Separation and Relationship Property Agreement

A separation and relationship property agreement (SRPA) is a legally binding document that outlines how a couple`s assets and debts will be divided in the event of a separation or divorce. It is a common misconception that marriage or de facto relationships automatically entitle partners to half of each other`s assets. However, the reality is that without an SRPA, the division of property can be complex and costly.

An SRPA is usually drafted by a family lawyer and is tailored to the specific circumstances of the couple. It covers all property acquired during the relationship, including homes, cars, investments, and superannuation. It also includes debts, such as mortgages, credit cards, and personal loans.

The purpose of an SRPA is to provide clarity and certainty about the division of property. It can help reduce conflict and legal costs in the event of a separation. Additionally, an SRPA can provide protections for assets acquired before the relationship, inheritances, and gifts.

It is important to note that an SRPA is not just for married couples. De facto couples who have lived together for more than two years may also need an SRPA. Same-sex couples who are in a registered relationship or civil union may also benefit from having an SRPA.

An SRPA should be reviewed regularly, especially if circumstances change, such as the purchase of a new property or the birth of a child. If the couple decides to separate, the SRPA can be enforced by the Family Court. However, it is always advisable to seek legal advice if there is a disagreement about the interpretation of the SRPA or if circumstances have changed since it was drafted.

In conclusion, an SRPA is a valuable legal document that can provide clarity and certainty about the division of property in the event of a separation. It is not just for married couples and should be reviewed regularly to ensure it reflects the current circumstances of the couple. Seek legal advice if there is a disagreement or if circumstances have changed.