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The Property (Relationships) Act mentions two types of written financial agreements:

• domestic relationship agreements, which are made before the relationship starts or during the relationship. This deals with issues like the payment of expenses and the status of assets that are brought into the relationship (for instance, whether they will be treated as jointly owned or as owned just by one partner) and what will happen to property if there is a separation;
• termination agreements are similar, but they are made in contemplation of separation or after separation. If you don't separate within three months after you made the agreement, it will be treated like a domestic relationship agreement.

There are many different issues that can be included in an agreement. For example:

• how to divide money on a weekly basis. This will depend on whether one of you stays at home with children, or whether you want to keep your wages separate etc;
• ownership of the property, even if it is held in the name of only one of you;
• who pays the mortgage, and how this affects ownership of the property;
• what will happen if one of you cannot continue making mortgage payments;
• whether money in a joint bank account is owned by both of you;
• who owns superannuation benefits that are in the name of only one of you;
• what happens if the female partner gets pregnant and can no longer contribute to her superannuation;
• how property will be divided if the de facto relationship ends;
• what will happen to the agreement if you decide to marry;
• a list of the various assets that you each own at the time you start the relationship;
• whether there will be any maintenance payments after the end of the relationship;
• whether the length of the relationship will be considered in deciding a division of property etc.

Yes. Because of the complex laws that affect de facto relationships, it's a worthwhile investment. Also, the agreement will not be binding on a court unless a lawyer was involved.

The courts and the partners are not bound to follow the terms of any agreement unless:

• the agreement is in writing;
• the agreement is signed by both partners;
• both partners have received independent legal advice, and the lawyer has provided a certificate (this is set out in the Act) that confirms this.

As we have said, you must obtain legal advice before the agreement is signed (if you want it to be binding). As part of their duties, the lawyer must advise you whether it is a good idea to enter into the agreement. Of course, this does not mean the agreement will be fair and reasonable!

If the agreement is binding, a court can make sure that your partner sticks to the terms of the agreement if there's a dispute. The court can also be asked to interpret the terms of the agreement.

The court will want to know:

• whether the financial agreement fairly represents both of your intentions in deciding what the financial arrangements will be; and
• whether the agreement can be seen on its own, or if there are other things that should be looked at (like any other understandings between both of you).