Relationships of longer than three years duration are governed by the Property Relationships Act which requires assets and debts to be split equally by both parties if they separate.
Couples can opt-out of this requirement by reaching a formal agreement such as a pre-nuptial or contracting out agreement, which states alternative terms for dividing their assets and debts in the event that they separate.
This is useful for example, if one party brings substantially more to the relationship or if one party has a home which they would like to keep as financial security for their children.
Why Jeremy Sutton?
At Jeremy Sutton, we can provide advice and prepare an agreement that will protect your financial interests.
For more information on protecting your assets at the outset of a relationship, please see the articles below or download our free eBook Protecting Assets which covers entering into a prenuptial agreement.
Please see the articles below or book a consultation. Jeremy can provide consultations either in person or via Skype.