Prenuptial agreements have been permitted in New Zealand since enactment of the Matrimonial Property Act 1976. Section 21 of the Property (Relationships) Act 1976 expressly authorises that a husband and wife, civil union partners, de facto partners, or two persons in contemplation of entering into a marriage, civil union or de facto relationship may contract out of the provisions of the Act.
About this document
This is to avoid the presumption of equal sharing of property that arises when the relationship ends. Section 21 of the Property (Relationships) Act 1976 provides that a husband and wife, civil union partners, de facto partners, or two persons in contemplation of entering into a marriage, civil union or de facto relationship may contract out of the provisions of the Act.
It provides that all property owned by each party prior to the agreement shall remain the property of that party in the event of separation and sets out what should happen to property acquired jointly after the relationship. It also includes provision for other important matters such as children, other assets and the matrimonial home. It states that neither party shall make any financial claim upon the other in the event of separation or divorce. This agreement also assists with asset, estate or tax planning.
The special requirements that must be met for contracting out agreement to be valid as follow:
• must be in writing;
• both parties must receive independent legal advice;
• signatures need to be certified by a lawyer;
• the lawyer must certify that, before that party signed the agreement, the lawyer explained to that party the effect and implications of the agreement.
Net Lawman suggests that an agreement contracting out of the provisions of the Act needs to be revisited on a regular basis.
Contents
How to deal with property before the relationship;
Property purchased post marriage/relationship;
Consequences on death;
The method by which the relationship property is to be divided;
Capital calculations;
Marital home;
Children, maintenance and living rights;
Other expenses and costs;
No claims can be made on the other;
Other usual legal provisions to protect your interests;
Explanatory notes to guide you step-by-step
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Explanatory notes:
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Draftsman
This document is drawn and maintained by Net Lawman. It is real law in plain English.
