Navigating Relationship Property Division and Separation Agreements
The Act sets out the principles and provisions as to what constitutes relationship property of a couple and how that property is to be divided, subject to any valid Contracting Out Agreement entered into by the parties. However, every situation is unique and it the applying those principles to the separated couple’s situation is not always straightforward and often results in a period of negotiation.
The situation becomes more complex when trusts are involved and trustees are left with the task of managing trust property and deciding whether it should be distributed, and if so, how. Trustees in these circumstances will often benefit from legal advice independent from both parties to the relationship that has ended.
Once an agreement has been reached between the parties, that agreement can be formalised in a separation agreement. Each party to that agreement must obtain independent legal advice as to the effect and implications of the agreement and have their signature on the agreement witnessed by their lawyer.
Our Trust Law & Wealth Protection Team are here to help with the legal aspects of separating from a partner and the division of relationship property.