Buying real estate, can be an incredibly exciting process, particularly the first time around. If you’re intending to do so with a partner, it’s just as momentous and signifies a big step in the relationship, as you plan towards a happy future together.
Buying property is the biggest purchase many Australians will ever make. So, it’s important to understand what you’re signing up for.
Are you looking to buy real estate with your partner?
Find out with the Gold Coast family law solicitors at Crest Lawyers if you need to organise a prenup first.
The discussions to have and what to consider
Both family law solicitors and Gold Coast property lawyers recommend sitting down with your partner and answering some questions before any contract is signed.
What are they?
- How much money are you intending to put towards the deposit?
- Who will pay the legal fees, stamp duty and other related purchasing costs?
- Will the property purchased be in both names or one?
- Are you to be classified as joint tenants or tenants in common?
- Are either of you entitled to concessions
- How will the mortgage and other costs (rates, water, utilities, insurance, body corporate fees – if applicable) be paid? 50/50 or some other arrangement?
- What will happen to the property if one partner dies?
- What will happen if you separate and sell the home? What will happen if you separate and one of you wants to keep the house?
- Will the possibility of children in the future affect financial roles and responsibilities based on primary and secondary caregiving duties?
If you can’t agree on one or even a handful of the above points of consideration – is buying property together something you should be doing?
On the other hand, if you would both like to have the above points of consideration in writing, drawn up and witnessed by legal practitioners, consult trusted family law solicitors to arrange a prenup.
What’s a prenup anyway?
If you are currently in a relationship, you and your partner can enter into a Financial Agreement which sets out how the property will be divided up, in the event that you separate. These Financial Agreements are often referred to as a Cohabitation Agreement, Prenuptial Agreement or “Prenups.”
A “Cohabitation Agreement” is for couples living together in a de facto relationship or marriage.
A “Prenuptial Agreement” is for couples that intend to marry.
They are both types of Financial Agreements under the Family Law Act.
Financial Agreements are a beneficial way to address dividing net assets (such as property) and resources in the event of a marriage or relationship breakdown.
They’re used frequently in high profile marriages/de facto relationships such as celebrities and billionaires who have a lot at stake.
Yet, they’re also a great tool for the everyday couple to consider, avoiding Family Court proceedings and fighting over property.
Who gets the house?
In the unfortunate and saddening event of a marriage or relationship breakdown, it’s commonly thought assets get split 50/50. This isn’t always the case as every situation is different, including property settlement affairs.
Did you know it can take several years to finalise a property settlement in the courts? This is why many couples prefer setting out at the start the of relationship what each partner will receive in the event of separation without going to court. This can save a lot of stress, time and money and will allow each of you to move on with your lives.
Looking to buy property with your partner?
Organise a Financial Agreement with family law solicitors from Crest Lawyers for peace of mind for your future.
Disclaimer: The content contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for legal advice.