You have been seeing someone for a while now and things are starting to get serious. But, at what point does a serious relationship start to impact your rights and ownership of your property and assets? Many people enter into a de facto relationship, as opposed to a marriage, in order to protect their assets and save themselves from a messy, and costly, breakup.
However, it is a common misconception that without a valid marriage certificate your partner has no ties to what's yours. In reality, de facto partners possess the same property rights to a relationship as a spouse. If there is no agreement reached on how to divide the assets of a de facto relationship upon separation, a de facto partner may make an application to the Family Court or Federal Circuit Court for a property settlement under the Family Law Act.
A de facto relationship may even still exist even if one of the parties to the relationship is legally married to another, or is in another de facto relationship. Just as expensive as a Divorce:.
It is common for couples who are not married to live together in the same home and be in a de facto relationship for many years β most as long, or even longer, than married couples.
This long-term connection to each other may involve a large asset pool which Courts will take into consideration during proceedings. Not all breakups are amicable. This can result in lengthy disputes, unwarranted allegations and court proceedings that can increase the legal costs involved. Be Prepared. No one enters in a relationship and immediately starts preparing for the end; however, it is always a safe idea to have a security blanket prepared in case your relationship goes sour.
