Understanding Matrimonial Property Division in New Zealand
When a marriage or de facto relationship ends in New Zealand, one of the most challenging aspects is the division of matrimonial property. Family lawyers NZ play a crucial role in guiding couples through this complex process, ensuring that their rights and interests are protected. In this blog post, we will delve into the intricacies of matrimonial property division under New Zealand family law.
What is Matrimonial Property?
Matrimonial property, also known as relationship property, refers to the assets and debts acquired by either or both partners during the course of their marriage or de facto relationship. This may include the family home, vehicles, furniture, savings, investments, and even superannuation entitlements. Family law solicitors are well-versed in identifying and categorizing matrimonial property, which is essential for a fair and equitable division.
The Property (Relationships) Act 1976
The division of matrimonial property in New Zealand is governed by the Property (Relationships) Act 1976. This legislation provides a framework for the just division of assets and liabilities when a relationship ends. As stated in the Act:
“The purpose of this Act is to reform the law relating to the property of married couples and civil union couples, and of couples who live together in a de facto relationship.”
NZ family lawyers are experts in interpreting and applying the provisions of this Act to ensure that their clients’ rights are upheld in the courtroom.
Equal Sharing Principle
The Property (Relationships) Act 1976 operates on the principle of equal sharing. This means that, in most cases, the matrimonial property is divided equally between the partners, regardless of who purchased the assets or contributed more financially. However, there are exceptions to this rule, such as when the relationship was of short duration (less than three years) or when there are extraordinary circumstances that would make equal sharing repugnant to justice.
Separate Property
Not all property owned by the partners is considered matrimonial property. Separate property, which includes assets acquired before the relationship began, inheritances, and gifts received from third parties, is generally not subject to division. However, if separate property becomes intermingled with matrimonial property or is used for the benefit of the relationship, it may lose its separate status and become subject to division. Family court lawyers can provide legal advice on protecting separate property and ensuring that it remains separate throughout the relationship.
Contracting Out Agreements
Couples have the option to enter into a Contracting Out Agreement, also known as a pre-nuptial agreement or a relationship property agreement. This agreement allows partners to opt-out of the equal sharing principle and determine their own rules for the division of property in the event of a separation or divorce. Family lawyers NZ can assist in drafting and reviewing these agreements to ensure that they are legally binding and enforceable.
Resolving Property Disputes
When couples cannot agree on the division of matrimonial property, they may need to seek the assistance of a family law solicitor or attorney. Legal representation is crucial in these situations, as family lawyers can negotiate on behalf of their clients, work towards a fair settlement, and, if necessary, represent them in court. In some cases, alternative dispute resolution methods, such as mediation or collaborative law, may be appropriate to help couples reach an agreement without the need for lengthy and costly court proceedings.
The Role of Family Lawyers
Family lawyers NZ play a vital role in the matrimonial property division process. They provide expert legal advice, help clients understand their rights and obligations, and work tirelessly to achieve the best possible outcome. When choosing a family court lawyer, it is essential to select a reputable law firm with experience in handling matrimonial property cases, such as NZ family lawyers who specialize in this area of law.
Conclusion
Matrimonial property division is a complex and emotional aspect of family law in New Zealand. By understanding the principles and provisions of the Property (Relationships) Act 1976 and seeking the guidance of experienced family lawyers NZ, couples can navigate this challenging process and work towards a fair and equitable division of their assets and liabilities. With the right legal representation and support, couples can move forward with their lives and start a new chapter after the end of their relationship.
No solicitor-client relationship is created by this article. The author and owner shall not be liable for your reliance on the information contained in this article. Readers should obtain their own independent legal advice.
