There’s a prevailing myth in relationship dynamics: If a partner moves into your property and contributes to rent under a self-drafted agreement, is the homeowner shielded from any property disputes? Today, we are here to debunk that myth.
Setting the Record Straight: Simply having your partner sign a document indicating they’re paying rent doesn’t guarantee protection in long-term family law proceedings. Let’s illustrate this with a scenario: Fast forward five years, and you find yourself separating. Australian Family Law stipulates that all assets of the relationship fall within the property pool. This encompasses assets regardless of individual contributions or the name under which the property is registered. Essentially, the law doesn’t prioritise how the asset was acquired or maintained; it primarily focuses on the asset itself.
Safeguarding Your Assets: The Power of a BFA
To genuinely safeguard your property, consider a Binding Financial Agreement (BFA). This legal document:
- Ensures protection of your property interests in case of a separation.
- Can be established before, during, or post-relationship.
- Offers a robust shield, especially if a partner moves into your property.
By leveraging a BFA, you lay a clear framework that guarantees the protection of your assets upon potential separation. If you’re contemplating this protection or just need clarity, our family law solicitors in Gold Coast are here to guide you.
For a family law consultation free of obligations, connect with us. Reach out at 5574 097. Be it a virtual conversation over Zoom or a face-to-face meeting; we’re flexible to your preference.
- Does a DIY agreement on rent contribution protect my property rights?
– No, a self-drafted rent agreement does not ensure protection in family law proceedings.
- What is a Binding Financial Agreement (BFA)?
– A BFA is a legally binding document that outlines and protects individual property interests in the event of a relationship’s dissolution.
- Can a BFA be drafted after entering into a relationship?
– Yes, BFAs can be established before, during, or relationship, offering a safety net for property assets.