The Law Commission has proposed some significant changes to the way relationship property is dealt with by separating couples.
Since the Property (Relationships) Act 1976 was enacted and with major changes in 2002, the structure of families has changed considerably. New legislation needs to take this into account.
After a three-year review, the Commission's key recommendations include:
- Changing how the family home is shared after a relationship breakdown
- Giving a court greater powers to divide property held by a trust
- Introducing Family Income Sharing Arrangements (FISA) to help offset differences in income and earning potential between partners, and
- Giving children's interests more priority in relationship property matters.
It is early days yet as the proposed legislation is still to be drafted. We will keep you informed as this progresses.
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