Are You Unknowingly Exposed To Financial Loss By Your Current Relationship?

July 4, 2019 Madsen Law

Are you unknowingly exposed to financial loss by your current relationship?

There are common misunderstandings about DE FACTO relationships. Are you in one? Do you know the risks?

Here are the facts.

1. In Queensland it only takes two years of living together before a claim can be made for the other party’s property and superannuation.

2. The two years can comprise some time at one party’s home (say two nights per week), some time at the other party’s (say three nights) and two nights not spent together at all.  In other words a permanent stable single household is not required.

3. After two years a de facto partner is, at law, now a “spouse” and not just a live-in boyfriend or girlfriend. As a spouse, a de facto partner has all the same rights and powers under the Family Law Act that a married spouse does.

4. A de facto partner can make a claim on the superannuation of their deceased’s partner and challenge the deceased’s partner’s Will if they were left out of it.

5. Here is a surprise… It is possible to have more than one de facto partner at any one time.  It is also possible to be legally married and have a de facto spouse simultaneously.

However each of these risks are most safely and effectively dealt with by entering into a properly drafted Binding Financial Agreement. Contact us to learn more.

David Madsen LLB, QLS Accredited Family Law Specialist