Post Nuptial Agreement NZ: Protecting Your Assets
A post nuptial agreement (PNA) is a legal agreement made between two spouses after they are married. This agreement outlines how their property and assets will be divided in the event of a divorce or separation. While not as common as prenuptial agreements, post nuptial agreements can provide a level of protection for both parties in the event of a marriage breakdown.
In New Zealand, the Property (Relationships) Act 1976 governs how property and assets are divided between spouses in the event of separation or divorce. However, some couples may wish to have a PNA in place to protect their interests.
Why Consider a Post Nuptial Agreement?
There are several reasons why a couple may consider a PNA:
1. Protecting Assets: A PNA can help protect assets acquired during the marriage, such as property, investments, and business interests.
2. Clarifying Property Rights: A PNA can clarify ownership of property and assets, particularly if one or both parties bring significant personal wealth into the marriage.
3. Avoiding Litigation: A PNA can help avoid costly legal battles in the event of a divorce or separation.
4. Combining Prenups: If a couple did not sign a prenuptial agreement before getting married, they can still create a PNA to provide similar protections.
What Can Be Included in a Post Nuptial Agreement?
PNAs can be customized to fit the specific needs and concerns of the couple. However, there are some common items that are typically included:
1. Property Division: PNAs typically include provisions for property division, including real estate, vehicles, and personal belongings.
2. Debt Allocation: PNAs can also address how debts accumulated during the marriage will be allocated.
3. Inheritance: PNAs can specify how inheritance will be divided in the event of separation or divorce.
4. Spousal Support: PNAs can outline the amount and duration of any spousal support payments if a divorce or separation occurs.
5. Execution: PNAs must be signed and witnessed to be legally binding.
It`s important to note that a PNA cannot be used to waive child support obligations or restrict child custody arrangements.
How to Obtain a Post Nuptial Agreement
Before creating a PNA, it`s important to first discuss the idea with your spouse. Both parties must enter into the agreement voluntarily and with a clear understanding of its implications.
Once agreed upon, each party should seek independent legal advice to ensure the agreement is fair and reasonable. This will help ensure the PNA holds up in court if challenged.
Final Thoughts
While a post nuptial agreement may not be for everyone, it can provide a level of protection and security for couples who wish to safeguard their assets and property. If you are considering a PNA, it`s important to work with an experienced family law attorney to ensure the agreement is properly drafted and executed.