It`s not romantic, but it`s realistic. So look at a cohabitation agreement that looks like a prenup, and formalize all the oral agreements you`ve made. I just bought a house and I`m getting married next year (we haven`t set a date). My fiancé and I will use this house as our main residence. I bought the house only with my credit, taking into account only my salary and assets when applying for a mortgage. No payment has yet been made (apart from down, which I was all), but we have an oral agreement to pay 50% of the mortgage per piece. I know that not every marriage is a success. Should we therefore seek a legal ownership agreement specifying the percentage of the entire house that each person must grant to prior TO married? We don`t have any additional assets, so a pre-Nup doesn`t seem necessary. My fiance is ok with the gray areas, but I`m not, and I like the security of clearly specifying things before. Financial agreements are made according to certain sections of the Family Act.
If you. B consider a marital agreement, you must conclude your agreement in accordance with section 90B. If you are married or separating from a marriage but are not yet divorced, you need an agreement under Section 90C and divorced couples are covered by section 90D. That`s what experts generally say on a subject that affects each person differently – if you want personalized advice, you should see a financial planner. You would have preferred to do it before signing the papers, but it is not too late. A real estate lawyer or family lawyer can establish a cohabitation agreement for you, and it should include the distribution of the house`s equity, what happens if you resolve, who is responsible for other bills (utility, cable) and repairs, what happens if one of you can`t pay your half, which happens if one of you wants to sell the house one day , or if one of you is a mortuary, etc. This is especially important to you, since you are the one who paid the down payment, and it`s probably your name on the points line. There is no defined or specific format that the contract must follow. In principle, the contract contains implicit or explicit conditions that form the basis of the agreement.
When binding financial agreements were first introduced in 2000, the law called them Binding Financial Agreements, but they were only available to married people. For reasons known only to those who drafted the legislation, the word «compulsory» has been dropped and, since 2008, they are simply known as «financial agreements».