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A de facto relationship is recognised as a valid partnership in the Family Law Act 1975. If you are living together on an authentic domestic basis with your opposite or same gender partner, you are in a de facto relationship. This association is viable for two people who are not legally wed or related by family ties. Your rights as well as responsibilities as a partner in this type of relationship are similar to those imposed on married couples. This means that in the event of a separation, you will need to deal with property settlement. Ideally, this process can be settled with the assistance of independent lawyers or the Court can intervene by creating property orders. Here are the important factors that must be considered before the property settlement process commences.
Validity of the Relationship
The Court will assess the validity of your de facto relationship if a disagreement arises during the initial property settlement process. In simple terms, the court should be able to confirm that your domestic relationship was genuine, prior to the separation. The important elements to consider include the duration of the partnership and the living arrangements. The existence of a sexual relationship, public aspects, presence of a child and mutual commitment to the relationship are also critical. The de facto status cannot be achieved through a ceremony, so consult your lawyer if you are uncertain about the case.
Asset Pool
The property settlement process cannot proceed without the assessment of the net assets in the de facto relationship. The pool refers to the total value of the assets that are owned by both you and your partner. This cumulative amount will include anything that was acquired before and during the relationship as well as after the separation. The Court can also consider other financial resources such as prospective entitlements.
You should seek legal guidance to ensure that the right information is obtained. Additionally, remember that the process of confirming the true value of the asset pool can be complicated because there of elements such as property appreciation and depreciation, stamp duty and even taxation. Therefore, you should inquire about these details before applying for financial support.
Partner Contributions
The contributions presented by each de facto relationship partner will help in determining the ideal property settlement. The contribution can be financial or non-financial with regard to homemaking and caring primarily for the children. In addition, the prospective circumstances such as the future parenting responsibilities and the capability to earn money will affect the final settlement agreement. For more information, contact a professional, such as those found at Marino Law.
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