Personal Relationship (Binding Financial) Agreement

Tasmania
with Bonus Legal Will Kit

Recent changes to the Family Law Act has altered the way relationships are dealt with in Tasmania. The State has transferred its power to the Commonwealth and as such all domestic relationships now sit under the Commonwealth Family Law Act.

This means -

• the name of the Agreement has changed - it is now referred to as a Binding Financial Agreement and it is classified under particular sections of the Act.
  • 90UC - for those couple already living together and
  • 90UB - for those couples intending to live together (but not yet sharing a residence)
  
  
• the way property (including superannuation) and spousal maintenance is dealt with has changed - de facto couples, either hetero or same sex can now enjoy the same rights as married couples in the eyes of the law as long as they meet certain criteria
  
  
• recognition of a de facto relationship has changed - by registering your relationship with the Department of Births, Deaths and Marriages, the 2 year waiting period to enjoy legal status as a couple is waived.

The bottom line is - according to the law, de facto's will now operate under the same rule as married people “what’s yours is mine and what’s mine is yours” unless the couple has a Binding Financial Agreement which sets out their intentions differently.

A Binding Financial Agreement allows you to control what will happen to your assets, any children and how you will settle maintenance issues if your relationship breaks down.

When to use this agreement

A Binding Financial Agreement (BFA) Cohabitation is made between two people (hetero or same sex) who are living together or intending to live together but not intending to get married.

Couples intending to get married should define their relationship with a Prenuptial Agreement.

In the event of separation or the death of a partner, a BFA will clarify

• financial commitments,
• respective property rights,
• maintenance issues and
• the liabilities arising from joint tenancy.

A BFA will generally bind the Court and keep your personal matters in the agreement and out of litigation.

You can spell out the rights and obligations of each party in plain english removing the burden of uncertainty.

When establishing your BFA it's sensible to give some thought to effecting a legal Will, that's why we've included a bonus Will Kit.

This comprehensive Binding Financial Agreement Kit has been drafted to comply with section 90UC of the Family Law Act 1975 and provides all the guidance you need to create a legally binding, protective BFA.

Your financial agreement kit includes a comprehensive manual that explains the law as it applies to this agreement. It will show you in simple terms how to thoroughly cover important legal requirements, and how to complete your agreement in detail. In addition, it contains alternative legal clauses and provisions you can use to personalise your agreement.

It includes

• the Binding Financial Agreement
  
  
• an easy-to-follow instruction manual
  
  
• sample agreement and several sample clauses to assist you in drafting your own professional agreement.
  
  
• Bonus Last Will and Testament Kit

Important note: The Family Law Act requires each party to receive independent legal advice before signing the agreement. This ensure both parties fully comprehend their rights before entering the agreement and prevents misunderstandings.

Binding Financial Agreement 90UC Immediate Download	AU $129.95
Binding Financial Agreement 90UB (Couples intending to live together) Coming Soon

Sample Document Excerpt

The Agreement was exactly what I was looking for - simple and concise. Chris H. Sheldon

Our fully secured ecommerce system allows you to purchase and download your Domestic Relationship agreement safely. In just a few minutes you can have everything you need to secure your relationship and provide peace of mind.

Binding Financial Agreement 90UC Immediate Download	AU $129.95