Day: May 20, 2024

De Facto Relationship: Everything You Need to Know AboutDe Facto Relationship: Everything You Need to Know About

Even though love can’t see, your finances shouldn’t be. To protect yourself prior to enter a long-term relationship, it is always a good practice to take some precautions. Make it a priority to learn the legal status of your relationship and how it affects you finances as well. Not legally married couples or those who are in civil unions must know the financial aspects of their relationship. The term “de facto relationship” eludes me.

De Facto Relationship: What it Is?

De facto relationship happens when both partners, regardless of the sex, enter the partnership at a legal age of older than 18. A relationship may be considered as de facto if:

  • You and your partner have been living together for atleast three years.
  • Your relationship is considered de facto the moment you have a kid together.

To be clear, these are not the only requirements laid down by law.The following factors are also considered by de facto relationship lawyers Perth when determining whether a couple is in a de facto relationship:

  • Time spent together
  • Do you share a home? If so, where is it?
  • How about things like utilities, groceries, and the mortgage? Are these things that you split equally?
  • Are you reliant on others financially?
  • Are you a family that divides up domestic tasks?
  • Providing for the welfare of any children
  • From the outside looking in, how do your loved ones perceive you two as a couple?

An unmarried pair’s relationship property is subject to the same laws as that of a married couple. In the event of a divorce, this means that the marital residence, any personal property owned by either spouse, and any other assets owned by either spouse are to be divided equally.

Intimate Partnerships and Money

When a de facto relationship ends, the division of any joint assets is similar to that which occurs in a divorced marriage, and the process can take place in or out of court. The sum of all relationship properties is comprised of:

  • The dwelling place of the kin
  • Transportation Means Items such as furniture, dishes, jewellery, and recreational gear that belong to a family
  • The value of the assets is reduced by debt, such as mortgages and personal loans.
  • Investments: such as retirement funds, investment companies, stocks, and investment real estate.

When a couple breaks up, any assets they brought to the partnership, including money or the house they lived in with, could still be divided equally as relationship property. Being the primary breadwinner throughout a divorce can add another layer of difficulty.