Cohabitation Agreement

If you are living in a De-Facto Relationship, you may need a Cohabitation Agreement.

Whenever two people choose to cohabitate, they can enter into an agreement whereby they choose to specify the terms of property, money and all the other practical concerns that present themselves. Commonly referred to as a de facto relationship, Cohabitation Agreements can be useful for anyone who lives with their romantic partner.

The different types of financial agreements are:
In contemplation of a marriage (s90B);
In contemplation of a de facto relationship (s90UB);
During a de facto relationship (s90UC);
After a breakdown of a de facto relationship (s90UD).

In order for a financial agreement to be binding under the Family Law Act, the agreement must meet certain criteria set out in the legislation, including independent legal advice being provided. Once all criteria are met then it is known as a binding financial agreement.

It is to be noted that a Binding Financial Agreement continues to operate despite the death of a party to the agreement and operates in favour of and is binding on the executors of that party.