What Is a Property Agreement?

Posted by heritagelawoffices on Sep 1, 2017 in Blog, Real Estate Law

property agreement being signedA property agreement is a written document that determines dispersal and ownership of one or both partner’s property. This document highlights who ultimately owns what, and how property should be dealt with in the case of separation, divorce or death. The options for how property is divided are almost limitless. Whether you want to keep everything separate, share it all, or do a little bit of both – a family lawyer will be able to help draw up an official document that satisfies you and your partner’s situation. Read on as Heritage Law dives into some further detail on property agreements.

What Is Property?

Things that could be included in a property agreement include:

  • Real estate
  • Pensions
  • Life insurance
  • Belongings (vehicles, art, etc.)
  • Bank accounts
  • Any other property or assets

Why Do I Need a Property Agreement?

You may think that you don’t need a written document, because you’ve already agreed to keep all property ownership separate verbally. Unfortunately, verbal agreements rarely hold up, and without something in writing, you could be opening yourself up to losing what it rightfully yours. Without a valid property agreement in place, all family property will be divided according to the Family Law Act, which may differ from what you wanted.

Property agreements aren’t just useful in settling divorces or separation – they are also useful after a death occurs. Having a property agreement in place will make sure your things are going where you want them to.

What Is Needed for a Valid Property Agreement?

In order to make sure your property agreement is valid, the following criteria must be met:

  • It must be in writing.
  • It must be signed by both parties, and the signatures must be witnessed by a solicitor who can certify that the agreement was explained to the signing party.
  • Both parties need to have received independent legal advice.

Looking for a Family Lawyer?

If you require the services of a family lawyer, trust the team at Heritage Law. We offer expert, personalized service and bring over 30 years of experience to the table. Get in touch today!