December 29, 2020
At what stage of a relationship should you start thinking about family property and family debt division laws and whether they apply to you?
I will answer this question with another question:
Are you entering a new relationship, in a current relationship, or ending a relationship?
If you answered “yes” to any of the above, you need to think about how your family property rights may be affected right now!
Many people become vulnerable to family property and debt division laws without even knowing it.
And for many people, not paying attention to family property division and family debt division laws may involve having to unintentionally share their hard-earned wealth with their estranged ex. This will be most troublesome in cases where one of the spouses has earned most of the money or where one of the spouses has saved while the other has incurred debt.
So when will family property and debt division laws apply to you?
Family property law applies as soon as you marry your spouse.
But if you’re not married, you must be living in a “marriage-like relationship” for at least two years for the Family Law Act, which governs family property and family debt division, to apply to you.
But what does living in a “marriage-like relationship” mean?
Don’t be fooled – living in a “marriage-like relationship” does not necessarily mean you and your partner live together.
Even if you and your partner are not living together on a full-time basis, you may still be at risk of sharing your property with them and being responsible for their debt if you split.
So whatever the stage of your relationship, it is, therefore, advisable to speak to a family law lawyer so that you know your potential rights and obligations are under family property law how you can protect yourself.
Stay tuned for my next blog post where I discuss the definition of a “marriage-like relationship,” and how you will know if you’re in one.
If you have questions about the above, please contact me by clicking here.
NOT LEGAL ADVICE. Information made available on this website is for information purposes only and is not legal advice. Do not rely on this information, nor take or fail to take any action, based upon this information. Do not disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Contact me here to discuss any specific legal issues.[/vc_column_text][/vc_column][/vc_row]