What are your rights and entitlements as a couple?
A recent court case has highlighted how confusing and inapt the law is when it comes to the rights and entitlements of cohabiting couples
. This was of course the case of a barrister who claimed to have a share of a property lived in by her and her partner. But because they were not married, and there was no declaration of how the property was to be owned, her legal rights were minimal.
It is a myth that English law provides for such a thing as a common law marriage', but this simply is not the case. The Law Commission have recognised this misconception and have tried to develop a proposal that would give a cohabiting couple additional rights. If you are married or in a civil partnership then the rights of the parties involved are relatively clear, but if you are a cohabiting couple the situation becomes much more difficult.
For example, under current intestacy laws there is no provision for the surviving partner to inherit property from their deceased loved one, and furthermore not exempt from Inhertance Tax should they inherit anything.
So what do you do to protect yourself?
An easy and inexpensive solution for this problem would be the creation of what is called a cohabitation agreement. This agreement stipulates "who owns what" which is important to do not only in the event of a breakdown in relationship but also in the event of a death.
What does the agreement actually contain?
Essentially this agreement is a contract and so it would need to involve similar features to an actual contractual agreement. For example, it will need to include names of those involved, whether it is intended to be legally binding and what property' or assets are to be used.
A common occurrence in cohabiting relationships is to have someone sell their property because they are moving into their partner's property. In addition to this, the property tends to remain in the name of the original owner only. In such a case, a decision should be made as to whether non-owning partner's sale monies are to become a loan or a contribution to the property. If a loan, the partner would only be entitled to that money. But if it is a contribution, then the partner would be entitled to a percentage of the property value.
Purchasing property together
A trust deed would be most useful when purchasing a property as a couple. A trust deed is similar to a cohabitation agreement, except it only deals with property.
It is important to know whether the property you are going to be purchased is to be owned jointly or not. Regardless however, a trust deed needs to be clear as to what legal rights each party is intended to have.
If you have any questions or queries, arrange a free consultation with your local QualitySolicitors branch and discuss such agreements with a solicitor directly.
What are your rights and entitlements as a couple?
By: clarapiere
The Goodness of the Spirit and Psalm 143 4 Big Steps To Getting Big And Muscular Fast Get Back In Shape And See The Results You Want Best Settings for Fapturbo - The very best and Most Effective Fapturbo Tweaks woohoo its fun and free for you Cologne: A Cathedral, The Three Museums and A Castle All about Wristbands and When Can They Be Used The Pros And Cons Of Using Steroids Led Industry, Major Problems Exist Five Funds Needed To Support Policy Structured Settlements In The Land Of Confusion The Playstation 3 Supply And Demand Basic Description: The Mechanism Of Paper And Paperboard Categories Botox And The Good It Does
www.yloan.com
guest:
register
|
login
|
search
IP(216.73.216.26) California / Anaheim
Processed in 0.021805 second(s), 5 queries
,
Gzip enabled
, discuz 5.5 through PHP 8.3.9 ,
debug code: 26 , 2993, 60,