A Brief Guide to Understanding the Property Relationships Act
The Property Relationships Act is a law that governs how property owned by couples is divided in the event of a separation or dissolution of a relationship. This law applies to both married and de facto couples, and it aims to ensure that each party gets a fair share of the property that was accumulated during the relationship. In this article, we will provide a brief guide to understanding the Property Relationships Act and how it applies in New Zealand.
What Is Covered Under the Act?
The main purpose of the Property Relationships Act is to determine the division of property between the parties who have separated. Property that is covered under this law includes all property that the couple acquired during their relationship, regardless of whose name it is in. This includes assets such as the family home, furnishings, vehicles, savings, investments, and businesses.
It is important to note that the act only applies to property that was acquired during the relationship, and not to property that was owned by either party before the relationship began. Additionally, the act only applies to couples who have been in a relationship for at least three years, or who have a child together, or who have registered their relationship under the same laws that apply to marriage.
How Is Property Divided Under the Act?
The Property Relationships Act presumes that both parties have made equal contributions to the property that was accumulated during the relationship. This means that each party is entitled to an equal share of the property, unless there are reasons to suggest that one party made a larger contribution than the other. In such cases, the division of property may not be equal, and a court may need to make a decision about the best way to divide the property.
When dividing property, the court will consider a number of factors, such as the length of the relationship, the contributions made by each party, the needs and resources of each party, and any other relevant factors. The goal is to ensure that the division of property is fair and reasonable for both parties.
What Are Your Rights Under the Act?
If you are in a relationship that is covered by the Property Relationships Act, you have certain rights under this law. You have the right to know what property is involved and to be involved in the decision-making process regarding the division of that property. You also have the right to seek legal advice and to have representation during any legal proceedings.
It is important to note that the Property Relationships Act may not apply to all situations, and that there may be exceptions or special circumstances that need to be considered on a case-by-case basis. If you are unsure about your rights under this law, it is recommended that you seek legal advice from a qualified legal professional.
Conclusion
Understanding the Property Relationships Act is important for anyone in a relationship that may be subject to this law. This law aims to ensure that each party gets a fair share of the property that was accumulated during the relationship, and it provides a framework for the division of property in the event of a separation or dissolution of a relationship. If you have any questions or concerns about the Property Relationships Act, it is recommended that you seek legal advice from a qualified legal professional.
