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Question Details: ?
Filed under Family Law | 1636 View(s)
Community Law Wellington & Hutt Valley
Unfortunately we are unable to give specific advice about property relationship agreements. To consider the advantages and disadvantages in your situation you really need to talk to a specialist lawyer who can get full information about your situation. You can search online for a relationship property lawyer near you: www.familylaw.org.nz
However, more generally, a contracting-out agreement (or, as it is more commonly known, a "pre-nup", or division by agreement) is the only legally binding way of dividing property if a relationship ends, other than going to court and having court orders made.
If the couple cannot agree about how they will divide the relationship property, then they will need to use the law to decide this. The general rule under the Property (Relationships) Act 1976 is that, if the relationship has lasted at least three years, relationship property is divided equally between the couple. It's more complicated than that though, and you can start to find out more about that by reading the info on the website we link to below.
There are important requirements to make an agreement valid:
- The agreement must be in writing and signed by both partners.
- Each partner must get independent legal advice before signing the agreement. This means that you need to get advice from separate lawyers.
- The signature of each partner must be witnessed by his or her independent lawyer.
- The lawyer who witnesses the signature must certify that, before their client signed the agreement, the lawyer explained the effect of the agreement.
These requirements are designed to protect the parties entering into a contracting out agreement, because an agreement has the same effect as a court order and cannot be easily changed or cancelled.
More general information about contracting out agreements (and relationship property law more generally) can be found here: www.communitylaw.org.nz
Answered 29 May 2012. The IMPORTANT NOTICE below is part of this answer.
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