• Home
  • Services
    • Employment Law
    • Corporate & Commercial Law
      • Business or Share Sale & Purchase
      • Business Finance
      • Joint Ventures & Co-Ownership Agreements
      • Commercial (Contracts, Policies & Terms)
      • Corporate Restructuring
      • Privacy
      • Technology & IP
    • Property Law
      • Commercial Conveyancing
      • Residential Conveyancing
      • Residential Property Financing
      • Subdivisions & Land Developments
    • Trusts & Succession
      • Trust Establishment
      • Trusts Administration
      • Wills
      • Powers of Attorney
    • Family Law
      • Legal Aid & Family Legal Aid Advice Service
      • Adoption
      • Family Violence
      • Caring of Children
      • Relationship Property Agreements
    • Immigration Law
      • Visa Applications
    • Estates
      • Estates Administration
      • Advising Beneficiaries
      • Estates Litigation & Claims
    • Elder Law
      • Retirement Villages
      • Reverse Equity Mortgages
      • PPPR Applications
    • Insolvency & Debt Recovery
      • Corporate Insolvency
      • Debt Recovery
  • Meet The Team
    • Our Team
    • Join The Team
      • Current Vacancies
  • Resources
  • Payment
  • Blog
  • Contact
Proposed Changes To Trust Law
March 18, 2014
Make Sure You’re Not Buying a ‘P House’
June 10, 2014

Relationship Breakdown And The Equal Division Of Assets

June 10, 2014
Categories
  • Family Law
Tags

The Property (Relationships) Act 1976 (‘PRA’) makes the assumption that all relationship property will be divided equally on the breakdown of any relationship (whether you are married, in a de facto relationship or a civil union) that has lasted for 3 years or more. If you are in, or about to enter into, a relationship and you have significant assets that you wish to clearly protect as separate property in the event that the relationship breaks down, then you will need to enter into a Property (Relationships) Act Contracting Out Agreement (‘Contracting Out Agreement’).

The sorts of assets that you should consider protecting include:

  • An existing business that you own.
  • Significant inheritances that you expect to receive in the future.
  • Significant cash assets that you bring to the relationship.
  • An existing house that you own.

The PRA has strict requirements in respect of Contracting Out Agreements and, if these are not met, then the agreement will be deemed invalid and unenforceable. In particular:

  • A Contracting Out Agreement must be in writing and signed by both parties.
  • Each party must be properly advised independently by a lawyer as to the nature & effect of the agreement before they enter into it.
  • Each signature must be witnessed by the lawyer advising them.
  • The lawyer advising each party must certify on the agreement that they have given the necessary independent legal advice.

Related posts

Relationship Property
July 5, 2017

Hope for the Best, Prepare for the Worst – Understanding Relationship Property 


Read more
July 7, 2016

Flatmate or De Facto Partner?


Read more
December 7, 2015

Trusts & Relationship Property – What Does Clayton v Clayton Mean For Me?


Read more
Wakefields Lawyers

CONTACT US

04 970 3600
info@wakefieldslaw.com

FOLLOW US

BLOG SIGN UP

  • This field is for validation purposes and should be left unchanged.

MENU

  • Privacy Policy
  • Website Terms of Use
  • Terms of Engagement
© 2022 Wakefields Lawyers Limited. All Rights Reserved. Wellington SEO by Media Giant.
  • Home
  • Services
  • Meet The Team
  • Resources
  • Payment
  • Blog
  • Contact