De Facto Relationships - Property & Assets

Dividing Property and Protecting Assets

Since 1 March 2009, de facto couples who separate in Queensland are able to divide their property according to the Family Law Act.

So what does this mean for you?

If you have been in a committed relationship for a period of two years and lived with your partner, who may be of the same or opposite sex, then you most likely are covered under the definition of a “de facto couple”. De facto relationships now have virtually the same rights to those of married couples and allows de facto relationships to have remedies under the Family Law Act.

A property settlement in accordance with the Family Law Act requires consideration of a four step process:

1.  What assets and liabilities are available to divide (what is in the “property pool”);
2. Contributions by the parties, including financial and non financial;
3. Considering the future needs of each party; and
4. Whether the proposed settlement is just and equitable.

Previously under the Property Law Act, de facto couples were not able to access and divide the other party’s superannuation entitlements, nor was there the ability to seek spousal maintenance. Now, a superannuation split (if the Trustee of the superannuation fund is agreeable) and spousal maintenance can be ordered by a Judge in de facto property settlements.

How do you protect yourself?

De facto partners can enter into Financial Agreements prior to or during their relationship, setting out how their financial matters will be determined in the event of a breakdown in their relationship (effectively, “prenuptial agreements”).

If you are in a current de facto relationship and are wishing to protect your property interests and/or if you are contemplating a de facto relationship and have significant assets, then we would recommend you seek legal advice to protect your interests in the event of a breakdown of that relationship. Similarly, if you have separated from your de facto partner and have not finalised your property settlement we would recommend you seek legal advice.

We encourage you to contact our office to make an appointment with one of our solicitors to obtain advice on your situation on (07) 4963 2000 or through our online contact form below.