Family Practice Area: Financial Agreement Specialisation
The Family practice area in New Zealand focuses on legal matters related to family relationships. One important part of this area is the Financial Agreement specialisation. This involves creating agreements about money and property when families are going through changes, such as separation or divorce.
What is a Financial Agreement?
A Financial Agreement is a legal document that outlines how a couple will divide their assets and responsibilities. This can include things like:
- Money in bank accounts
- Property, such as houses or cars
- Debts, like loans or credit cards
Why are Financial Agreements Important?
Financial Agreements are important because they help to avoid disputes later on. For example, if a couple decides to separate, having a clear agreement can make the process smoother and less stressful. It can also save time and money by reducing the need for court involvement.
How Does it Work?
In New Zealand, a Financial Agreement can be made before or during a relationship, or even after a separation. Here’s how it typically works:
- Consultation: Both parties meet with a lawyer to discuss their financial situation and what they want to include in the agreement.
- Drafting the Agreement: The lawyer will help draft the agreement, ensuring it meets legal requirements.
- Review: Each party should have their own lawyer to review the agreement to ensure it is fair and understood.
- Signing: Once both parties are happy, they sign the agreement, making it legally binding.
Examples of Financial Agreements
Here are a couple of examples to illustrate how Financial Agreements work:
- Before Marriage: A couple may decide to create a Financial Agreement before getting married to protect their individual assets.
- After Separation: After a couple separates, they might create an agreement to decide who keeps the family home and how to share any savings.
Conclusion
In summary, the Financial Agreement specialisation within Family law in New Zealand helps families manage their financial matters during times of change. By having a clear agreement, families can reduce conflict and ensure a fair outcome for everyone involved.