If you are going through a separation or divorce in New Zealand, you may need to create a separation agreement to outline the division of your assets and liabilities.
A separation agreement, also known as a separation deed, is a legally binding document that sets out the terms of your separation. It covers everything from property division to spousal support and custody arrangements, ensuring that both parties know what is expected of them post-separation.
In New Zealand, a separation agreement can be created with or without the help of a lawyer. However, it is recommended that you seek legal advice before finalizing the agreement, as it can be a complex document with far-reaching implications.
Here are a few key things to keep in mind when creating a separation agreement in New Zealand:
1. Property Division: In New Zealand, property is divided equally between spouses when they separate. This means that all property acquired during the marriage will be split 50/50, unless there are exceptional circumstances.
2. Child Custody: If you have children, you will need to consider their custody and access arrangements in your separation agreement. This includes things like where the children will live, how much time they will spend with each parent, and how decisions about their upbringing will be made.
3. Spousal Support: If one spouse earns significantly more than the other, spousal support may be required to ensure that both parties can maintain a reasonable standard of living post-separation.
4. Time Limits: In New Zealand, there is a time limit of 12 months from the date of separation to file for a property settlement. This means that you will need to create a separation agreement within this time frame, or risk losing your right to a fair share of the assets.
Creating a separation agreement can be a challenging and emotional process, but it is essential to ensure that your rights and interests are protected. By working with a lawyer and following the guidelines set out by New Zealand law, you can create an agreement that meets your needs and allows you to move forward confidently into the next chapter of your life.
