Checklist for Drafting a financial agreement for parties entering, living in or ending a de facto relationship

Introductory note:
This checklist covers taking instructions from clients either before entering into an intended relationship, while cohabiting or on separation; ensuring that key elements are included in the agreement; and that independent legal advice has been provided.
How to use this checklist:
The first step is to ask broad, open-ended questions of your client. You should obtain supporting evidence of bank accounts and ownership of assets and liabilities. When drafting the agreement, your inclusions will depend on your client’s priorities when dealing with the assets of their relationship.
Other notes:
The second step is to ascertain what the parties have agreed and to prepare a schedule of both assets and liabilities. Your goal should be to ensure that the division of property ends the parties’ financial relationship in an equitable manner to reduce the risk of litigation.
Financial agreements share some common elements such as recitals, the requirement for independent legal advice and the signing of a separation declaration. The usual procedure is to send your version to the other side for amendments prior to signing.
Links to related content:
See Financial agreements for de facto parties generally.