WA Binding Financial Agreement While Partner is on Student Visa?

[Sjk]

Hi all,

I'm after some help re Binding Financial Agreements. I've been dating an overseas student (student visa holder) for 1 year and we're about to move in together. Hopefully, if things go well, we will apply for a spouse visa in a year's time. Naturally, I want to safeguard my assets (house, cash and superannuation) and would like to enter into a Binding Financial Agreement with her. Is this something that can be entered into while she is still on a student visa?

And if it can be entered into, is this even necessary while she is still on a student visa ? i.e. am I at risk if things don't work out between us say in 6 or 12 months and no Binding Financial Agreement was made.

Many thanks

 

[Victoria S]

Hi sjk,

The only real prerequisites to entering into a binding financial agreement is that the parties are ordinarily living in Australia and are a couple who are cohabiting or intending to cohabit. See: Binding Financial Agreement (De Facto Pre Cohabitation) WA - Legal Documents - LawAnswers.com.au

You will only need to rely on this agreement if you are what the family court considers a de facto couple by the time you are separating. The court will consider a variety of factors in determining whether you are a de facto couple whose property matters the family court has jurisdiction to deal with. Legislation defines a de facto relationship as one where two people have a relationship as a couple living together on a genuine domestic basis who are not married and not related by family.

The court looks at

• duration of relationship
• nature and extent of their common residence
• sexual relationship
• degree of financial dependence or interdependence
• ownership, use and acquisition of property
• degree of mutual commitment to a shared life
• care and support of children, and
• public aspects of their relationship.

It is definitely safer and less hassle getting a binding financial agreement in place, rather than go through court, mediation or settlement negotiations.

 

[Sjk]

Thanks, Victoria, I appreciate the information and help. If things go smoothly after 6 months I will look at organising a BFA, which I've discussed with her and thankfully she's fine with it.

Many thanks