Family Practice Area: Property and Financial Settlement
The Family practice area in New Zealand focuses on helping families deal with legal issues that arise during separation or divorce. One important part of this area is Property and Financial Settlement.
What is Property and Financial Settlement?
When a couple separates, they need to divide their shared property and finances. This can include things like:
- Houses and land
- Bank accounts
- Cars and other vehicles
- Superannuation (retirement savings)
The goal of property and financial settlement is to ensure that both parties receive a fair share of what they have built together during their relationship.
How Does It Work?
In New Zealand, the law requires couples to reach an agreement on how to divide their property. If they cannot agree, they may need to go to court. Here’s a simple example:
Imagine a couple, Sarah and John, who have been together for ten years. They own a house worth $600,000 and have savings of $100,000. When they separate, they need to decide how to split these assets. A lawyer can help them understand their rights and negotiate a fair settlement.
Why is it Important?
Getting a fair property and financial settlement is crucial for both parties. It helps ensure that everyone can move on with their lives and have the financial support they need. It also helps to reduce conflict and stress during a difficult time.
Seeking Help
If you are going through a separation or divorce, it’s a good idea to talk to a lawyer who specialises in family law. They can guide you through the process and help you understand your options. Remember, you don’t have to go through this alone!
In summary, the Property and Financial Settlement area of family law in New Zealand is all about helping couples fairly divide their shared assets when they separate. With the right support, you can navigate this challenging time with confidence.