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Financial Agreements: Cohabitation and De Facto Relationships.
The decision to live with ones partner is often made with little consideration to the rights each person has with respect to assets, money and property.
Issues about dividing property (also known as property settlement) might not concern younger couples, but older couples with significant assets and / or children may enter cohabitation a little more cautiously. One might say once bitten twice shy.
This means that even though a couple may not be legally married there is no discernible difference in the rights of the couple under the law, in a relationship of sufficient duration or where children are involved. These laws apply to both hetero and same gender couples alike.
Avoid the Courts - Make a Financial Agreement
The Act (section 90UC) sets down provisions for de facto couples to avoid court proceedings by making a financial agreement.
A de facto agreement allows a couple to avoid court by settling how their property should be divided in the event of a relationship breakdown.
By making a cohabitation or de facto agreement, you can quarantine certain assets from litigation during a property settlement. This can help you to feel more secure in the relationship particularly if one partner has significant assets and the other does not.
Your financial agreement allows you to decide what you think would be a fair and equitable distribution of property in the event of separation instead of leaving it up to the courts.
You can choose to deal with all of your financial interest now or you may choose to deal with a single asset like a family farm, a business or an inheritance.
Financial agreements can comfort and reassure people living in or entering into de facto relationships. They are recognised and enforceable under Part VIIIAB of the Family Law Act and can save you time, money and a lot of heartache.
"Thank you for the excellent service... what initially seemed to be a taunting task you made uncomplicated, efficient and user-friendly. I wouldn't hesitate to recommend your service." Cherie G QLD
Which Cohabitation Agreement do you need?
There are three factors to consider when choosing the most appropriate Financial Agreement for your situation.
- Firstly which state you live in.
- Secondly are you living together yet or not
- Thirdly - are you in a heterosexual or same gender union.
Which state do you live in?
If you live in Western Australia - you need to go to WA Financial Agreements.
For all other states and territories, ask yourself...
Are you actually living together yet?
Yes we are living together - Get the Financial Agreement 90UC Kit $197
No - we intend to move in together soon - go to Cohabitation Agreements Before Living Together
- Same Gender
Yes we are living together - go to Same Gender Cohabitation
No - we intend to move in together soon - go to Same Gender Cohabitation Agreements Before Living Together
Same gender de facto couples can also make a financial agreement.
Cohabitation Agreement for Heterosexual Couples already living together in all states except Western Australia
These comprehensive Cohabitation Agreements have been drafted to comply with the relevent federal or state legislation. They give you all the guidance you need to create a legally binding, protective cohabitation agreement.
The easy to use kit includes
- the Cohabitation Agreement
- an easy-to-follow instruction manual
- sample agreement including several sample clauses to assist you in drafting your own professional agreement.
- plus Bonus Legal will Kit
Sample Document Excerpts - click to enlarge
Cohabitation agreement kits available for immediate download $197
Because Section 90UJ of the Family Law Act requires that each party to the agreement to receive independent legal advice before the agreement has any legal force, we have introduced our - Agreement Review and Legal Certification Service.