Relationship property is the property the partners must share equally when a relationship ends. The partners calculate the total value of relationship property they must share by first deducting the value of relationship debts.
The Property (Relationships) Act 1976 lists what property is relationship property. Generally, property is relationship property for one of two reasons:
- The family used the property (regardless of which partner owns the property or when they acquired it) – for example, the family home, household furniture, household appliances and cars.
- The partners acquired the property during the relationship – for example, income from employment and superannuation.
Do you think that these approaches to classifying relationship property are fair? We have come up with some fictional examples to help you decide.