Relationship Property – Answers To Your Basic Questions

The relationship property law is the law which deals with two partners when their marriage comes to an end. It has become quite prominent due to the high number of divorce cases and deaths. But, this specific act is not limited to how the property should be divided after the relationship ends. It also mentions about how you can divide the property through an agreement before and during the marriage. Since this specific law has emerged and started to circulate through the society you might be having so many questions about it. Well, you’ve come to the right place. Continue reading and you will be able to find answers to your questions.

 What?

 The basic and the first question that pops into anyone’s mind is what is this specific law?. Relationship property comes under the The Property Relationships Act 1976. This is generally used to divide the property amongst the two in an equal manner, in turn, bringing fairness to both parties. The family home/s come under this law regardless of whose name is mentioned as the owner. Any other asset to be a relationship property, certain things such as the manner in which it was bought, used and all will be taken into consideration. These are usually dealt by relationship property lawyers Auckland, who are specialized in this specific area.

Division of debts

Another huge question that you might be wondering about is how the debt is divided. The debts can be categorized into two as relationship debts and personal debts. Some debts might be partially relationship and partially personal. The burden of relationship debts are distributed among the two parties. That means, both partners will have to share its responsibility. Personal debts, which are usually incurred personally before the relationship for personal improvement or so, shall be taken care by the one who incurred it.

Problems agreeing with one another

 Most of the time, after separation, many partners tend to have issues with coming into an agreement. During such cases it is important to see a relationship property lawyer or even a property solicitor. This doesn’t necessarily mean that you are going to court. They will, simply,  provide you the most important advices and guidance. Check this website to find out more details.

Furthermore in many cases the disputes can be easily settled and you wont have to go to court. The lawyer will simply help you to come up with a beneficial agreement.

 These are the answers to your questions. It is always better to know about this specific topic.