The survivor of you has the option of either sharing the property according to the deceased partner`s will (if he has one), or applying for the division of property under the Property (Relationships) Act 1976. Your lawyer will be able to guide you in the impact of each option for you. Relational real estate agreements were in the past commonly referred to as “pre-nup agreements.” These types of agreements can be concluded at any time by couples, whether they are married or already married, live in a civil union or, de facto, as a couple. An agreement under Section 21 of the Property Act must meet certain criteria to be binding, enforceable and in a situational situation. An essential element is that each party needs independent legal advice. We specialize in supporting and advising people who enter into such agreements. While relational property issues can be an unpleasant topic, discussing expectations and getting an agreement as a safety net are likely to avoid a tedious and potentially costly dispute when things are angry. The main and particular difference between contractual agreements and relational real estate contracts refers to the timing and status of a relationship between two parties. The definition and status of a relationship as a marriage, common-law relationship or civil union, in accordance with the Property (Relationships) Act 1976 (“the law”), is important for the assessment of a contract (“COA”) or the influence of relational real estate (“RPA”). Such agreements (often referred to as “pre-marital agreements” or “ownership-sharing agreements”) can generally be prepared in a timely and effortless manner and will often result in the parties` wishes as to their ownership when the relationship is broken.
It is our strong recommendation to clients who own a property at the time of opening a relationship to consider entering into such an agreement. It provides for the regime for the classification and division of ownership at the end of the couple`s relationship, either by separation or by death. It automatically regulates property rights between the parties to a UNLESS relationship they have entered into the PRA. The PRA is implementing an opt-out regime. It is increasingly common for parties to a relationship (whether a marriage, a union or a common-law relationship) to enter into an agreement that defines how their assets should be distributed in the event of separation or death. The court can only defer a contractual agreement if it results in a “serious injustice”. This may be the case z.B. if an agreement is very one-sided and does not allow a partner to participate in the property acquired during the relationship. If you are in a relationship or are about to live together, you can reach an agreement that will achieve security and peace of mind, if you separate.