Moving in together is a milestone in any relationship.
These days, it’s not a decision that should be made without consideration to the financial implications.
Cohabitation Agreement for couples BEFORE they move in together.
Amendments to the Family Law Act now give all de facto couples, including gay and lesbian couples, similar rights to those of married couples, when it comes to the treatment of property in a relationship of sufficient duration.
Essentially, this means that any assets or debt brought into or accumulated during the relationship can be considered communal property, and could become subject to a claim of property settlement after the relationship has ended.
For younger couples, this may not be an issue. However, older men who’ve had time to build an asset pool, may wish to quarantine their assets by implementing a financial or pre cohabitation agreement.
A financial agreement is a straightforward document that allows you to set out, in clear terms, how you and your partner would like divide assets and liabilities, if the relationship ends.
