3 Comments Family & de facto law, financial agreements, consent orders
Are they still together? If they are, then yes, the house will form part of the asset pool if they were to split up later. If they are no longer together, getting a divorce before buying the property would sort that issue out and he will not be able to claim for part of the house. If they are together, and they both agree that it is her property with him not being able to claim against it, then get her to do a Binding Financial Agreement and that way he won't be able to touch the house, as long as she specifies this in the BFA as a "in the event of separation" clause. If she puts the specifications in the BFA, he won't be able to touch her superannuation or any other assets. If they are separated, they can still do a BFA, but both parties have to agree to it, otherwise it's pointless. If they can't agree, then she will have to go to court to settle it. In which case she should not be purchasing any major assets until it is sorted out by the court.
Thank you. They have been separated legally since about Easter, and this has been and is being kept documented. He lives with his parents and their bank accounts have been split except for one joint one being used for kids expenses. They both pay into it. She is trying to save for a deposit on a house so it will def not be a joint asset at the time of purchase. She is in no hurry for a divorce, and I believe they recently finalised a BFA (after they split), though I don't know the contents. Thank you, I will pass your advice on to her.