- April 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Legal Threshold for Asset Splitting in Less than 3 Years of Relationship
What is the legal threshold to have your assets and cash split with your live-in partner in less than 3 years of relationship? There are no kids involved, no marriage or civil union, we both work full time.
As per New Zealand law, the Property (Relationships) Act 1976 governs the division of property upon the breakdown of a relationship. Generally, assets acquired during the relationship are subject to equal sharing, regardless of the duration of the relationship. However, in the absence of marriage or a civil union, the threshold for applying relationship property rules in a less than 3-year relationship may vary.
## Trust Issues and the Need for Legal Protection
I wholeheartedly trust her to not be in this relationship for financial gain from any relationship breakdown (I don’t have a huge amount) but my folks just want me to put down some legal protection because of some assets and cash gift they’ve given me.
The AI Legalese Decoder can help in understanding the legal terminology and implications of setting up a relationship property agreement to protect your assets and cash gifts. By utilizing this tool, you can ensure that your legal protection aligns with your wishes and safeguards your interests in the event of a relationship breakdown.
## Possibility of Relationship Property Rules Applying
In such circumstances with no kids involved, is there any possibility of relationship property rules applying if the relationship breaks down in less than 3 years? Has anyone got experience in setting up a relationship property agreement?
With the help of AI Legalese Decoder, you can explore the provisions of the Property (Relationships) Act 1976 and determine the potential application of relationship property rules in your specific situation. Additionally, the tool can provide insights into the process of setting up a relationship property agreement and guide you through the necessary steps to protect your assets and financial interests.
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Get a contracting out agreement. And sign it. Don’t just get it drafted and then not have the conversation.
The feelings people have going into a relationship are not going to be the same when it ends. If you break up in five years and can’t stand the sight of each other at that time, having an agreement already worked out could make it so you can part ways with the minimum of fuss.
Community law has a good write up here, generally gifts to one person aren’t relationship property, but if they get used towards joint spending then can become part of it e.g. to purchase property.
https://communitylaw.org.nz/community-law-manual/chapter-12-relationships-and-break-ups/dividing-your-property-when-you-split-up-relationship-property/
What I would do:
Consult a family law specialist.
Identify all assets.
Talk to partner about agreement.
Create agreement with lawyer.
Both parties get legal advice.
Sign agreement once satisfied.
Periodically review and update
As for the relationship property applying, given your situation, where there are no children involved and the relationship has not yet reached the three-year mark, it is highly unlikely that relationship property rules would apply.
Alternative option: consider having your parents lend instead of gift the money/items. Will need to make sure you sign a loan agreement.
Disclaimer- get your own legal advice.
You (both) need a contracting out / property agreement. That 2 years soon becomes 3, 4, 5 etc. Deal with it now. Helps to have guidelines in place. Advice applies regardless of gender. Can be reviewed and changed in future by agreement as relationship evolves.
How much money are we talking about? Is this $10,000, is it $100,000, or $500,000?
“do not have a huge amount”… Perfect – I would focus on growing together VS wasting time and effort to protect stuff.
https://www.divorcecafe.co.nz/
This podcast was recommended to me by a friend who was going through a breakup. Has some really useful information. Worth a listen.
Even raising the subject could change your relationship for the worst because it is declaring it might not last. Think carefully but you could talk it through carefully starting with my family have raised this question because some of my money came from them, if an agreement was in place it would address their concerns but I’m not sure I want to pursue it at any cost right now because my relationship with you is more important … can you have a think and we can perhaps set time aside to work out what to do next?
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To get a legally valid contracting out agreement you would likely need to spend a few thousand minimum including an independent lawyer for her. Is it worth spending that amount to protect your assets.
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