reviewed, drafted until it is perfect and then signed, it is considered as legally binding.
In reality any financial agreement can be put on paper and made to be binding, and these documents can provide a lot of protection for all parties which are involved.