Are you starting a new relationship and bringing assets into that relationship which you want to protect? Are you and your spouse separating and in need of assistance in dividing your property? What is the Property (Relationships) Act 1976 (PRA) and does it affect you?
Relationship property is the assets and debts which under the PRA are classified as being part of the relationship not separate property.
The PRA presumes that each partner contributes equally to their relationship, even though that may be in different ways, and it aims to provide a just division (almost always equal) of the relationship property when the relationship ends, taking into account the interests of any children involved.
The family home and chattels (furniture, fittings, household equipment, appliances, vehicles, boats etc) are always relationship property no matter whose name they are in or how they were acquired. All income earned and property bought after the relationship began is also relationship property.
Other assets may be relationship property if they have been used, obtained or bought with other relationship property. These could include KiwiSaver and life insurance; gifts and inheritances (if intermingled with relationship property); property owned by you and your partner; and property bought by you and your partner using funds from separate property.
Who does the PRA apply to?
The PRA applies to you and your partner if you are a:
If you think your relationship could be classified as de facto and you do not want this law to apply to you, then you will need to contract out of it. We can guide you through this and prepare a ‘Contracting Out’ agreement for you.
We have someone who can assist you with all areas of separation and relationship property including division of property, spousal maintenance, dealing with trust assets and company shares, and surrendering superannuation policies. Our experienced staff will guide you through the process with compassion and help make it as smooth as possible for you, all the while achieving top results. Our team all are excellent negotiators and litigators and can service all of your relationship property needs.
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