MMS Briefs: I want to live with my partner but what about my assets?

Considerations

Despite the best intentions not all relationships last forever. When a marriage or de facto relationship ends the parties are legally able to seek a property settlement (in other words dividing up the assets of the relationship that are owned separately and together by the parties including your superannuation.)

With a property settlement all of the assets of each party whether acquired before or after the start of the relationship and whether jointly or individually owned, are included in the asset pool available for splitting.

Superannuation is also included in the asset pool available for splitting, even the super earned before the start of the relationship.

Also included in the asset pool available for splitting are your financial resources eg interests you may have in a family trust as a beneficiary.

The solution

The Family Law Act provides that parties may make a financial agreement which deals with the way in which in the event of the breakdown of the relationship all or any of the property or financial resources of either or both of the parties at the time when the agreement is made is to be split or dealt with.

Like most matters involving the law the making of a financial agreement requires a number of issues to be addressed and properly dealt with for it to be legal and effective on the breakdown of a relationship. Without these matters being addressed the financial agreement will not stand up to scrutiny.

Contact

Chelsea Schaefer, a principal of Moin Morris Schaefer, has extensive experience in assisting clients with financial agreements. Chelsea is able to advise you concerning the complexities and legalities of a financial agreement to protect your assets in the event of the breakdown of your relationship and write a financial agreement that meets your needs and circumstances.

Chelsea’s details are:

cschaefer@moin.com.au

02 6772 4899