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My De Facto partner of 12 years (female) has decided to buy

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me a property in her...
My De Facto partner of 12 years (female) has decided to buy me a property in her name to allow me to live away from her to allow some space in her life and plans for the future. We are still wanting to continue the De Facto status for now on a living apart and mutual visiting basis until she decides on formalizing another relationship permanently and declaring DeFacto arrangement on that one and vice versa.
Even when this happens we will still consider each other as close friends and to level as being part of each other’s extended future family.... with a suitable prenuptial agreement on her part to Secure my continued occupation of her property with her new relationship when that is formalized.
We are doing this is because of our age differential of 29 years me (male) being older and our last 12 years together was a mutual relationship of help and support to achieve her status of Medical Doctor in a GP role.....and she has promised to provide secure housing for me and some living assistance for the remaining years of my life. I am now 62 and unable to support myself fully in secure housing owing to limited superannuation funds and an earning ability in full retirement.
The Property as stated will be in her name with me living in it and contributing some assistance in property rates and utilities from some form of casual income until I am unable to do so by age etc.
We would like to formalize this agreement legally together as we both agree on the terms and are wondering if we could together in joint company attend a solicitors office re family De Facto legal agreements to complete and draw up this legal agreement.
Submitted: 2 years ago.Category: Australia Law
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Answered in 7 hours by:
8/16/2015
Solicitor: Leon, Solicitor replied 2 years ago
Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 45,433
Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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Good Morning.

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

I would suggest you each see your own family law solicitor and get detailed advise. Because you have separated the quicker you do it the better because after 2 years you will lose any right to take any action

You have a long relationship and your entitlements would be close to 50% and the law will apply the following steps.

1. Consideration of whether a property settlement is necessary

The first important consideration for the Court is to determine whether or not it is actually necessary to proceed with a property settlement.

In the vast majority of cases, the Court will decide that it is just and equitable for there to be a property settlement or a change in the ownership of a property. However, in some cases, the Court will decide that each party should simply keep what they presently own.

This may be because:

  • the parties have decided to keep their financial affairs and arrangements totally separate throughout the relationship;
  • the relationship was of a very short duration; or
  • the parties separated many years ago and have organised their affairs on the basis of an informal agreement since that time.

2. Identify and value the assets and liabilities

This involves compiling a list of all assets and liabilities (including superannuation) that are in the individual and/or joint names of you and your former spouse/partner, and attributing a value to them.

Values can be approximate or may be determined by way of a formal valuation, as they should be as accurate as possible. The result should be a table of assets and liabilities which your solicitors will use to determine the value of the total asset pool to be divided.

It is also standard practice to establish what the asset pool was when you first started living together (which may have occurred prior to marriage) to work out any increase in asset values and to establish what each party brought into the relationship (referred to as initial contributions).

3. Assess contributions

Once an asset pool has been established, your solicitor will ask questions about each party’s contributions to the asset pool.

Contributions can be:

  • financial (such as by way of income, mortgage payments or inheritances);
  • non-financial (such as labour to undertake renovations); or
  • by way of being a homemaker and parent.

Contributions are usually calculated as a notional percentage, such as 50/50 or 60/40.

4. Assess “future needs”

Once contributions have been assessed, your solicitors (or the court) will consider what are referred to as the “future needs” of both parties. These include:

  • the age and health of the parties;
  • the earning capacity of the parties;
  • whether one party will have the care of young children;
  • the duration of the marriage or relationship; and
  • any other relevant consideration.

The assessment of future needs will impact the notional percentage reached in Step 2, so that the percentage split of the asset pool may increase or decrease in favour of one or other of the parties to take into account any relevant future needs factors.

5. Is the division of assets just and equitable?

Taking each of the previous steps into account, your solicitors, or the court, will then consider whether the final division of assets as proposed by the parties is just and equitable in all of the circumstances. This may involve assessing the practical effect of any proposed division of the asset pool.

It is form the following link

http://www.landers.com.au/publications/family-and-relationship-law/property-and-financial-settlements-following-separation-or-divorce/

If you get orders then you are protected but you should each have your own solicitors. If you don't do this properly it can be a disaster

Contact the law society of NT and get a referral. You each need your own solicitors.

Their website is as follows:

http://www.lawsocietynt.asn.au/

Good luck with it.

I hope this makes sense and is of assistance. If there is nothing further

thank you for using my services.

If I have missed anything, or you have any further questions please let me know

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.

Regards

Leon

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