People involved in a de facto marriage or those people who are in a domestic or companion relationships have been applying court orders to resolve disputes that they are having. De facto couples are still subsumed under The Family Law Act of 1975, the same way as the legally married couple. This means to say that relationship property agreement is resolved through a legal advice from a lawyer or an FDR practitioner. This article will talk about the Relationship Property Agreement , and other tenets in terms of cohabitation and separation agreements.

Relationship Property Agreements For De Facto Couples

Under the Section 4AA of the Family Law Act of 1975, the de facto couples are treated similar to a prenuptial contract or a postnuptial agreement. These financial contracts are quintessential especially with cohabiting couples or those couples living together without being married to each other. They have several options with regards to relationship property agreements. These agreements are relevant for the division and distributions of assets and properties after the separation of the de facto couple. Two of the recognized relationship property agreements include the cohabitation and separation agreements.

Cohabitation and Separation Agreements

These legally binding contracts, despite of the criticism against these contracts, are that ones that undoubtedly help separating couples that are stuck in a rock and a hard place when it comes to their financial matters. These agreements diminish and reduce the emotional strain between the two parties. Essentially, these contracts are made to identify which assets and properties should remain under individual’s name. Clearly, it gets messy if there are no Relationship Property Act between the opposing parties because of the terms both parties may demand. That’s exactly the reason why, this legal binding contracts also expatiates how much can claim during the property settlement process.

A cohabitation and separation agreement details also about the couple’s living arrangement and estate planning directives. It also defines and explains about the childcare responsibilities, if ever, the de facto couple has a child. Although State and Territory law concerning cohabitation and separation agreements may vary from place to place, rest assured that the Family Act of 1975 Section 4AA governs this kind of conundrum.

Meanwhile, de facto couples who enter cohabitation and separation agreements must put their affairs in order, before they separate their completely. In essence, Relationship Property Nz are enforceable by law and will remain valid unless they are tricked into signing that agreement.