Can married and unmarried couples enter into an agreement about property division?
Yes, married and unmarried couples can enter into agreements about how the property will be divided if the relationship ends. These agreements can be made at any time during the relationship. If the people are married, then the agreements must meet the requirements under the Marital Property Act . It is a good idea for unmarried people to follow the same rules, just to be sure that their agreement is enforceable. An agreement is simply a contract, so any couple can enter into one. What kinds of property can be dealt with under an agreement? All property can be divided under an agreement. The property can be jointly owned or owned by one spouse alone. What are the requirements to make an agreement enforceable? Each spouse must meet with separate lawyers. The spouses have to acknowledge that: • They are aware of the nature and the effect of the agreement; • They are willing to give up possible future claims to the other spouse’s property; and • They are executing the agreement freely and voluntarily and not being pressured into signing. Can the spouses enter into an agreement on their own, after the relationship ends? Yes, the spouses can make their own agreement regarding their property after they separate. To make the agreement enforceable, it will have to meet the formal requirements above. Many people enter into their own property agreements.
EXAMPLE OF DIFFERENT AGREEMENTS
Agreement Made Before " moving in together" (married or unmarried)
37
Powered by FlippingBook