What is Relationship Property?

If you have separated after a relationship that has lasted at least 3 years (or shorter in some limited circumstances), then you will need to reach a settlement regarding your relationship property.

The Property (Relationships) Act applies to couples who are married, as well as those who live in a de facto relationship.

The Act sets out the rules that apply to the division of property after separation, or upon the death of one of the people in the couple. While the general rule is that property is divided equally ("50/50"), there are of course exceptions to the rule and you will need to obtain legal advice specific to your situation.

The law requires all agreements about relationship property to be in writing and to be certified by each party's independent lawyer, so there is no avoiding having to get legal advice. Some people think they will put this off until the last minute, and come up with an "amicable agreement" with their ex partner first. I don't recommend this.

I have significant experience in this area and after dealing with many different cases, my advice is that it is never too soon to see a lawyer and learn your rights. Unfortunately while it is commendable to try and sort things out without lawyers, this inevitably leads to people coming to an agreement that doesn't fit the law. One or the other of the parties is likely to be getting ripped off and when you find that out down the track, it can derail everything and suddenly things are no longer amicable.

I highly recommend getting legal advice before separating so you can be in the best possible position to ensure your rights are not trampled on when separation does occur. If separation has already happened, call me now so that I can provide you with the necessary advice to ensure your property is protected. If you then choose to try and negotiate directly with your ex, at least you will know the law and be able to stand up for your rights.

Protect your property with a pre-nup

If you are entering into a new relationship and you already have property in your name, I highly recommend you get legal advice about protecting your assets. A few dollars spent now could save you hundreds of thousands of dollars later on.

It might seem unromantic, but talking now about what will happen to property when your relationship ends will save you a lot of heart ache and cost later. “When” your relationship ends? Yes! All relationships end - either by separation or by death - so have the discussion now to avoid difficulties later.