Protecting Your Assets

Many people, of all ages, casually choose to live with their partner in a de facto relationship thinking it is a harmless modern arrangement. Easy to get in to and out of. However, what many don’t realise is that after 2 years this relationship changes dramatically in the eyes of the law. (In some cases, it is before the 2 year mark.)

Many discover, to their surprise, that all their assets and super can be legally divided between the separated couple. If you are in a de facto relationship, it is beneficial to get legal advice.

A Binding Financial Agreement (BFA) remains the only effective way of protecting assets brought into or acquired during the relationship in the event of a relationship breakdown.

By use of a BFA a de facto couple can decide how they want to keep their assets divided before they become a serious couple. However, a BFA is also available to divide the assets in an existing relationship, whether it is a marriage or de facto relationship. A BFA can be made to exclude the jurisdiction of the family court to make orders for property settlement and/ or spousal maintenance.

The cost of a well written and valid Binding Financial Agreement is much less than the cost for a single day in the Family Court. If you have concerns or questions about Binding Financial Agreements, or are seeking legal advice for your situation, we welcome your call. A QLS Family Law Accredited Specialist is someone who can assist and protect you in this situation.

David Madsen
Principal of Madsen Law
QLD Law Society Accredited Specialist in Family Law https://madsenlaw.com.au/

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