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Property
Property Division: It is important to get it right the first time
There are some myths and misunderstanding about what we used to call matrimonial property. All relationships in the nature of a marriage are now covered by the Property (Relationships) Act. The Act covers marriages, de facto relationships and civil unions. It is important to know that same sex relationships are affected by the Act and case law. Historically this was not the case.
Property is classified as Relationship or Separate property. This is the case for debts as well.
Relationship property can include businesses, trusts, and companies. Often what on the face of it may appear to be one partner’s property separate, by law it may actually be relationship property (joint property). Just because property is in the name of one party and not the other does not mean the named person owns it. It is extremely important to consult a lawyer before negotiating any division of property.
Generally relationship property is divided equally. There are exceptions to this so it is not safe for anyone to make assumptions about the nature of property or how it should be divided.
Most importantly any agreement reached about the division of property is not legally binding unless independent solicitors witness it and they certify that they have provided the client with independent advice.
Setting aside property division agreements
This is possible but difficult to do. It is important to get it right the first time, but if there turns out to be property that has not been disclosed by one party to the other then it may be possible to set the agreement aside.
There are other grounds for setting aside agreements. It is essential to obtain specialist legal advice to ensure that the agreement you reach is robust and unchallengeable.
Separation | Dissolution | Children | Guardians | Domestic violence | Mental health and incapacity
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