Why agreements need reviewing
A relationship property agreement is not a "set and forget" document. Life changes, and your agreement should change with it.
An outdated agreement can create problems:
- It may not cover assets acquired since signing
- Changed circumstances may make it unfair
- A court may be more likely to set aside an agreement that no longer reflects reality
When to review your agreement
You should consider reviewing your agreement when:
You have children. Children change everything. The needs of children are paramount, and your agreement should reflect this.
You receive a significant inheritance or gift. New assets may need to be specifically addressed.
You buy or sell major assets. The family home, business interests, or investment properties should be properly covered.
Your relationship status changes. Moving from de facto to marriage, or entering a civil union, can affect your agreement.
A significant amount of time has passed. Even without major changes, reviewing every few years is good practice.
How to update your agreement
Updating a contracting out agreement follows the same process as creating one:
- Both partners must agree to the changes
- Each partner needs independent legal advice on the new terms
- The new agreement must be properly signed with lawyer certificates
Updating is usually simpler than starting from scratch, as the existing agreement provides a framework to build on.
Linking with your estate plan
Your relationship property agreement should work together with your will and any trusts you have. When reviewing one, consider the others:
- Your will should reflect your relationship property position
- Any trusts should be structured to work with your agreement
- Enduring Powers of Attorney ensure someone can act for you if needed
"We help couples take a holistic approach to their legal planning. Your relationship property agreement, will, and trust all need to work together. Regular reviews ensure they continue to protect what matters to you."