If you`re based in New Zealand and in the process of ending a marriage or de facto relationship, you might want to consider drafting a separation agreement. A separation agreement is a legally binding contract that outlines the terms of a separation, including the division of assets, parenting arrangements, and financial support.
However, drafting a separation agreement can be a daunting task, especially if you`re not familiar with legal jargon. That`s why we`ve sourced an example separation agreement for New Zealand residents to assist you in the process.
Before we dive into the separation agreement sample, it`s essential to understand the basics of a separation agreement. Firstly, it is a contract between two parties that details how their assets will be divided, who will care for any children and how expenses will be shared. Secondly, it can be a cost-effective alternative to a court order, which can be a lengthy and expensive process.
Now, let`s take a look at the separation agreement sample:
1. Introduction: This paragraph outlines the parties involved, the date of the agreement, and the status of the relationship.
2. Assets and liabilities: This section outlines how the property will be divided, including any debts, mortgages, and loans.
3. Spousal support: If one party will be financially impacted by the separation, this section outlines how much and for how long the other party will provide financial support.
4. Children: This section outlines how the parties will share the parenting responsibilities and any financial obligations.
5. Dispute resolution: This section outlines how any future disputes will be resolved, such as mediation or arbitration, rather than going through the court system.
It is essential to customize the separation agreement to fit your unique needs as a couple. Consider consulting with a lawyer to ensure that your agreement is legally binding and enforceable.
In conclusion, a separation agreement can be an effective way to manage the process of ending a relationship and protect your assets. While creating your own separation agreement can be challenging, using a sample agreement as a guide can make the process easier. Remember to customize the agreement to fit your individual needs and consult with a legal expert for further guidance.
