Wednesday, 5 September 2018
Author: Geraldine Austin
There are two types of agreements which are referred to in the Property (Relationships) Act 1976 (“the Act”). A section 21 agreement (contracting out or “pre-nuptial” agreement) allows a couple to contract out of the provisions of the Act during their relationship. A section 21A agreement (separation agreement) records the division of assets when a couple separates.
Whether you are entering into a contracting out agreement or a separation agreement, the process of disclosure is essential. Disclosure means providing evidence of all assets and liabilities to the other party and their lawyer. Full and frank disclosure allows each party’s lawyer to assess what his or her client is entitled to by law and then to compare this with what the client would receive if they signed the agreement.
Disclosure is essential because:
The type of information you will need to provide as part of the disclosure process will vary, depending on the assets that you own. Your lawyer will be able to advise you what you will need to provide. However, some common examples are:
Properly completing the disclosure process will help ensure that your agreement is fair, robust and will stand the test of time.
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