Introduction

A Relationship Property Agreement (also referred to as a “pre-nup”, a “contracting out agreement”, or a “s21 agreement”) is a proactive way for couples to decide how their assets and debts will be divided in the event of separation or divorce. At Harris Tate, we understand that discussing future “what ifs” can feel awkward or unromantic. However, taking the time to create a legally sound agreement can give both parties greater peace of mind and help avoid stressful disputes down the track.

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Why Have a Relationship Property Agreement?

A Relationship Property Agreement can provide clarity and certainty about what is separate property (assets one or other party will keep for themselves), what is relationship property (assets that will be shared) and what will happen to those assets if the relationship ends. It is designed to protect each party’s interests, ensure everyone knows where they stand and remove as much remove for dispute at the end of the relationship as possible. This can be especially important if one or both partners bring significant assets into the relationship—such as property, a business, or inheritance—and/or if there is a large difference in earning capacity.

What Does It Cover?

Typically, these agreements set out how you and your partner wish to treat current and future assets, as well as any debts. This might include properties, investments, savings, businesses, vehicles, or other valuable possessions. By having a signed contract in place, you can help minimise disputes over who is entitled to what if you were to separate or one of you was to pass away, reducing stress and legal costs should the relationship end.

Drafting and Finalising the Agreement

A Relationship Property Agreement is binding only when both parties have received independent legal advice and signed it in front of a lawyer, with that lawyer certifying that they have explained the effects and implications of the agreement beforehand. At Harris Tate, we are here to guide you through each stage of the process, from identifying relevant assets and debts, gathering the necessary information, preparing and finalising the document and providing you with the necessary advice prior to signing. We will ensure your agreement meets legal requirements, so you can have total confidence in its enforceability.

Reviewing and Updating

It is wise to treat a Relationship Property Agreement as a living document, especially if your financial situation changes significantly over time or there are significant changes in your relationship. Whether you have purchased new property, sold a business, received an inheritance, married and/or had children, reviewing and updating your agreement can keep it relevant and fair to both parties.

Talk to Harris Tate Today

Planning for the future does not have to be complicated or uncomfortable. At Harris Tate, we aim to make the process straightforward, clear, and tailored to your specific needs. If you are thinking about a Relationship Property Agreement (pre-nup) or simply want more information, please get in touch with our Family Law Team. We will help you understand and guide you through the process so you can move forward with confidence, knowing that you have taken an important step towards protecting your interests.