- 2 People.
- 18 years or more.
- Not Married.
- Living together as a couple for three years or more.
|LAWYERS BUT DIFFERENT|
It’s important to know if you are in a de facto relationship. If you have been in a de facto relationship for more than three years and separate, your assets can be up for equal division.
It’s your will, surely you can do anything you want with your assets ? Wrong….
In a recent High Court decision two daughters (Sarah and Catherine) have been awarded a share of their estranged father's multimillion-dollar estate.
The court found that Tim Harrison failed to provide for his two daughters in his will. Tim had left the whole of his four million-dollar estate to his partner of 38 years Nita Joseph.
The Property ( Relationships) Act 1976 sets out the rules relating to the division of property in the event of a separation. One of the unique aspects of that Act is the ability to enter into an agreement opting out of some of the requirements of that Act.
Imagine being able to enter into an agreement allowing you to ignore speed limits or tax!
Traditionally, a “family” has consisted of a “bread winner” and a “homemaker”. Think Jacinda as the breadwinner and Clark as the homemaker.
Where couples separate, the breadwinner is often close to their full earning potential, while the homemaker is in a worse financial position
If you run a business chances are you pay your suppliers on the 20th of the month, right. You also expect that your customers will pay you then. At least that’s the normal course of business.
When things get tight though you need to keep your wits about you.
Tax. Just the word itself can strike fear into someone setting up or running a business.
Yes, there are a whole host of tax issues to think about. But if you break it all down, and seek advice from your accountant, its not that bad.
Here is a simple summary of what you need to be aware of:
What does the bank look for when you ask them for money?
What should you look for?
If you want the best deal you need to think hard about these factors:
The first Great War came to an end a hundred years ago. That makes 2018 a year of great significance. The number of kiwis young and old attending ANZAC day activities attest to that.
For some reason I was thinking about that as I was leaving the office one night last week. The offices of Mawhinney & Co are adorned with dozens of historical law books containing reports of court cases dating back over a hundred and fifty years.
They are there for decorative purposes, but once in a while I pull one out and rumble through. And let me tell you. To dust off one of those old tomes and read what legal squabbles they were having generations ago is fascinating.
Anyway, that night as I was leaving, out of a sudden burst of curiosity I stopped, closed the door, and thought “I wonder if we’ve got anything here from 1918”.
I started delving and as luck would have it, we have several from 1918.
The hardest thing for many younger couples, especially with property prices way up there, is getting the deposit together to buy in the first place.
Once that part is sorted, the rest of it is relatively smooth sailing because our erstwhile young couple are both earning and can afford the loan repayments.
Its just that pesky deposit! Okay the banks are allowed to loan money to a few more people below the 80% LVR threshold now than they were before the new year, but in some parts of the country (like Auckland and Queenstown) the 20% or 30% deposit is still a pretty big number.
Enter the Bank of Mum and Dad.
The law is black and white
That’s the sort of thing a “closet lawyer” would say. Someone who wishes they’d been a lawyer and who loves finding the “right” answer by himself.
Granted, the legal answer may sometimes seem clear. But that doesn’t mean the other side will agree.
If they don’t, it doesn’t actually matter how black and white it is, either we have to negotiate something that both sides are happy with. Or you can trot off and have your day in court.
Which one do you want?
TEL. +64 3 450 0000