With the introduction of the Property (Relationships) Act in 2002, it is increasingly important for couples in a relationship to seek legal advice early on their relationship in order to establish how their property will be shared in the event of separation or death.
It is increasingly common for parties in a relationship to enter into an agreement determining the manner in which the property is to be divided. Such agreements are often called ‘prenups’ or ‘property sharing agreements’.
It is important for each party to have their own separate legal advice because once the agreement is signed the agreement will determine how property will be shared between the parties in the event of a separation or if one of the parties dies.
When a separation occurs there can often be a grieving process by one or both of the parties.
To enable parties to go their own separate ways, it is necessary for the parties to separate their property between them.
Many relationships end without the parties having previously agreed upon or being able to agree upon the manner in which their property should be divided.
The frustration of this process, during a very difficult time, is reduced if each party appoints a solicitor to represent them. A separation and relationship property agreement needs to comply with certain criteria in order to be binding, enforceable and able to be relied upon by the parties.
The Property (Relationships) Act determines the manner in which property should be divided between the parties. The legislation applies not only to married couples but also to parties in a civil union or de facto relationship. Relationship property matters are complex and unique in each case.