Relationship Property
Whether you are going through a separation, or starting a new relationship, it is important to know your rights when it comes to protecting and fairly dividing your relationship property.
Auckland Relationship Property Lawyers
We assist clients in protecting assets at both the beginning of a relationship and dividing relationship property after a separation.
Beginning A Relationship:
Contracting Out or Prenuptial Agreements (Section 21 PRA)
In New Zealand, a Section 21 relationship property agreement refers to a legal agreement made under the Property (Relationships) Act 1976. This section allows couples to enter into an agreement regarding the division of their relationship property, which can include assets, liabilities, and income, in the event of a separation or dissolution of their relationship.
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Purpose: The main aim is to determine how property will be divided between partners if the relationship ends. This can help avoid disputes and provide clarity.
Written Agreement: A Section 21 agreement must be in writing and signed by both parties. It clearly outlines the terms and conditions regarding the division of property.
Legal Advice: It is highly recommended that both parties seek independent legal advice before signing the agreement. This ensures that each party fully understands their rights and the implications of the agreement.
Binding Nature: Once executed, the agreement is generally binding, meaning that the parties are expected to adhere to its terms unless both parties mutually agree to amend it in the future.
Flexibility: Couples can tailor the agreement to suit their specific circumstances, including how to handle property acquired during the relationship, gifts, inheritances, and debts.
Court Enforcement: A Section 21 agreement can be enforced in court, providing legal protection for both parties if disputes arise regarding the division of property.
Pre-Relationship and During Relationship: These agreements can be made before entering a relationship (pre-nuptial agreements) or during the relationship, allowing couples to adapt to changing circumstances.
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Having a Section 21 relationship property agreement can provide peace of mind for couples, especially those with significant assets or complex financial situations. It helps clarify expectations and responsibilities, which can be particularly valuable in the event of a separation.
If you are considering entering into a Section 21 agreement, consulting with a lawyer who specializes in family law is advisable to ensure that the agreement is fair, enforceable, and meets your needs.
Separation Agreements:
Key Features of a Section 21A Relationship Property Agreement:
In New Zealand, a Section 21A relationship property agreement refers to a legal agreement made under the Property (Relationships) Act 1976. This section specifically deals with the separation of relationship property and helps to clarify the rights and obligations of each partner in the event of a relationship breakdown.
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Purpose: The agreement allows couples to define how their property will be divided in the event of separation or the dissolution of the relationship. This can include assets, debts, and other financial matters.
Written Agreement: It must be in writing and signed by both parties. It’s essential that both individuals fully understand the implications of the agreement.
Legal Advice: It is recommended that both parties seek independent legal advice before entering into a Section 21A agreement. This helps ensure that both individuals are aware of their rights and the legal implications of the agreement.
Binding Nature: Once executed, a Section 21A agreement can be binding, meaning that the parties are generally expected to adhere to its terms unless they mutually agree to modify it later.
Flexibility: While it can provide a clear framework for asset division, the agreement can also include provisions for future changes in circumstances or additional agreements as the relationship evolves.
Court Enforcement: If disputes arise in the future regarding relationship property, having a Section 21A agreement can help to enforce the agreed terms in court.
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A Section 21A relationship property agreement is important for couples, especially those with significant assets or complex financial situations, as it provides clarity and can help prevent disputes down the line.
If you're considering entering into such an agreement, it’s recommended that you consult with a lawyer who specializes in family law to ensure the agreement meets your needs and is enforceable.
Relationship Property Disputes
While it is usually preferable to resolve relationship property disputes outside of court, Brintyn Smith Barrister has the expertise to effectively mediate or litigate when necessary. We assist our clients in achieving fair and equitable settlements at the end of a relationship while safeguarding their rights as they enter new ones.
Litigation in the Family Court can be costly, so we strive to provide cost-effective and pragmatic solutions whenever possible.
CLIENTS
Brintyn is a very caring, empathetic, hard working and highly professional lawyer who has supported me through challenging circumstances. He gave excellent, thorough advice, and worked tirelessly to get the best outcome for my situation. Highly recommended.
Susan H
