If you have more assets than your partner, then the simple answer is yes! Under the Family Law Act 1975 (Cth) parties who live as a couple for a period of twenty four months or more are considered de facto. De facto couples are subject to the same laws with respect to property rights as married couples under the Family Law Act 1975 (Cth). You do not have to be married for a partner to have a claim against your assets.
If you have greater assets than your partner (house, boat, jewelry, an inheritance, superannuation, cash in the bank, artwork, antique collection etc), then you should seek legal advice about a prenup agreement to protect your assets.
What is A Prenup Agreement?
A pre nuptial agreement in Australia can outline a list of each parties assets at the commencement of the relationship, the financial responsibilities of each party should they separate, and who will get what. A pre-nup is a way to secure your assets should you and your partner separate in the future.
A pre-nuptial agreement is known as a binding financial agreement and can be entered in to before, during or after cohabitation or marriage. A lawyer needs to prepare a financial agreement to protect your assets should you and your partner separate in the future. Further, both you and your partner need to seek independent legal advice from your own lawyers.
If you would like to know more about pre-nuptial agreements and whether it is right for you, we offer a free initial appointment in our Gold Coast or Brisbane offices where you can meet with one of our family law solicitors to learn more.