Protecting your assets
New relationships are exciting, but as the butterflies start to fade it's important you and your partner think about your assets from a relationship property point of view. Relationship property law generally provides for assets to be shared equally on separation, and this includes the family home. If you don't want this law to apply to you, it's important that you have a binding contracting out agreement (or prenuptial agreement, as they're otherwise called).
First home buyers
As house prices in Auckland continue to rise, it is becoming more and more common for young people to receive financial assistance from their parents. If you're buying a house with a partner you may need to protect a gift or loan from parents through a prenuptial agreement. The same applies to a couple who are contributing different amounts to the purchase and wish for their contribution to remain their separate property. If you're in a new relationship, talk to your family lawyer about the protection of a contracting out agreement.
As you know, it can take years or even a lifetime to accumulate your most precious assets and if you've been through a separation once, chances are you want to be protected second time around and especially if you have children from that previous relationship. Our experienced team will work closely with you to develop a contracting out agreement that's tailored to you and your particular family situation.
Property sharing, or co-ownership agreements
Another trend with rising house prices is buying a house with a sibling, friend or family trust. If you're thinking about this, it's important that all parties understand how the shared ownership will work from the outset. Property sharing agreements are a simple, effective way to ensure you and the other property owner are on the same page. They record details such as who will pay the mortgage, what happens when one party wants to sell and at what value, and what happens if one party dies. If you're buying a house with someone else, talk to us about a property sharing agreement.
We’re here to help
Contact us to see how we can help you with your contracting out agreement (confidentially, of course).