Confidence statements generally record the shares in which real estate is held and determine the distribution of the proceeds of the sale when the property is sold. In contrast, concubine agreements tend to be more comprehensive and usually regulate what happens when the relationship falls apart. They can look not only at how real estate should be retained, but also at day-to-day issues such as responsibility for paying budget expenses and how to manage the costs of repairing or improving the property. Our family advocacy team, led by Shabana Sultana, can provide you with acute, pragmatic and quality legal advice and legal representation to your rights if your cohabitation breaks. In addition, we will establish a concubine agreement that will ensure that your best interests are protected if your relationship falls apart. They both determine the proportions – when the property is sold, the legally binding agreement is respected. Declarations of confidence are mandatory when properly executed and complete the corresponding formalities. A cohabitation contract can cover and cover a wider range of topics than a relevant declaration of trust not only for the parties in a relationship, but also for the parties who have entered into a joint venture. For example, counterparties who not only share real estate but also operate joint bank accounts and share property (such as motor vehicles and household supplies) should be advised to enter into a concubine`s contract rather than simply issuing a declaration of confidence setting out their respective ownership interests. The agreement may contain a declaration of confidence with regard to the respective economic interests of the parties to the immovable property and also clarify the ownership and treatment of bank accounts and joint assets. A declaration of confidence is mandatory provided that it completes the required formalities and is properly executed. A concubine agreement is applicable provided that it complies with the principles of contract law and that there is no coercion, unacceptable influence, misrepresentation, fraud or error.
The agreement is signed as an instrument and is bound by contract. Drawing up a cohabitation contract is essential to cover the following: in particular, while a declaration of trust is consistent with regard to land interests, it does not cover assets such as investments, savings accounts, company holdings or tangible fixed assets, such as cars.B. A concubine agreement may define what you intend to do with respect to the ownership of such assets, including those that are in your sole name or purchased with mutual funds, and would therefore correspond to a statement of confidence regarding those assets. . . .