VIC Setup Agreement Before Partner Moves In?

[Robert irvine]

Hi

My female partner is going to move in with me. Can we make an agreement about my assets and hers before she moves in with me?

I own my own house and superannuation and a property investment. She doesn't own anything really.

Can we draw something up without lawyers that's legal? She would be coming in with nothing and I have quiet a lot of assets.

 

[Rod]

Research Binding Financial Agreements (BFA). No BFA is watertight as judges generally have discretion as to what they do with a BFA but a well written BFA can carry significant weight. Lawyers are recommended as it makes the BFA better able to withstand a challenge.

 

[Hayder Shkara]

Can we draw something up without lawyers, that's legal , she would be coming in with nothing and I have quiet a lot of assets

In order for a financial agreement to be binding, it needs to be done with lawyers.

It's a cost that you will have to fork out now, but could save you big time potentially in the future.

This article might be of interest to you : Financial Agreements.

 

[Smiley]

I encourage you to see a solicitor.

1. Get a will in regards to your assets. House, car, money in bank and anything else
2. Complete a binding beneficiary nomination for your superannuation

Yes, you could do this yourself and draft a financial agreement, however, I would really encourage you not to do this.

I have read way too many documents, though well intended are poorly written and do not serve its purpose when it comes to the crunch. At the point in time it is written and even upon review, it may look good. But if push comes to shove and the agreement is taken to court, holes may appear without the aid of a solicitor.

I am not a real fan of financial agreements and would prefer a Will.

Note, if you do decide on a Financial Agreement, it will assist with the property and other assets side of things, but NOT with superannuation as that is a different legislation.

With respect to your superannuation, contact you superannuation fund and request a "binding nomination form".

Carefully read the binding nomination form as it will tell you whom you can nominate your superannuation benefits to be paid to in the event of your unfortunate passing. Living with your girlfriend puts her in the front seat in terms of receiving your superannuation benefit.