There are times when certain problems can arise. During such situations not know what the particular rights are, what to do and how to act upon it is a huge disadvantage and an issue. That is why it is absolutely necessary to have a brief idea about the possibilities. One huge issue that can arise is separation, divorce or death. During such a devastating time you will have to deal with so many things including the division of property. If you are unaware of the law and what to do you might end up in a huge disadvantage. Fortunately, we have put together this article to help you understand about this particular law.
The law that deals with these kinds of issues is referred to as the Property Relationships Act. This usually decides how the property decides when two partners separate through divorce or through death. Generally, for this law to be applicable you and your spouse must have been in a relationship for more than 3 years. This law will, of course, depend from couple to couple. Also, this specific law includes the family home, vehicles, income earned during the marriage and more. In order to get further information regarding this specific law and other information it is necessary to see experienced relationship property lawyers.
These are the form of agreements entered to before a relationship or during one. This has become very popular as prenup agreements can be used to settle out so many disputes that can occur. Generally, couples who do not want the equal sharing of provisions of the specific act to apply enters in to these prenup agreements. This form of agreements separate the property. That way if your relationship is to end you wont have to deal with ugly disputes when it comes to the separation of the property. Your assets will remain with you.
This is the part of the law which applies if your partner dies. During such a situation you will be able to take a share of the deceased partner’s property in accordance to his/her will. But, one thing that needs to be kept in mind is that if you have a will you need to review it regularly as certain events can change the will. It is always better to seek advices from family lawyers Auckland when dealing with wills.
Mentioned above are some common and typical forms of agreements that you will come across.