EQUITABLY OWNED PROPERTY

Where a cohabitant acquires an interest by way of a trust, this will always be a proprietary interest consisting of a beneficial share in the equitable ownership of the property

Where a cohabitant acquires an interest by way of a trust, this will always be a proprietary interest consisting of a beneficial share in the equitable ownership of the property

Introduction

This paper discusses the issue of cohabitants acquiring interest by way of trust, which is proprietary interest consisting of a beneficial share in the equitable ownership property. Property law is the body of law that establishes the rules governing ownership rights over scarce resources. Ownership rights are multifaceted—often referred to as a “bundle of rights”—but in general such rights encompass three broad areas of control over a specific resource: the right to exclude (the ability of the owner to prevent others from using the resource), the right to use (the ability of the owner to use the resource in the manner he or she sees fit), and the right to transfer (the ability of the owner to assign ownership rights to the resource to another). The trust is an institute of legal system the Anglo-Saxon of the common law, arising under the jurisdiction of equity, which serves to regulate a multiplicity of legal relationships of a financial nature (insulation and protection of assets, asset management subsidiaries and on inheritances, pensions, company law and tax). Related to the property law and trust dimensions of law there occurs a situation known as cohabitation. The term de facto family (also called cohabitation) indicates generally stable union and communion of spiritual and material between two people, not based on marriage.

Discussion

Some judgments, cases, deserve consideration, because they concern the daily lives of people. Sometimes there are questions that seem difficult to solve, and often just a slight hint or trick to solve them. Other times they are addressed questions of principle on which one cannot really go over.

Cohabitants and English Law:

The trust is a legal instrument that, in the interests of one or more beneficiaries or for a specific purpose, can be structured in various ways "legal positions" based on fiduciary bonds. Unmarried partners have no social security rights (such as a survivor pension upon the death of a partner) the other partner. The surviving partner of a consensual union is to be equated in any way with the legal status of the surviving spouse (Great Britain: Law Commission, 2007, Pp. 155).

In recent times heated debates over whether to regulate in a more or less detail the so-called de facto unions, namely the stable cohabitation between two persons not related to one another by marriage, marriage can be celebrated in a civil ceremony or concordat . Currently, the law does not recognize an unregistered marriage and cohabitation did not consider marriage a man and a woman. It does not produce legal effects and therefore not set by the courts as a fact that has legal significance. There is no legal regime of community between ...