Unmarried Couples
Unmarried couples do not have the same rights or legal entitlement as married couples do so when their relationship breaks down, they have to rely on a number of laws and principles to establish their entitlement to the family assets. Very often in these relationships, the parties live together for many years in the mistaken belief that when the relationship breaks down the woman, usually, is entitled to claim a share of the assets which are not in her name because she is the "common law wife". Sadly, it is only then that she discovers that no such entitlement exists by which time it is too late because she then has to fight her way through various laws and principles for protection. The problem becomes even more difficulty in those cases where children are involved. The same applies to unmarried men.
This is a highly contentious area of law and it is better to seek expert legal advice from the start of the relationship rather than wait until it breaks down. If you are buying a house together that is the perfect time to consider who gets what from the relationship if it breaks down. You may wish to enter into a Declaration of Trust at the same time as the purchase of your home is being completed. This is sensible planning. Speak to your Solicitor.
The Declaration of Trust is a legal document explaining what each party is entitled to in the property and can easily be done at the time you purchase your home. This legal document is also a good way for a parent to protect any deposit or money lent to a child in the purchase of a property. This is particularly useful as the parent's share or money is protect if the relationship breaks down or if a partner moves into the property.
At the start of your relationship, you may also wish to enter into a cohabitation agreement setting out how the finances and assets of the union should be protected and what to do if and when you have children.
Parliament is still debating on whether the law should be changed to recognise the rights and entitlement of unmarried couples. In the meantime, there are ways of acquiring some degree of security for unmarried couples and if you think this applies to you, then please contact Patricia Young to discuss what you can do to protect your interests. Click on the free consultation box in the left hand menu to discuss your needs.