It is a common misconception that you have to live with someone for three years or more, and they have to make a direct contribution to the assets acquired during the relationship, before they're entitled to bring a relationship property claim. Possibly this mistaken belief occurs because the legislation itself is misunderstood.
Under current law, assuming a contracting out agreement (often referred to as a "pre-nup") isn't in place, a presumption exists that in a marriage, de facto and civil union relationship of three years or more duration, assets owned personally are split 50/50. Relationships can, however, be much shorter in duration and the presumption can still apply.I found Matthew Gilligan’s Property 101 and Tax Structures 101 to be superb books for the following reasons: 1. They contain a wealth of information about property investing and related tax matters; 2. The commentary is very rounded and balanced; 3. They are filled with financially savvy practical tips and red flag warnings; and 4. The relatively informal style, use of short case studies and anecdotes to illustrate points, and the clarity of presentation make the books very reader friendly. The above combine to make two books that are educational, thought provoking and inspiring. I only wish I had access to this information much earlier. - Geoff W - April 2016
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
We help new, small and medium property investors become long-term successful investors through our education programmes and property portfolio planning advice. With our deep knowledge and experience, we have assisted hundreds of clients build wealth through property investment.
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