Use this Financial Agreement is you live in Western Australia and you're separating from your defacto partner.
It’s never easy to end a long term de facto relationship and there is often much emotional and financial fallout as the couple negotiate the separation process.
Even though de facto couples are not required by law to formally document the end of the relationship, it’s a good idea to tie up loose ends. If you don’t put your arrangements in writing, you can leave the door wide open for either party to make a future application to the Family Court for financial orders, essentially taking a second bite of the cherry.
It’s useful to know (especially in these tough financial times) that even though most separated couples live apart in separate residences, the Act does provide for a couple to be classed as separated whilst still living together under the one roof. This means you can settle property matters quickly and move on, without worrying about what might happen in the future.
A Binding Financial Agreement, is a simple and convenient way to formalise the end of a de facto relationship, at least from a financial perspective.
It allows you to document what you think would be a fair and reasonable property settlement instead of leaving that decision up to the courts.
Our Property settlement kit deals with all the usual issues you may face when dividing financial resources, such as ownership of real estate, personal property (cars, furniture, etc), superannuation entitlements, shares, debt, spousal maintenance etc.
Matters relating to children are best resolved by mutual agreement in separate documents, such as a Parenting Plan or Child Support Agreement. We explain why in these FAQ’s.
Some of these issues may seem a little daunting at first, but given the right template to start, some sample clauses and a little guidance, you will be surprised how straight forward it actually is.
Common property settlement issues include:
Why do you need to get Legal Advice?
You need to get legal advice before a financial agreement becomes legally binding because it is required under the Family Law Act.
The Legal Advice acts as your safety net to ensure you understand your rights and how the agreement affects you.
We can help you meet this requirement without spending a small fortune in legal fees.