Morris prepares and advises on relationship property agreements to ensure our clients’ assets are protected if their relationship ends.
Agreements between de facto partners and spouses contracting out of the Property (Relationships) Act 1976 are increasingly common. Although these agreements are colloquially referred to as pre-nup agreements, they are not just for spouses and can be put in place at any time in a relationship. Ideally, you should consider a contracting out agreement before you and your partner have been living together for three years or get married.
Agreements provide comfort to spouses and partners who are building businesses, brought different assets to the relationship or have blended families that they wish to provide for in different ways. Agreements also ensure that if the parties separate, they can divide their property with minimal stress and cost.
We have significant experience preparing contracting out agreements. As we also act for clients in Family Court proceedings, we understand how these agreements can go wrong and be vulnerable to challenge. We aim to draft robust agreements that will stand the test of time and be enforceable should the relationship come to an end.
Where parties are occupying trust-owned properties, it may also be necessary to put a property sharing agreement in place. This sets out how properties owned by more than one trust will dealt with if the beneficiaries living in the property separate. We often prepare property sharing agreements for our clients in conjunction with contracting out agreements.
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