There is an increasing demand within our society for partners in a relationship to establish clear guidelines on the distribution of assets they had prior to the beginning of the relationship and that are accrued during the relationship.
These types of agreements are not only available to couples contemplating marriage, but also to people in or entering into de facto relationships, including Same Sex de facto relationships. These agreements are known as Binding Financial Agreements and are only binding if they strictly comply with the requirements of the Family Law Act. The law requires that an agreement will only be binding if each party has had independent legal advice about the document, as evidence by a statement of independent legal advice signed by each lawyer. Advice on drawing up these contracts is a good idea for any couple looking at long term commitment.