Seek Clarity – Talk to a Relationship Property Lawyers in Albany
Relationship property lawyers in Albany are busy people. As the general public becomes more acquainted with eh concept of relationship property, they seek to protect themselves, their assets, and hopefully reduce any angst if there is a separation from their partner. Below we look at some of the reasons people hire a relationship property lawyer, and the benefits that can result.
Why Hire Relationship Property Lawyers in Albany
The failure of relationships, whether a marriage, civil union, or de facto, is a common issue in New Zealand. For the last fifty years, it has been recognised that both sides have an equal share of joint or matrimonial property. This principle was established by the Property (Relationships) Act 1976, if the two parties have been together for at least three years.
However, as in most aspects of like, a relatively simple intent is fraught with challenges. In the first instance relationship property lawyers in Albany will help their clients understand their rights and obligations. Often one side will try to oppress the other and intimidate them into accepting a lesser proportion of the relationship property. Your lawyer will explain how you are entitled to a legally fair share, despite what the other side may say to you.
The lawyer will also explain what qualifies as relationship property, as some asset values might legally be excluded.
Common assets will include the family home, savings, KiwiSaver accounts, trusts, inheritances. Businesses and debts are also included. These often surprise people. For example, a sole-trader electrician might think that he is the owner of the business, but generally, the spouse also has a legal interest. For bigger firms, that issue can become a big problem for the shareholder, and their interaction with other shareholders. That is a different topic and comes under the subject of Shareholder Agreements.
Classifying Relationship Property
While the aim of the Act is simple, quite quickly, the identification of the relevant assets can become a legal tangle. For example, if a house was owned prior to the relationship starting, the initial owner is entitled to more than fifty percent of the value. The matrimonial property aspect relates to the change in value during the life of the relationship.
This situation could become even more complex if the other side contributed funds to a major renovation for example.
One part might also have hidden bank or savings accounts. One of the lawyer’s tasks is to track down any and all accounts so that they assets, or debts, can be put into the joint asset pot.
Dividing Relationship Property
In short, the Act says that all relevant property must be split equally. However, this means that total value. One side may want to keep the house, often the mother if there are children involved. To do that, she may have to forgo some cash or savings that they other side will take in exchange for that value of the house.
The lawyers for both sides will negotiate with their client to reach a fair and equitable agreement around the division of the total value asset pool. Once verbal agreement ahs been reached, they will prepare separation or settlement agreements stating what asset and its value will be allocated to either party.
The lawyers will then carry out the legal transfer of those assets, such as a Sale and Purchase Agreement moving the home from joint ownership to the person staying in the residence.
Asset Protection
Another aspect of a relationship property lawyer’s role is helping clients to protect their assets. This is colloquially known as a pre-nup, but more correctly as an opting-out or a contracting-out agreement, and also a Section 21.
The two sides agree, while they are still in the relationship, what and how to divide their assets if they do separate. This can be useful if they live in a house owned by one side before they moved in together.
Also, one side might be bringing certain items to the relationship such as an heirloom, or a piece of art. One side might also have a disproportionate net wealth compared to the other. In this case, the wealthier one, might want to limit their financial exposure in case of a separation.
Both sides need to seek independent legal advice to ensure that they are not being railroaded by the other. Their lawyer will see that they are not being disadvantaged by such an agreement.
The documents must meet strict legal requirements to be enforceable, so careful drafting is essential.
Other Activities
Albany relationship property lawyers do more than prepare court documents for Family Court hearings.
Often, they will help clients resolve disputes through negotiation, mediation, or collaborative processes rather than litigation. This can save time, cost, and stress, which is especially important when separation already involves emotional pressure and uncertainty about the future.
Seeing a lawyer early in the separation can secure a home, preserve relevant documents, and make informed decisions before positions become entrenched. These can be managed while the longer-term decisions are being worked out.
Summary
Relationship property lawyers in Albany are there to help during stressful and emotionally challenging times. They will explain your rights, and obligations, which is often something that is needed.
A good lawyer will also help identify the total joint assets and explain how and what can be divided.
The lawyer can help whether ii is a simple agreed division or a complex dispute over trusts, business interests, or inherited assets. Having a good lawyer working for you is essential. McVeagh Fleming has a number of qualified lawyers ready to help. You can find out more from their website.