Binding Financial agreements

Binding financial Agreements(BFA’s) and other topics

Recently I had a discussion with Robert Clemente, Chief Executive of Television Education Network (TEN), regarding preparation for TENS next scheduled Gold Coast Family Law Conference in July 2012.

Robert phones periodically to discuss current matters of interest to the family law profession and possible topics for inclusion in the seminar program.

I suggested to Robert that he might consider a panel discussion on Binding Financial Agreements (BFA’s) as they have attracted considerable comment in the media in recent times with some senior lawyers suggesting that they are too risky for lawyers to advise upon. In the Weekend Australian Financial Review of January 28-29 2012, Melbourne barrister Martin Bartfield QC was quoted as saying that pre-nups were “unsuitable for the purpose for which they were intended”and that advising on binding financial agreements was “too dangerous”for many barristers, while prominent Sydney family lawyer Paul Doolan was quoted as saying that many financial agreements were “ not worth the paper they are written on” because the law still imposed such a high degree of technicality about how they should be agreed and drafted.

Prenuptial agreements are an area of particular concern because there is a widespread view that they have become increasingly contestable and this is causing many lawyers to steer away from them altogether.

Other possible topics suggested for consideration by Mr Clemente included the old chestnut of communicating with clients and dealing with their expectations, tips for working in the court system and new areas such as surrogacy and collaborative law and of course mediation which is of ever increasing appeal in settling disputes.

Mike Emerson