PLEASE NOTE! Agreements become legally binding only when each party has received Certified Independent Legal Advice
Financial Agreements:During A Continuing De Facto Relationship.
Issues about dividing property (also known as de facto property settlement) might not concern a younger couple, but many older established couples who may have significant assets or children from an earlier relationship, may enter cohabitation a little more cautiously. One might say once bitten twice shy. Whilst there are no figures on breakdowns of de facto relationships (hetero or same-sex), there is no reason to think that figures in those communities will differ from those for married couples. Overall, there's a failure rate of around 48% for all relationships, and second relationships have higher failure rates than first ones. The good news is, under section 90UC of the Act de facto couples can now make a financial agreement that will protect their assets and financial resources, in the same way married couples have been able to since 2000. By making an agreement now, you can quarantine certain assets from litigation during a property settlement, which can have a surprisingly positive effect on how secure one might feel 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.
Cohabitation agreement kits are available for immediate download only $129.95 These comprehensive Financial (Cohabitation) Agreement Kits 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 kit includes
Because Section 90G 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 Service.
Cohabitation agreement kits are available for immediate download only $129.95
Also our Agreement Review Service is available as an option with this agreement. |
Cohabitation or 'to cohabit' are terms used when two people live together. They are more commonly known as being De facto (which is a Latin expression that means "concerning fact"). In terms of a relationship it means that a couple are living together but are not married.
The agreement that covers cohabitation used to come under the heading of a 'binding financial agreement' until changes to the Family Law Act meant it is now just a 'financial agreement' under section 90UC of the Family Law Act. This change to the act also saw these agreements now come under federal law and now recognise same sex couples as having the same rights as heterosexual couples.