A couple may choose to divide their property differently than the Property (Relationships) Act. They can do this by entering into a subcontracting agreement (sometimes called a “pre-marriage contract” – or “pre-nup”) that states how they want to share the property. Using a subcontracting agreement is the only binding way to share ownership when a relationship ends, other than going to court and issuing court orders. All agreements (married, civil partnership or de facto) concluded since 1 August 2001 should have been concluded in the light of the PRA and can be challenged under the rules of the PRA as to their validity and whether they could lead to a serious injustice. This step can often lead to delays in the settlement of the assets of the relationship, especially if the parties do not receive information. Or one partner has supported the other during a study program, so that partner can advance their career. If this type of division of labour has resulted in economic disadvantage or inability to support oneself, the normal 50/50 allocation of goods may be adjusted to compensate or a maintenance order may be issued. There are important requirements that must be met for the agreement to be valid: your partner should not be obliged to enter into a subcontracting agreement. You can at any time and at any time conclude an agreement on the division / outsourcing of property, whether you are married, in a civil partnership or de facto – before the beginning of the relationship, during the relationship, when you separate and even if one of the partners dies (in this case, you would conclude a contract with the personal representatives of the deceased). You can conclude contracts based on all or part of the provisions of the PRA. If a short-term marriage or cohabitation (even if it is very short) ends by death, it is treated as a long-term marriage or cohabitation.
The surviving partner has the same rights to an equal share of the property in the relationship, unless the court finds it unfair. An agreement entered into by a married couple under section 21 of the Matrimonial Property Act (often a marriage contract) prior to section 1. August 2001, can be challenged under the ARP, so they should be reviewed to ensure that they still achieve what was intended. The court can annul or modify an agreement if it leads to a serious injustice. In making the decision, the tribunal would consider the following: The basic principle is that the disclosure requested must be relevant, tailored and appropriate to the relational assets of the parties, taking into account that the law requires that disputes be resolved in the most cost-effective, easy and timely manner possible. Learn more about sharing properties at the end of the relationship. The resolution of matters relating to the property of the relationship by agreement means that the family court is not involved. Instead, the parties usually agree on their own with the support of their lawyers.
The property cannot be transferred from the trust, but the court may order compensation by adjusting the share of the property in the relationship by paying for it from the other partner`s separate property or, if none of this is sufficient, from escrow income, if applicable. If a partner enters into a new relationship and begins to bundle real estate before the separation of ownership from the previous relationship is completed, ownership of the previous relationship is settled first. First and foremost, it`s up to the couple to decide how to share ownership of their relationship. If they can agree on how they will divide the ownership of the relationship, then they can do so without having to follow the rules of the law on property (relationships) and without having to go to court. Just as assets can be relational assets or separate assets, debts can be classified as relationship debts or personal debts. Responsibility for relationship debts is shared, but personal debts remain the responsibility of the person who entered them. Intangibles are things like an interest in a business partnership, a catch quota, a future benefit in a superannuation system, etc. The effect of this definition is that all real estate belonging to both partners – regardless of when it was acquired (before, during or after the end of a relationship) – must be seen, classified and disclosed to the other partner.
Valuing certain properties – especially intangible assets – can be complex and require the services of a specialist. Since we are lawyers, we cannot support our clients in the processing (e.B. in the transfer of real estate, wills, updating trusts and distributing relational funds / transfer of funds). The court may postpone the division of property to avoid undue hardship to the children. B, for example, if the parent who takes care of the children on a daily basis can maintain the use of the family home until the youngest child has reached a certain age. There are some important principles in New Zealand case law that describe the scope of disclosure and what the parties must provide in a relational property case. An important Supreme Court decision is Dixon v Kingsley [2015] NZHC 2044. A subcontracting agreement can be concluded at any time: at the conclusion of a relationship, during this relationship, or at the end of the relationship. .