Financial Agreements can provide an increase in property entitlements if the relationship continues over a number of years

FINANCIAL AGREEMENTS CAN PROVIDE AN INCREASE IN PROPERTY ENTITLEMENTS IF THE RELATIONSHIP CONTINUES OVER A NUMBER OF YEARS

The terms of a financial agreement may be numerous and cover not only financial/property division but other terms including spousal maintenance and splitting of superannuation.

Before a relationship commences or when the relationship has already commenced, the couple may agree that property entitlements will be dependent on how long the relationship lasts.

In one case, a financial agreement provided that the de facto wife became increasingly entitled to an interest in a property owned by the de facto husband with the percentage dependent upon the length of time of the parties’ de facto relationship.

If the relationship lasted one year, the de facto wife would be entitled to a 15% interest in the de facto husband’s property; if two years, 25%; three years, 35%; four years, 45%; and five years, 50%. There was no provision for any further increase. A term of the agreement provided that the de facto wife would not be entitled to claim any amount exceeding 50% of interest in the de facto husband’s property regardless of how long the period of the relationship continued for after the 5 years.

For advice on financial agreements and other family law advice contact Pittwater family Lawyers at: pittwaterfamilylawyers@gmail.com or phone Kathy Chase on (02) 9918 6565 or 0418 285 307.

http://www.pittwaterfamilylawyers.com.au