Relationships are a journey that we cannot determine. There will be so many twists and turns. People will change, the path itself can change and divide into separate paths. That is why we cannot determine whether the relationship is a long haul one even though it seemed so at first. During such occasions there will be so many things that you will have to deal with. One such thing is the division of property. Without a basic idea about how this works you cannot choose certain properties as yours nor can you determine what is yours. To help you out we have put together this article.
The Act’s principles
If your marriage ends up through separation or death then you will be effected by the Property Relationships act. This act only applies if the couple has been in a relationship for at least three years. If the relationship lasted less than 3 years there are certain things that needs to be taken in to consideration for this specific act for be applicable to you. To know more regarding this matter it is advised to see relationship property lawyer in Newmarket. Apart from all these this specific act is based on certain principles. This includes; both parties are equal, both financial and non-financial contributions are considered equally, both economic advantages and disadvantages incurred to any party as a result of the relationship are taken into consideration when dividing the property.
What exactly is a relationship property? Well, it is generally considered as the property which gets divided during the ending of a relationship. This includes many properties including the family home, chattels, any property commonly used by both, property owned by both in joint terms, income earned during the relationship and so much more. Also, this is not limited to advantages. This specific law regards the debts that have been taken during the relationship. That way you are guaranteed to get a fair share. It is always better to seek guidance or advices from a property solicitor Auckland or a lawyer specialized in this area. That way you wont be having any disputes or disagreements. Relying on advices from the friends and others is never a good idea. Legal advice from a professional is always requested.
This brief introduction to relationship property will help resolve some issues that can occur with the ending of a relationship. It is always better to have information gathered before you take any actions.