Postnuptial Agreements in NZ: What You Need to Know
Postnuptial agreements, commonly known as postnups, are legal agreements between spouses made after they are married. These agreements outline what will happen to their assets, finances and other relevant matters in the event of separation or divorce. In New Zealand, postnups are recognized as binding legal documents as long as specific legal requirements are met.
Why Consider a Postnup Agreement?
Postnups are becoming increasingly popular in New Zealand. They are often used for asset protection and to provide clarity and certainty for couples concerning the division of their property in the event of a relationship breakdown. It’s important to note that postnuptial agreements are not just for wealthy couples. They’re a valid consideration for any couple who want to protect their assets and finances in case of separation.
What Can Be Included in a Postnup Agreement?
Postnuptial agreements are highly customizable and can include a wide range of factors, such as:
– Division of assets, property, and debts in case of divorce or separation.
– Provisions for spousal support.
– Protection of individual assets brought into the marriage.
– Provision for inheritances and gifts.
– The granting or waiving of rights to specific properties.
– Division of personal and business finances.
– Child custody arrangements and parenting time.
These agreements can be as detailed or high-level as the spouses prefer. However, it`s important to ensure that all aspects of the agreement are in line with relevant New Zealand laws.
Legal Requirements for Postnups in NZ
In New Zealand, certain legal requirements must be met for postnups to be considered valid and binding. These requirements include:
– The agreement must be in writing.
– Both spouses must obtain independent legal advice before signing.
– The agreement must be signed by both spouses in the presence of their lawyers.
– Both spouses must sign the agreement without pressure or duress from the other.
– The agreement must be registered with the New Zealand Land Registry.
It`s important to note that postnups can be challenged in court if they’re deemed unfair or unjust. For this reason, it’s imperative that the agreement is drafted and executed with the utmost care and attention to detail.
Conclusion
Postnuptial agreements are a valuable tool for spouses who want to protect their assets and finances in case of separation or divorce. Consulting with experienced family lawyers is critical to draft the agreement that meets legal requirements and provides each spouse with a fair outcome. Contact a qualified family lawyer in New Zealand to discuss if a postnuptial agreement is right for you.