Hi,
My girlfriend and I have been living together in rented accomodation in Melbourne for about a year. We have decided we are sick of paying rent and have decided to buy a little townhouse together. The property will be in both of our names, however my deposit will be a lot more than hers and I expect I’ll pay off more of the mortgage as well. The experts tell me that she and I need to get some sort of De-facto relationship agreement drawn up so that our financial interests are protected should things hit the rocks later on. Makes sense, but I am anxious to avoid paying even more money to the lawyers. Does any one know a cheap lawyer/ or whether these agreements can be drafted independently of lawyers?
Thanks very much.
ThamesHi Thames
Just recently I saw my Solicitor as I have been burnt before (not getting any younger to want to start from scratch again) and having more assetts than my partner (he suggested Pre Nup as he has no assetts)
A Pre Nuputial agreement is binding in Aust and will stand up in a court of law. The idea behind the PN is that you declare what each assets/liabilities and funds etc you both have prior to going any further with properties etc. The cost at the time was over $1,300 [confused2].
I have looked also on the net and found a Pre Nup kit for just over $200.[biggrin]
Well worth looking into as things do tend at times to get ugly once you start dividing up assets. Emotions get in the way.
Hope this is helpful
Jenny
Jenny1
Hi Thames,
Just had my domestic relationship agreement finalised about 2 months ago…….lucky you!
If you can keep your financial affairs seperate to you GF you dont need a DR agreement although, she can claim from you non financial contributions to the relationship. Non finanacial contributions are, for eg, her forgoing a career to raise your children from a previous relationship. A court would seek to have her compensated for that.
Your DR agreement can also become your pre nup agreement if you so desire. Alternatively it can become redundant at the time of your marriage if that’s what you want.
Dont bother trying to do it yourself as there are set rules to enforce this agreement and if they are not followed to the letter the agreement might be set aside at a later date.
My solicitor took about 3-4 hours to do the agreement which finally cost me a touch over $1000. This also includes valuable advice that is probably unique to your situation It’s a small price to pay to know it’s been done properly.Good Luck
Not sure what others think, but if you were to be paying for example, 75% of the costs of the property, why don’t you purchase as tenants in common.
Therefore your legal share of the property will be reflective of your contributions. Just a thought.
James
James, that sounds like one of the easiest solutions yet. Not costly and sorted out upfront without the need for any agreement as it’s already agreed. Any lawyers out there wish to comment?
Hey Jenny 1, Where did you see the pre nup kit on the net for $100?
$100 is not a lot these days and might be a good option. Even perhaps if you go on to a solicitor formally later???
Good luck
Shawn
Take Jennies advise!!!!
My advise is to sit down with a goooooooood lawyer and spend the money NOW its cheaper than down the track, rip up the $100 pre nup kit GO SEE A GOOD LAWYER!!!!!
Phil
Go to http://www.lawcentral.com.au and have a look at the “Buy a House with Friends Agreement” cost is $220.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Just got my purchase agreement for me and my de facto from my solicitor for a purchase settling early feb.
$200 as he is already doing the conveyancing ($600 + disbursements) and sorting out wills ($200 each) etc. I thought this was rather high for a form they just fill in the gaps – they are fairly standard contracts, but after reading $1000 it seems bloody good value.
If you’re in (Port) Melbourne contact McCluskys, I can definitely recommend them.
D
I spent most of my wages on women, booze and fast cars. The rest I wasted. – George Best
Hi glenirish,
What you have in place wont save you in the event of your defacto claiming non-financial contributions in the event of a break-up………
Purchasing a property between you should just be done as tenants in common to spell out the desired % you wish to hold.
With solicitors (and tradies etc) you pay for what you get.
Good Luck
Hi Thames,
I agree with Qwerty. Cheap lawyers offer lousy solutions.Rob.
Another similar question: I’m also in a defacto relationship and I’ve just purchased a property in my name only, and I was wondering what would be prudent to do to protect the property if the unlikely breakup occurs? The hardest part about a pre-nup or similar is answering the difficult “if you loved me you wouldn’t be asking me” question!!
I spoke to a lawyer about a similiar situation. These agreements are fairly straight foward up until the point that children are involved. Once there are children, these agreements aren’t worth the paper they are written on.
Pinchy
I think its too late now!
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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