Co-Ownership Agreements v. Binding Financial Agreements: Which one is right for me?

A ‘Co-Ownership Agreement’ is a great idea if you are considering purchasing a property with one or more other people. As discussed here, it will reduce the chances of an expensive ‘separation’.

However, if you are purchasing a property with your ‘spouse’ or someone you are in a ‘de facto relationship’ with under the Family Law Act, a Co-Ownership Agreement will not be legally binding if your relationship breaks-down and you have a property settlement that is governed by the Family Law Act.

If you are purchasing a property with a spouse or de facto partner – and you wish to agree up-front on who will get what if your relationship breaks-down – then you should consider entering into a formal Binding Financial Agreement, or BFA, under the Family Law Act.

For more information about BFAs, read this.

For more information about Co-Ownership Agreements, read this.

If you would like some advice about your own particular circumstances, call us on 1300 654 590.

P.S. We also think this is a great article on buying property with other people: https://supernuclear.substack.com/p/co-buying-property-with-friends

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I am sincerely wanting to thank Marie and Catherine along with the extended Andreyev team for guiding me through the most terrifying, stressful and complex legal matter.

Along with the expertise and knowledge, the team at Andreyev helped guide me through the whole process with patience, kindness and understanding. The constant reassurance and professionalism conducted payed off in my legal matter.

I feel incredibly thankful that Marie and Catherine took my case and helped me start my new life.

Amanda

As a Co-Founder and Executive Director of a fast-growing business securing the right legal advice is paramount to my professional needs, and personal security. Recognising I required the best of guidance and support I needed to find a legal practice and practitioner who could understand my specific needs and provide tailored recommendations to ensure my business kept growing and my assets remained secure.

From the onset I was delighted with the approach from Andreyev Lawyers. They took the time to understand my unique situation and provided considered recommendations. As I do not have a legal background, I particularly appreciated the clarity of communications enabling me to make clearly informed decisions. Subsequently, I decided to proceed with creating a Binding Financial Agreement (BFA) with my partner.

Andreyev Lawyers facilitated the BFA from beginning to end with great care and attention to detail, at each stage keeping me informed and supported. Their attentive and professional service not only resulted in the successful completion of the BFA but all parties ending very satisfied with the outcome due to the ease of process he had led.

I highly recommend Andreyev Lawyers for their professionalism and care and would not hesitate to engage them again in the future.

Lelde 2019

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Specialist Accreditation Family Law

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