The Act allows parties who are living in a de facto relationship or who are married to make Agreements.

The Act allows parties who have separated or divorced to make Agreements.

These Agreements can deal with all property matters/spousal maintenance and other matters incidental and/or ancillary to property/spousal maintenance.

Cohabitation Agreements/Pre-Nuptial Agreements

We insure our homes, cars, jewellery, even our income and health. It makes sense to insure against the breakdown of a relationship and make sure that after the breakdown of a relationship parties do not have to go through lengthy and expensive proceedings to sort out their property/spousal maintenance.

Advantages of Cohabitation Agreements/Pre-Nuptial Agreements

Cohabitation Agreements: -

• Provide certainty;
• Can protect assets owned prior to the relationship;
• Can protect particular classes of assets, eg inheritances;
• Can protect business assets;
• Can guard against/minimise the stress and cost of litigation if the relationship does breakdown;
• May be binding on the estate of a de facto or married partner after death.

When to enter into such Agreement?

Parties can make these Agreements either before they have started living together or before they marry.

They can make similar Agreements if they are already living together or already married so they have the peace of mind of knowing what would happen if they separated.

These Agreements can also be made after parties in a de facto relationship have separated or after married couples have separated.

For married couples, these agreements may be made after the parties divorce.

Who makes these Agreements?

• Anyone who wants to avoid the stress and cost associated with the breakdown of a relationship;
• Couples entering into a second marriage/relationship;
• Couples who have asset protection considerations, eg if an accountant has advised that the assets should be put in the name of the wife because the husband is in a high risk business or occupation then the parties may wish to have an agreement that sets out what happens if their relationship breaks down even though the assets are all in the name of one party;
• Parties who have substantial assets who want to have certainty for the future, eg about a family business or assets which are owned with other parties.

What do you have to do?

The parties to a Cohabitation Agreement/Financial Agreement need to decide what is their agreement, ie what do they want to do.

The agreement must be in writing.

The agreement must be clear; it must be a legal contract.

The parties must have independent legal advice.

The documents should be signed and copies handed out in a particular way which complies with the Act.

These matters are complicated and costly. The Agreements may not be binding if they do not strictly comply with the legislation.

If you wish to enter into a Pre-Nuptial Agreement or a Cohabitation Agreement or a Financial Agreement, then call us for an initial consultation.