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It is possible and very desirable to protect assets that were owned prior to a new relationship commencing.
Agreements of this nature used to be called “Prenuptial Agreements” (“Prenup”) at the time when it was usual to protect assets when people were about to marry.
Now one document - a “Contracting Out Agreement” - is used for either marriage or de facto relationship situations.
If you own a home which is to become the “family home” for you and your spouse-to-be or partner-to-be you should protect that property as your asset with a Contracting out Agreement. This is on the basis that the asset has not been acquired with any contributions from the other person.
As with all Agreements under the Property Relationships Act 1976 when the Agreement is to be signed each person needs to have separate and independent advice from an independent lawyer.
Separation / Relationship Property – Things to Consider
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