|
1. Declaration of Trust
Whether purchasing a property together or moving into
a partner’s property a Declaration of Trust can be drawn
up.
If you are purchasing a property together then one person
may be making a greater financial contribution at the outset
or investing money obtained from a previous divorce or separation
that they wish to protect. A Declaration of Trust may
record how that initial contribution is to be dealt with and
the percentage of shares that each party is entitled to in
that property.
Both parties should take legal advice upon the content of
the Declaration of Trust.
2. Cohabitation Agreement
This is a more detailed document and creates a contract between
the cohabiting couple. It can record detail such as who
shall pay for what, how it is intended that the property should
be shared in the event of a breakdown in the relationship,
occupancy of the property, whether either party should have
the right to buy the other out once their relationship comes
to an end, and providing protection for a non owning party
in relation to occupation at the end of the relationship.
Again, it would be necessary for both parties to seek independent
legal advice upon the content of the agreement.
Cohabitation Disputes
If you did not inter a Declaration of Trust or Cohabitation
Agreement and your relationship has now broken down, you will
need advice as to how to deal with the property and other
assets. Property and Trust Law governs how the property
should be dealt with but there are also provisions under the
Children Act 1989 which may be relied upon.
fbc are able to offer specialist
advice in this area, if we can assist further in relation
to cohabitation matters then please contact :
Miss Fay Rothery on 01902 392461 or
fr@fbcsolicitors.co.uk
Miss Jane Tinsley on 01952 208408 or
jt@fbcsolicitors.co.uk
|
