When it comes to financial agreements, having a standardized template can save time, effort, and even money. That`s where a de facto financial agreement template comes in.
A de facto financial agreement template is a document that outlines the financial arrangement between two parties who live together in a de facto relationship. This agreement can cover a range of financial matters, such as how assets and debts will be divided if the relationship ends.
The purpose of a de facto financial agreement template is to ensure that both parties are clear on their financial rights and responsibilities. It can also help to prevent disputes or misunderstandings that can arise during a relationship breakdown. Having a clear financial agreement in place can make the separation process smoother and less stressful for both parties.
What to include in a de facto financial agreement template:
1. Property division – This section should outline how property and assets will be divided if the relationship ends. It should specify what belongs to each party and how any jointly-owned assets will be divided.
2. Debts – Any debts that are jointly owned should be addressed in the agreement. It should state who is responsible for paying them and how they will be divided.
3. Maintenance and support – This section should outline how any financial support will be provided, especially in the event of a separation.
4. Superannuation – If either party has superannuation, it should be addressed in the agreement. It should outline how it will be divided if the relationship ends.
5. Miscellaneous Provisions – This is the section where you can add any other provisions that do not fit into the other categories. For example, it can include provisions related to non-financial matters, such as child custody or pet ownership.
Conclusion:
A de facto financial agreement template can be a valuable tool for couples who are living together. It can help to prevent misunderstandings and disputes, and provide a clear outline for how assets and debts will be divided if the relationship ends. By including the above sections in a de facto financial agreement template, both parties can ensure they are on the same page when it comes to financial matters.
