The Property (Relationships) Model Form of Agreement Regulations 2001: A Guide for Couples
If you are in a de facto relationship and wondering how you can protect your assets, the Property (Relationships) Model Form of Agreement Regulations 2001 (the Regulations) may provide some answers. These regulations provide a framework for couples to enter into a legally binding agreement regarding their property and finances in the event of a separation.
What is a de facto relationship?
Before delving into the Regulations, it is important to understand what constitutes a de facto relationship. A de facto relationship is defined as a relationship between two people who are not married or related by family and live together in a domestic arrangement. This definition extends to same-sex couples and also includes couples who are not cohabiting but have a relationship akin to a marriage.
What are the Regulations?
The Regulations provide a template for couples to create a legally binding agreement regarding their property and finances. This agreement can be made at any time during the relationship, but it becomes particularly relevant in the event of a separation. The agreement can outline how the property will be divided, who will be responsible for certain debts, and how any ongoing financial support will be provided.
Why use the Regulations?
There are several benefits to using the Regulations. Firstly, by entering into a legally binding agreement, couples can avoid the uncertainty and expense of court proceedings in the event of a separation. Secondly, the regulations allow couples to tailor their agreement to their specific circumstances. For example, if one partner has contributed significantly to the relationship financially, they may wish to protect their assets by stipulating how they will be divided in the event of a separation.
How to use the Regulations?
To use the Regulations, couples must first seek independent legal advice. This is to ensure that both parties fully understand the implications of the agreement and that it is fair and reasonable. Once both parties have received legal advice, they can then draft the agreement using the template provided in the Regulations. The agreement must then be signed by both parties and their legal representatives.
It is important to note that the Regulations do not cover all aspects of a relationship, such as parenting arrangements or child support. These matters will need to be dealt with separately, either through negotiation or court proceedings.
In conclusion, the Property (Relationships) Model Form of Agreement Regulations 2001 provide a useful tool for couples in de facto relationships to protect their assets and finances in the event of a separation. By seeking independent legal advice and using the template provided in the Regulations, couples can create a tailored, legally binding agreement that provides certainty and peace of mind.