About this document
A separation agreement is a written agreement entered into by a couple (whether married or not) who wish to record the agreement that they have reached in relation to their finances.
Who will use this document?
- a married couple wanting to separate but not necessarily divorce yet;
- a married couple wanting to divorce soon but also wanting the security provided by this legal agreement;
- an unmarried couple wanting to ensure a clean break;
Why record the deal?
There is no requirement to formally record the agreement you and your former partner reach. However, where a financial agreement has been reached it can give both of you a degree of protection and confidence if that agreement is recorded in a legal document.
These agreements will usually be upheld by the courts but may be set aside if there have been significant changes in you or your partners circumstances. Of course the divorce procedure can take some time, so if you require a degree of certainty whilst the divorce is being settled, this document will provide just that. Similarly, if you don’t want to get a divorce, this document will provide the legal framework in which you separate.
NZ-FAM016 contains the following provisions:
- details of the parties, including the separation date;
- details of any children, if applicable;
- arrangements for the disposal of the house by sale; or
- an option for one party to keep the matrimonial home and be bought out by the other;
- payment of outgoings such as bills and other expenses – who will pay;
- division of other possessions and household property;
- assignment of insurance policies;
- maintenance payments for the spouse and any children;
- lump sum payments;
- conclusion of joint accounts ;
- option for the parties to agree to petition for a divorce after two years separation;
- other legal provisions;
- guidance notes in plain English of course.
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