Difference between revisions of "How Do I Get Out of Sharing My Assets?"

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How Do I Get Out of Sharing My Assets? (view source)

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You can find out more about how married spouses and unmarried spouses divide property in the chapter [[Property & Debt in Family Law Matters]].
You can find out more about how married spouses and unmarried spouses divide property in the chapter [[Property & Debt in Family Law Matters]].


==Unmarried couples who aren't spouses==


For unmarried couples who don't qualify as spouses, the only property that is presumed to be shared is property that is jointly owned. Even if one person contributed virtually nothing to the purchase or upkeep of an asset, the simple fact that his or her name is on the title of the property or on the owner's registration means that he or she is presumed to have an ownership interest in the property. The property might not be shared equally between the parties, but in most cases each partner <span class="noglossary">will</span> get something.


There are no such presumptions about property that only one person owns. When one partner wants to make a claim to share in an asset owned only by the other partner, the claim must be brought under the law of trusts and the law of equity. These are difficult claims to make, and almost always result in an award that is far less than the what the person would get if the couple had been spouses.
{{REVIEWED | reviewer = [[Thomas Wallwork]], May 9, 2017}}
 
If you want to try to protect property from a claim brought by your partner, here are the best ways to do it:
 
*Make sure that you only buy things in your own name, and that when you buy something your partner doesn't contribute to the purchase price, or to paying any loans or mortgages associated with that property.
*Keep separate bank accounts and avoid joint purchases whenever possible.
*Make sure your partner maintains his or her financial situation independently of you and doesn't drop out of the workforce to become a homemaker or stay at home parent.
*Pay your partner for any work he or she does for you, like renovating a room or working in your business. However, that pay should be about what you'd pay an independent contractor to do the same work. Be sure to keep records of everything you've paid your spouse.
 
You can find out more about how unmarried couples who aren't spouses may decide to divide property in the chapter [[Property & Debt in Family Law Matters]].
 
 
{{REVIEWED | reviewer = [[Thomas Wallwork]], September 27, 2014}}


{{JP Boyd on Family Law Navbox|type=how}}
{{JP Boyd on Family Law Navbox|type=how}}
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