What does "acting in good faith" entail in the context of family property?

"Acting in good faith" in the context of family property signifies a commitment to transparency, fairness, and honesty in dealing with shared assets. This is particularly important during the division of property after a separation or divorce, where one party is expected to manage any shared property responsibly and without risk of devaluation.

Maintaining the property value is a fundamental aspect of acting in good faith, as it demonstrates an intention to preserve the collective interest of both parties in the shared assets. For example, allowing a property to fall into disrepair or neglecting necessary maintenance could harm the other party's financial interest, which could lead to conflict or disputes.

Other choices may misrepresent the essence of good faith. Regularly updating a spouse about finances, while a good practice, is not necessarily a requirement of good faith on its own. Similarly, using shared assets for personal gain without consent directly contradicts the principle of good faith, as it undermines trust and equity in the relationship. Finally, while not making significant changes to property may imply a level of caution, it's not as directly tied to the principle of maintaining value as ensuring the property is properly cared for. Hence, the requirement to preserve property value aligns closely with the obligations of acting in good faith.