Are you married or in a de facto relationship? Are you thinking of moving in with that special someone? Do you already have a contracting out agreement in place? If you answered yes to any of these questions, you need to be aware of the Property (Relationships) Act and the recent changes proposed by the Law Commission.
The Act applies to relationships of three or more years (whether married, in a civil union or a de facto relationship) although it could apply sooner depending on the circumstances. It dictates the division of property in the event your relationship comes to an end, either through separation or death. The general premise of the Act is that a couple’s property will be shared equally between them, regardless of who bought the property to the relationship, unless a justifiable exemption applies.
The Law Commission has recently completed a review of the Act and has proposed substantial changes. These changes are as follows:
For more information, please don’t hesitate to contact us at Wakefields on 04 970 3600 or email firstname.lastname@example.org.