Section 12 — Property (Relationships) Act 1976: Homesteads

12 Homesteads (1) If the family home is a homestead that is owned by either spouse or partner or both of them, section 11(1)(a) does not apply. (2) Instead, each spouse or partner is entitled to share equally in a sum of money equal to the equity of either spouse or partner or both of them in the homestead. (3) If a spouse or partner does not have a beneficial interest in the land on which the homestead is situated, that spouse or partner is deemed to be beneficially interested in that land until his or her share of that sum is paid or otherwise satisfied. (4) This section is subject to sections 13 to 17A . Subsection (2) was substituted, and subsections (2A) to (2D) were inserted, as from 1 July 1998, by section 54(1) Ratings Valuations Act 1998 (1998 No 69). See sections 55 to 63 of that Act for the savings and transitional provisions. Sections 11 to 18, and the headings before sections 11 and 15, were repealed, and a new Part 4 (comprising sections 11 to 18C) was inserted, as from 1 February 2002, by section 17 Property (Relationships) Amendment Act 2001 (2001 No 5). See Part 9 of this Act as to the transitional and saving provisions. Subsections (1) to (3) were amended, as from 26 April 2005, by section 3(2) Property (Relationships) Amendment Act 2005 (2005 No 19) by substituting the word “ partner ” for the words “ de facto partner ” wherever they appear.