It is now common for people to start relationships and to bring substantial assets to the union. This may be due to marrying or starting relationships at an older age or entering into second or third marriages or unions.
People are becoming more comfortable talking about the use of their assets for joint purposes and wishing to protect their assets from a separation or death of their partner. There may also be children of a previous relationship to consider. It is prudent to think about asset protection prior to entering into the relationship.
Any advice in this area needs to be tailored to an individual's own circumstances. There is no solution that fits all.
Be informed as to the implications of the Property (Relationships) Act 1976 (“the Act") and how it applies to your relationship and assets together with other areas of law such as the Family Protection Act. For example this act imposes a moral duty on a person to provide in some form for their family on death.
Entering into a `Contracting Out' Agreement
Such agreements are becoming more common. Certain formalities need to be completed to achieve a binding agreement. We can provide advice to ensure your financial affairs are organised so all parties feel they have been treated fairly.
Our Relationship Property specialists: