It might be more than 40 years old, but recent research reveals a concerning lack of understanding still prevails around who gets what under the Property (Relationships) Act 1976 in the event of a break-up or one partner dying.
Contributions by family members to the purchase of a property and how this is recorded can affect property ownership. We discuss how you can help your children and, at the same time, lessen the risks to you as parents.
When a marriage, civil union or de facto relationship breaks down, the couple will usually divide their property according to the Property (Relationships) Act 1976 (the PRA). However, these two people often hold property in a trust rather than personally.
Once largely the domain of the well-heeled, personalised agreements about what will happen to assets in a relationship should a couple separate, or one partner die, are becomingly increasingly mainstream.
If you ask people, as I have, what they understand a family lawyer’s key role to be, chances are the answer will revolve around filing oodles of divorce applications – something I, indeed, do … every now and then.
Whether the loss of a serious relationship comes as a complete shock, or the writing has been incandescently on the wall for some time, there’s no colour-by-numbers approach to dealing with the inevitable subsequent practicalities.
The figures may vary from country to country, but international research invariably reveals women – particularly mothers – suffer enduring financial hardship post-separation.
