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Phone 1300 168 676

Contact Armstrong Legal:
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448
Canberra: (02) 6288 1100

Two Are Better Than One

Two incomes are better than one when looking for the illusive first property, in particular in Sydney and Melbourne.

As property prices rise and deposits required to purchase a property increase, along with transaction costs of stamp duty, and stricter lending criteria from Banks, more people are pooling their resources together to get a foot in the property market.

As this occurs more of these couples, whether it be romantic couples taking the next step or family members banding together, should consider entering into an Agreement to outline what happens in the event the relationship turns sour.

Those in a de facto relationship or contemplating entering into a de facto relationship can enter into a Financial Agreement under the Family Law Act 1975 to dictate what happens in the event of a breakdown. It can also deal with things like, will the property be required to be sold or can one buy the other out, who can live in the property pending finalisation of the property issues between the two or sale of the property, who pays for what during the relationship, and the people’s other separate property.

Are these Agreements cheaper than litigation to get your entitlement after the breakdown through the family Courts? Yes!!

Does everyone need a Financial Agreement before buying a property with their significant other? Not necessarily, whether or not you feel you need one depends on a lot of factors and your particular relationship including, are you contributing relatively equally into the purchase, comparative incomes or capacity to work, and whether or not there has been any assistance by family or an inheritance.

What happens if you break up without an Agreement? Depending on a lot of factors including the length of your relationship and financial contributions through family assistance or an inheritance, you may pursue your entitlement through the family law jurisdiction or the state jurisdiction at the Supreme Court.

Image Credit – Honqui Zhang ©

Written by Natasha Heathcote on March 16, 2017

Natasha has a strong passion for family law, and believes that the law can be used to achieve positive resolutions for her clients. When working with clients, Natasha shows compassion and first seeks to understand what is important to her clients, then looks for legal solutions that will best suit them. View Natasha's profile

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Contact Armstrong Legal:
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448
Canberra: (02) 6288 1100