Relationship Property Agreements Nz

It provides for the regime for the classification and division of ownership at the end of the couple`s relationship, either by separation or by death. It automatically regulates property rights between the parties to a UNLESS relationship they have entered into the PRA. The PRA is implementing an opt-out regime. If you think your relationship could be de facto and you don`t want this law to apply to you, you have to stand out. If a person is in more than one qualifying relationship at the same time, the property is shared according to the property that belongs to any relationship; If it is not clear, the contribution of each report to the acquisition of the property is taken into account. However, if people who live together and share costs develop a sexual relationship, they can de facto be considered de facto. An adjustment of the same common use can also be made if a partner`s gross fault has affected the amount or value of the relational property. And compensation may be granted if a partner has increased the value of the relational property after separation or has voluntarily reduced it. As a general rule, each partner retains its own property separately. Parents can lend property to their children when they go to flatting. It is a good idea to register these agreements in writing to prevent them from being involved in future PRA claims. It is particularly important that people who have deliberately chosen not to marry or enter into a civil union to discuss with their lawyers the impact of this law on these rules.

Those who have entered into property protection agreements (perhaps to preserve it for children from previous relationships) or who have created family foundations should also consider the impact that the PRA could have on these agreements. A relationship breakdown can be a difficult time. A relational ownership agreement in which you agree with your former partner on property sharing is a useful step towards completing all business. The law requires that all of these agreements be written down and that each party be given independent legal advice. In addition, lawyers must sign the document to confirm that they have given this deliberation. Normally, a relationship must have lasted at least three years for the PRA`s equality-sharing regime to apply. However, shorter relationships (in which there are children or a partner who has made a substantial contribution) can sometimes be considered if they were fair. If the application of relational ownership or the direct or indirect actions of the other partner contribute to the increase in the value of the separate property, this value can be considered a relational property. Indirect measures could, for example, include the care of children, while a partner works to increase the value of his own property. The law deals mainly with the distribution of ownership of married couples, married couples and couples who have lived in a de facto relationship when they separate or one of them dies: with regard to the property acquired from a separate property, the proceeds of the transfer of separated property, the increase in the value of the separated estate , income or profits from separated assets. , and if the separate property becomes relational property, see sections 8 to 10 of the law.