VIC Managing Property Assets as a De Facto Couple?

Discussion in 'Property Law Forum' started by Sandra B, 19 September 2018.

  1. Sandra B

    Sandra B Member

    Joined:
    18 September 2018
    Messages:
    1
    Likes Received:
    0
    My partner and I are a registered de facto couple.

    My partner already owns a property where we currently live. We were advised to only put a new house we want at auction in my name as I'm a first time buyer. Is this correct?

    We aim to each contribute 50:50 to the home loan so ultimately we share ownership of the house and we've set up a spreadsheet to track all contributions.

    We were wondering how we can make this spreadsheet a "legal document"?

    As my partner will be paying a large percentage of the deposit, will there be any tax implications if he sends this money to my bank account as the loans company need to see proof of funds?

    We're also both directors of a pre revenue registered company. My partner works full time on the company, and I help out evenings and weekends, so our current shareholding is 80:20.

    We've been recommended to put these company shares into a family trust (although we heard some investor's don't like family trusts as you an owner can simply transfer ownership to someone else?).

    Is it also possible to also hold the property in the same family trust and does this make sense?

    I'd love your expert opinions on the above. Many thanks.
     
  2. Rob Legat - SBPL

    LawTap Verified

    Joined:
    16 February 2017
    Messages:
    1,310
    Likes Received:
    259
    You're looking at complicated advice which has to take into account your detailed situation, and possibly some accounting advice as well. In other words, beyond what you will credibly receive her. You might get a general overview, but you would be unwise to run with that.

    With respect to a 'legal document' for your property, I'd suggest looking into a Binding Financial Agreement. Very technical, and you'll both need independent legal advice. Any family lawyer should be able to help you with that.
     
    Stop hovering to collapse... Click to collapse... Hover to expand... Click to expand...
Loading...

Share This Page

Loading...
gt;