To resolve relationship property matters in a legally binding way it is important that a Relationship Property Agreement is signed and certified by a lawyer. This can be before the relationship (prenup), during or after. Independent legal advice must be given for each party.
Some clients try to “help” by drafting the agreement themselves. Taking this step is likely to increase rather than reduce your costs. It is easier for the lawyer to place values in their precedent than to decipher a client’s attempt as an agreement. If you want to help give your lawyer a list of what you should each receive in a table so that it can be easily seen what you each get, with the value for each item and a total to show the value you each receive. This table will make it easy to see what a fair division is, or whether there is a need for a cash adjustment.
If there is a trust or Company, your lawyer will want the details of these.
Your lawyer will want proof of value for significant assets. A summary of what Assets would sell for will help as will the amount of debt for each asset.
Your lawyer has to sign a certificate that they have advised you as to your legal rights before you signed the agreement; they must therefore be able to tell you what you are likely to receive should your matter have gone to court.
Make an appointment to discuss how your relationship property is likely to be divided.
A “prenup” is a relationship agreement beforehand ie when things are still going well and relationship property agreements can be after the relationship ends or during. Legally s21 or s21A
