Relationship Property
Sometimes known as “matrimonial property”, the law relating to relationship property underwent a serious change in New Zealand a few years ago. The result is that anyone who has been in a relationship, heterosexual or same sex, has certain property rights created by the Relationships (Property) Act.
There are two stages when we are likely to be involved. Firstly, when a relationship starts, may people wish to record their property rights and possibly contract out of the sharing provisions in the Act. Whilst this is often done at the commencement of a relationship, it can be done at any time during the relationship. Our advice is that persons with assets, in particular property, should carefully consider their position when a relationship commences and discuss with us, the options for entering into an agreement with their partner.
It is important to ensure that your wills reflect what is in the agreement, as there could be a serious conflict in the event of death, if a will does not provide for the provisions of the property agreement.
The second stage is when a relationship breaks up. It is important to get the correct advice before entering into negotiations as to how property is divided, contact us first!
The first point of contact at Law North in relation to relationship property is Dennis McBrearty.