What is a declaration of trust, and what does it do?
A declaration of trust is a legal document which sets out who owns what. It is a document in which one person declares that they hold assets on trust for the benefit of one or more beneficiaries. A declaration of trust is a legally binding document which can be used to formally record the financial arrangements between owners of a particular asset.
A declaration of trust is most commonly used in family disputes in relation to property which has been purchased jointly by a couple, and/or with the financial assistance of someone else, such as a gift/ inheritance from parents. Within the declaration of trust you are able to record who has paid the deposit for a home, and how you would want to split the proceeds of sale in the future if you were to separate. It can provide clarity at what may be a difficult time, and hopefully reduce any disagreements in the future in the event that you separate from your partner and wish to protect your parents’ bequest.
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A separation agreement is a legal agreement entered into by two individuals who have decided to end their romantic relationship and go their separate ways. Parties entering into separation agreements can be married, civil partners or cohabiting couples. The separation agreement sets out the agreed financial arrangements for the period of separation; it does not end the marriage or civil partnership. To end a marriage or civil partnership, a divorce or dissolution is required. It is important to acknowledge that the court’s jurisdiction in financial remedy proceedings on divorce can override the terms of a separation agreement.
Some couples may wish to enter into a separation agreement if they do not wish to divorce for religious, cultural or personal reasons. Alternatively, a separation agreement can be the first step toward divorce proceedings, or it can be used as a test to see if separation is the best thing for the couple.
Separation agreements are usually only appropriate where parties have already separated, or are going to separate in the near future, but do not want to start divorce proceedings straight away. If you would like some advice on whether a separation agreement would be the right thing for you and your partner, our specialist team of family solicitors would be glad to provide some legal advice.
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Mediation is a form of Alternative Dispute Resolution used to settle a dispute away from court. It can be used to settle many different disputes including those concerning arrangement for children following a separation and financial matters. It is entirely voluntary and requires both parties to engage in the process with an open mind. The parties would often provide each other with some preliminary information, in the case of a financial matter, this may be an exchange of financial disclosure, and then the role of the mediator is to facilitate discussions to help the parties reach a mutually acceptable settlement. Mediation can be tailored to fit the situation so if the parties are willing everybody can all sit in the same room to discuss matters or there may be shuttle mediation whereby the couples sit in separate rooms and the mediator moves between them relaying messages and opening up the discussion.
Mediation can be advantageous in many ways as it can be quicker and less expensive than court based resolution and it allows the couple to reach an agreement they both want rather than a decision being imposed on them by a court. However, they do require co-operation and openness from both parties. Couples can attend mediation without solicitors but solicitors can attend if both parties agree. It is also common to have solicitors representing clients in the background so that they understand their legal positon and consequences of the settlement they are negotiating.