Understanding Relationship Property.

CRAFTED LEGAL ADVICE FOR PEACE OF MIND.

The protection of assets that we have all worked so hard to acquire is an important consideration for most people.

Income, property, Kiwisaver, intermingled inheritances and gifts from third parties are all considered relationship property when in a de facto relationship — unless both parties have entered into a Contracting Out Agreement. Without one, relationship property would be shared equally upon separation, or even the death of one party, regardless of what anyone’s will said.

Know when your relationship is considered a de facto relationship under New Zealand legislation and protect your assets with a Contracting Out Agreement. Contact Tammy McLeod or one of her team for specialist advice.

the families – they had seen this happen in friend’s families.

The lawyer recommended that they made sure that whoever they appointed as the executors of their wills and trustees of their trusts were appropriate people who wouldn’t be conflicted between the survivor of them and respective children. She gave them good advice around using professionals and making sure there was a balance of interests. They talked about structures that would give each of them security but would also ensure that their kids were ok too.

Blended families can provide situations that require quite complex asset protection structures. The key is to be like Barb and Roger and seek advice early. The longer you leave it, the more difficult it is to have the conversations and the more likely it is that children and others get involved and over-complicate the situation. There can be quite simple solutions to complex situations, but it pays to get advice from a specialist as to the best structure.

Tammy McLeod, Trust Law specialist, Managing Director, Davenports Law.