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NZ Guide To Financial Freedom

303 EpisodesProduced by Ryan J Melton & Greg MoyleWebsite

Everything you need to know about business, money, and life.


Ep 180: Is It Mine Or Theirs?

"Usually a relationship will need to have lasted at least three years for the PRA’s equal-sharing regime to apply. However, sometimes shorter relationships (where there are children or a partner has made a substantial contribution) will also qualify if that would be just.
A relationship that has not lasted for three years is classified as a “relationship of short duration” and different principles are applied in dividing the property. Where a couple has been in a de facto relationship and then married or entered a civil union, the total length (de facto and married/civil union) of the relationship is taken into account.
The PRA can also apply if one or both partners have been declared bankrupt or one is mismanaging the relationship property, or if one or both partners need a declaration from the court concerning the status or ownership of any particular asset (eg, for tax purposes).
If you do not want the PRA to apply to you and your relationship property, you will need to make a legal agreement contracting out of it (see “Contracting Out” below). If you entered into a property-sharing agreement before the PRA came into force on 1 February 2002, check that the agreement will still achieve what you want" Source:

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