FAQ – Financial Agreements in De facto Relationships
Some of the most commonly asked questions about Financial Agreements in De facto Relationships are discussed on this page.
1. Who can enter into a Financial Agreement?
‘Financial Agreements’ or ‘Domestic Relationship Agreements’ cover people such as de facto couples or people entering into a Domestic Relationship (who are either a de facto couple or two adult persons whether or not related by family who are living together and who provide domestic support and personal care and also includes same sex couples). Since March of 2009 de facto relationships, that is, people living in a genuine domestic relationship may enter into Financial Agreements under the Family Law Act. Those persons who are in a ‘Domestic Relationship’ may need to enter into an Agreement under the New South Wales Property (Relationships) Act.
2. What will the Financial Agreement cover?
These Agreements are made in contemplation of parties entering into a De Facto Relationship or Domestic Relationship relating to their financial matters. It will include property of the parties and financial resources of the parties and, in the event that the relationship ends, how the property and financial resources of the parties will be treated.
3. Do you need legal advice?
Yes. In order for there to be a valid Agreement, each of the parties will need to obtain independent legal advice in relation to the Agreement. The legal advisors will sign Certificates of Independent Advice, confirming that advice has been given in relation to the Agreement.
If you would like further information, or require assistance, please contact us on (02) 4731 5899 or send us an email by clicking on the ‘Contact Us’ page on our website.
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FAQ Financial Agreements in De Facto Relationships