Separation Agreements Nz

Separation Agreements in NZ: What You Need to Know

Separation can be a difficult and emotional time for any couple. But when it comes to the legalities, it`s important to know what steps to take to protect yourself and your interests. One of the most important steps is a separation agreement.

What is a Separation Agreement?

A separation agreement is a legal document that outlines the terms of separation between two parties. It covers all aspects of the separation, including property and asset division, spousal support, and child custody and support. This agreement is made between the parties and can be either a temporary or a permanent agreement.

In New Zealand, separation agreements are not legally binding until both parties have obtained legal advice and signed the document. Once signed, the agreement can be enforced in court as a contract. It`s important to note that a separation agreement is different from a divorce decree, which is a court order that legally ends a marriage.

Why Do You Need a Separation Agreement?

There are several reasons why you might need a separation agreement:

Protect your assets: A separation agreement can help protect your assets and ensure that they are fairly divided between the parties.

Avoid court battles: A separation agreement can help avoid lengthy and costly court battles. It allows the parties to come to an agreement outside of court.

Protect your children: A separation agreement can ensure that the children`s needs are met and that both parties agree to the custody and support arrangements.

What Should You Include in a Separation Agreement?

When creating a separation agreement, it`s important to consider the following:

Property and asset division: This should include all assets, such as the family home, vehicles, bank accounts, investments, and any other property that the parties may own.

Spousal support: If one of the parties is financially dependent on the other, it may be necessary to include spousal support in the agreement.

Child custody and support: This should include arrangements for the care and custody of the children, as well as a plan for child support.

Debts and liabilities: This should include any debts or liabilities that the parties may have, such as credit card debts, mortgages, or loans.

Conclusion

If you`re going through a separation, it`s important to have a separation agreement in place to protect your interests and avoid costly legal battles. With the help of a lawyer, you can create an agreement that works for both parties and ensures a smooth transition into the next phase of your life.