Bruce and Tom can use this agreement to make a declaration and acknowledgement of the assets and liabilities they each own before cohabitation. Each party agrees that they will not make claim for the others property in the event of a break up and they each include a statement to that effect in their FA.
Each party is responsible for the debts they bring to the table and each can leave with the assets they bought in. If they choose to make provision for separate or combined property acquisition or living expenses they can do that also.
Section 90UJ of the family law act requires both parties to obtain independent legal advice from a legal practitioner about the advantages and disadvantages to the party of making the agreement. Once the advice is given, the solicitor acting for each party will attach a Certificate confirming that advice was given prior to the parties signing the Agreement.
This prevents either party from arguing that, at the time of making the agreement, they were unaware of the ramifications of signing the agreement.
Make sure you visit our Financial Agreement Doc Review page for a simple solution and the added security and guidance of good legal advice.
This Same Sex Pre de facto financial agreement kit has been professionally drafted to comply with section 90UB of the Family law Act.