Bill Kordos (Head of Family Law, Melbourne) features across ABC News Bulletins and Breakfast Shows

Bill Kordos (Head of Family Law, Melbourne) features across ABC News Bulletins and Breakfast Shows

Last week Vasilios (BILL) Kordos (Head of Family Law, Victora at AFL Kordos) featured across Australian Broadcasting Corporation (ABC) News Bulletins and Breakfast Shows. In his interview, Bill shared his insights, noting the unprecedented growth in the transfer of generational wealth and the rise of prenups/BFA’s.

The ABC News coverage follows media interest in the Australian Family Lawyers internal Lawyer Survey, which was conducted in 2023 and subsequently through the release of the Industry Report: AFL Australian Relationships Report: Love, Marriage, and Divorce in the Modern Nation. The survey data revealed that the role of BFA’s in lawyers’ work is increasing. It is a growing area for many specialist family lawyers and some lawyers at Australian Family Lawyers expressed it constituted 30-40% of their overall workload. Australian Family Lawyers also observed a significant rise in enquiries for Binding Financial Agreements (BFAs), with a 79% increase when comparing the first half of 2022 to the same period in 2023, across its 22 national offices.

Kordos highlighted that this surge in BFA requests is fuelled by a transfer generational wealth, where wealthier parents are providing substantial financial support to their children for home purchases. However, these parents are cautious and want to ensure their hard-earned money is protected. “We don’t mind giving it to you, but we don’t want it flushed down the drain if something goes south. We worked hard for that money, so there’s a conditional string attached to the gifting,” Kordos explained.

Despite the potentially awkward nature of discussing BFAs, Kordos asserted that these agreements often strengthen relationships. “It is a mood killer, but I think romance and relationship psychology isn’t what it used to be,” he said. While in rare instances, such discussions might lead to a split, the majority of couples find that BFAs enhance their relationship by providing clarity and certainty about financial expectations.

The observations of Bill Kordos reflect a changing dynamic in Australian relationships, where financial pragmatism is becoming as crucial as emotional connections. As the financial landscape continues to evolve, the demand for BFAs is likely to remain strong, driven by the dual pressures of a challenging property market and the need to protect generational wealth.

Click below to watch the interviews:
Lawyers say ‘bank of mum and dad’ driving rise in ‘prenup’ requests – ABC News

Bill Kordos Radio interview with Rafael Epstein – ABC News