Couples intending to get married should define their relationship with a Prenuptial Agreement under section 90B of the act.
Your Cohabitation agreement becomes a legal expression of your intent as de facto partners – you can define how you intend to divide your assets and maintain any children you may have.
It is intended to serve as a safety net should you find yourself in the position of having to dismantle a relationship.
Should you ever separate, you can refer to your BFA and save yourself the stress, heartache and cost of settling property or maintenance matters within the Court system.
The temptation to avoid discussing topics such as breaking up and death is understandable.
However it is a sure sign of the strength and determination of your relationship when you can discuss the practical and unromantic aspects of your relationship openly and honestly.
Drafting a BFA together whilst the relationship is strong is more likely to ensure a fairer outcome for both parties and allows you to avoid unnecessary bickering later on. It makes the painful process of separation less traumatic.
Recent changes to The Family Law in Australia have switched the regulation of relationships from the individual states, excluding Western Australia, to the Commonwealth.
This means that defacto relationships, both hetero and same sex now rest under the protective umbrella of the Family Law Act (Act).
Terminology has changed too – Cohabitation Agreements are now called Financial Agreements and are classified under particular sections of the Act.
There are two factors to consider when choosing the most appropriate BFA for your situation.
Yes we are living together – go to Cohabitation Agreements Living Together
No – we intend to move in together soon – Get the Financial Agreement 90UB Kit $
These comprehensive Financial (Cohabitation) Agreement Kits have been drafted to comply with the relevant federal or state legislation. They give you all the guidance you need to create a legally binding, protective cohabitation agreement.
Your BFA 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.
Important note: The Family Law Act requires each party to receive independent legal advice before signing the agreement. This prevents either party from arguing that, when signing the BFA, they
did not understand what they were agreeing to.
Our financial agreement review service allows you satisfy the legal advice component of your agreement at a fraction of the usual cost.
This video shows you how the Legal Review Package works – Obtain the required Legal Advice component of your BFA at a low fixed price.