If you are considering a divorce or separation, you may be wondering how to easily and affordably divide your assets without involving lawyers or going to court. One option you may want to consider is creating a binding financial agreement, commonly known as a BFA.

A BFA is a legal document that outlines the division of financial assets and liabilities between two parties, without the need for court intervention. This type of agreement can be ideal for parties who wish to have a clear understanding of their financial rights and obligations post-separation, while avoiding the stress and cost of a court battle.

The beauty of a BFA is that you can easily create one yourself without the help of a lawyer, using a binding financial agreement template. These templates can be found online, and are designed to be easy to use and customize to your specific needs.

While creating a BFA can be a DIY project, it’s important to keep in mind that it is a legally binding document and requires careful consideration and attention to detail. Here are some tips to help ensure your BFA is effective and enforceable:

1. Seek legal advice: Even if you plan on creating a BFA yourself, it’s a good idea to seek legal advice to ensure that your agreement meets legal standards and includes all the necessary clauses to protect your interests.

2. Be clear and concise: Make sure your BFA is written in clear and simple language, and that all the terms and conditions are clearly stated. Avoid using legal jargon that may be difficult to understand.

3. Include all financial assets and liabilities: To ensure that your BFA covers all relevant financial assets and liabilities, make sure to include a comprehensive list of all the assets and debts that you and your partner own.

4. Sign and date the agreement: To ensure that your BFA is legally binding, both parties must sign and date the agreement in the presence of a witness.

In summary, a binding financial agreement can be an effective way to divide assets and liabilities in a divorce or separation without involving lawyers or going to court. While it’s possible to create a BFA yourself, it’s important to seek legal advice and pay close attention to the details to ensure the agreement is effective and enforceable.