Getting together with a new partner is an exciting time but worrying about what will happen to your hard-earned assets if you split up can really put a strain on a new relationship. Signing a Relationship Property Agreement “RPA” (also known as a Pre-nup or Contracting Out Agreement) allows you and your partner to agree on your own arrangement about how relationship property is divided if you split up or die easing anxiety and uncertainty about the future.
Here are five reasons you may need an RPA:
1. You are married or in a de facto relationship of 3 years or more, or you are considering moving in with a partner. The Property (Relationships) Act 1976 will apply to your relationship meaning the family home and any other assets and income acquired during your relationship will be split in accordance with the Act which is generally 50/50.
2. You have children from a previous relationship and you want to ensure they benefit from your estate once you have passed away.
3. You are due to receive a large inheritance or gift. For example, your parents are gifting you money to buy a house and you want to ensure your partner doesn’t get half if you split up.
4. You want to ensure you are not responsible for debts incurred by your partner during the relationship.
5. You are buying a property with your partner. You may be using an existing property as security or contributing more to the purchase than your partner.
RPA’s are not “one size fits all” and can be tailored to your wishes. Both partners will require independent advice from a solicitor before signing the agreement to make it legally binding. Our family lawyers at Dawsons Lawyers offer a free 20 minute consultation either by phone, video call or in person.
RPA’s are not “one size fits all” and can be tailored to your wishes. Both partners will require independent advice from a solicitor before signing the agreement to make it legally binding. Our family lawyers at Dawsons Lawyers offer a free 20 minute consultation either by phone, video call or in person.
Call us or book online if you’d like to find out more about Relationship Property Agreements.
Claire Endean
Director of Dawsons Lawyers
dawsonslawyers.co.nz
09 272 0002
