Description

In this week’s episode, a caller named Robin inquired about a tenancy in common issue involving a relationship breakdown and property rights. Nick explained that in a long-term de facto relationship, the division of assets might approach a 50/50 split, and highlighted the importance of recording any agreement in writing through consent orders or a binding financial agreement. Another caller, Mark, asked about the necessity and execution of a power of attorney for his mother, to which Nick advised that it is a useful document allowing financial decisions to be made should his mother lose mental capacity. He clarified that a power of attorney is separate from a will and does not supersede it.

Topics Discussed:

Property division in de facto relationships

Tenancy types and implications during separation

Importance of consent orders and binding financial agreements

Prenuptial agreements and their enforceability in Western Australia

Explanation of power of attorney and its use

The differences between power of attorney and wills