What is relationship Property?
Relationship property is the property that should be divided between the two parties when a marriage, civil union or de facto relationship comes to an end.
What assets are considered relationship property?
- The family home – If a home was bought by either party during the relationship will be considered relationship property.
- Chattels – A chattel is an asset that is not land or property. Examples of chattels include cars, furniture, and other household items. Chattels are usually considered relationship property.
- Family businesses – Any business that is used to provide income for the family is usually considered relationship property. This usually includes the assets, debts, and property associated with the business.
- Investments – Any investments made during the relationship and any income generated from these investments is usually considered relationship property.
What assets are not considered relationship property?
Separate property is property that belongs to one party and does not need to be divided. Examples of separate property include:
- Property acquired when not in a relationship – If property or assets are purchased by either spouse or partner while they not living together or in a relationship, it will not be considered relationship property.
- Inheritance – If one person inherits assets or property from a family member or other third party, it will remain theirs.
- Gifts – Similarly, if one person receives property or assets as a gift, it will remain theirs.
What about debts?
Debts are split into two categories; personal debts and relationship debts. Relationship debts will be split between the two parties whereas personal debts are the responsibility of the person who incurred them.
Examples of relationship debt include:
- Mortgages on a relationship property.
- Joint business debts.
- Debts incurred for the benefit of both parties.
- Debt associated with any children in the relationship.
How can we help?
When a divorce or break-up happens, it is often difficult for the people involved to follow the Relationship Property Act. This is due to the many clauses and conditions which can affect the final outcome.
As relationship property investigators, we can perform a thorough investigation to determine what each party is legally entitled to under the Act. This will make things easier for both of you.