Property Agreement for Cohabitation
If you are in a de facto relationship and wish to create more certainty regarding your financial affairs, you may wish to prepare a Binding Financial Agreement (BFA). This is the equivalent of a pre-nuptial agreement for a couple with no immediate plans to marry.
Since 2009 these agreements now covered by the Federal Family Law Act, and there are strict formalities to be followed. Agreements which do not comply will be invalid and unenforceable. Both parties are required to have a Certificate of Independent Legal Advice from different solicitors for the agreement to be valid.
An agreement of this type will automatically end following a marriage between the parties to the agreement. If you intend for the agreement to remain in force following marriage you will need a different type of Binding Financial Agreement.
LAC Lawyers can discuss which form of financial agreement is appropriate in your circumstances. Call us today on 1300 799 888 or contact us via email.
Property Agreement for Cohabitation Articles
Family Law – What can I do if my partner has given away or transferred property during the relationship, separation or divorce?
Date: November 29, 2011
Author(s): Patrick Mulligan B.A., LL.B.
The purpose of this article is to explain the court’s power to set aside transfers of property and transactions by a party to a relationship. This power is available to the court pursuant to s106B of the Family Law Act 1975. A claimant may apply to the court for an order under this section where a proposed or actual transaction or disposition of property by a party will have the effect or likely effect of defeating property and maintenance related orders under the Family Law Act 1975.
Family Law - Hidden Assets: How can the law protect you?
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
Obtaining a property settlement due to divorce can be a very complicated procedure which often causes great angst and stress amongst all parties involved. Our Family Law Solicitors understand that as a result, people are often led to hiding their assets, in order to ensure that their former partner does not receive a just and equitable amount. However, this is a breach of their statutory obligations to make a full and frank and disclosure and our Family Law Solicitors will ensure that all information are brought to the table by your former spouse.
Family Law - Property Financial Statements
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
In financial cases, parties are required to file a financial statement with their initiating application. A financial statement contains a detailed summary of an individual's financial condition. The parties must also file an amended financial statement later in the proceedings if their circumstances change.
Family Law - Property Settlement Proceedings
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
The parties to the marriage are under a legal obligation, under the Family Law Rules, to try and resolve and differences between them by way of an alternative dispute resolution (ADR). ADRs may include negotiation, family counseling, conciliation or arbitration. In the event that ADR is unsuccessful, try writing to the other party, setting out your claim and perhaps making proposals for settlement.
Family Law - Duty Exemptions in New South Wales for Transfers Between Partners
Date: May 18, 2011
Author(s): Mark Bostock LL.B., B.Bus.
Couples may wish to transfer property between them to various reasons. They may be motivated by tax minimisation, risk management, family breakdown or other reasons. Many transfers attract duty and any decision as to transferring applicable assets should be made with parties being mindful of the potentially substantial duty liability that may emerge.