Background
I've just split from my defacto partner of 7 years (living together 4 years). We have revoked our relationship with the Dept of Births, Deaths and Marriages and she will be moving back overseas permanently next weekend.
Two years ago we bought a house together in NSW. Only my name was put on the title (to avoid the 8% Stamp Duty Surcharge for foreign residents) but she was put as a co borrower with me on the loan as I needed her income for borrowing capacity.
In regards to settling things financially upon breaking up, I have paid her an amount of money which we both agreed closes all financial arrangements between us which I have document in an email (to which she replied that she agrees).
The tricky part is, I am looking to leave her name as a borrower on the loan for the next 12-18 months whilst I reduce the debt because if I refinance by myself right now I won't be able to afford the debt (in the banks eyes) on my income at the moment. She is ok with this.
My question is:
Under Defacto law, I understand she would have a 2 year window (from revoking the relationship) to launch a claim for say the 50% of the equity in the house, and 50% of my super etc (which she is not likely to do). If I leave her on the loan for another year whilst I reduce my debt before I refinance on my own, would that have any impact on this 2 year window? i.e am I better off trying to remove her as a co borrower immediately rather than waiting?
Thanks
TJ
I've just split from my defacto partner of 7 years (living together 4 years). We have revoked our relationship with the Dept of Births, Deaths and Marriages and she will be moving back overseas permanently next weekend.
Two years ago we bought a house together in NSW. Only my name was put on the title (to avoid the 8% Stamp Duty Surcharge for foreign residents) but she was put as a co borrower with me on the loan as I needed her income for borrowing capacity.
In regards to settling things financially upon breaking up, I have paid her an amount of money which we both agreed closes all financial arrangements between us which I have document in an email (to which she replied that she agrees).
The tricky part is, I am looking to leave her name as a borrower on the loan for the next 12-18 months whilst I reduce the debt because if I refinance by myself right now I won't be able to afford the debt (in the banks eyes) on my income at the moment. She is ok with this.
My question is:
Under Defacto law, I understand she would have a 2 year window (from revoking the relationship) to launch a claim for say the 50% of the equity in the house, and 50% of my super etc (which she is not likely to do). If I leave her on the loan for another year whilst I reduce my debt before I refinance on my own, would that have any impact on this 2 year window? i.e am I better off trying to remove her as a co borrower immediately rather than waiting?
Thanks
TJ
