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Divorce Property Division Agreement Template for New Zealand

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Key Requirements PROMPT example:

Divorce Property Division Agreement

"I need a Divorce Property Division Agreement for a simple asset split involving a family home, two cars, and shared savings accounts, with both parties agreeing to an equal 50/50 division of all relationship property."

Document background
The Divorce Property Division Agreement is a crucial legal document used in New Zealand when married couples are separating or divorcing and need to formalize the division of their property. This agreement is governed by the Property (Relationships) Act 1976 and related New Zealand legislation, requiring careful consideration of both relationship and separate property. It should be used after parties have received independent legal advice and have made full disclosure of all assets and liabilities. The document typically follows a separation or divorce application and precedes the final implementation of property division. It includes comprehensive details about all types of property, from real estate to financial assets, and can also address complex elements such as business interests, trust property, and overseas assets. The agreement must be properly executed to be legally binding and can be registered with the Family Court for additional security.
Suggested Sections

1. Parties: Identification and details of both parties to the agreement

2. Background: Brief history of the relationship, marriage date, separation date, and context for the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Acknowledgments: Parties' acknowledgments regarding independent legal advice, full disclosure, and voluntary nature of agreement

5. Division Principles: General principles governing the division of property, including reference to relevant legislation

6. Relationship Property: Identification and agreed division of relationship property

7. Separate Property: Identification and confirmation of separate property retained by each party

8. Financial Obligations: Treatment of joint debts, mortgages, and other financial obligations

9. Implementation: Timeframes and processes for implementing the property division

10. Tax Implications: Acknowledgment and handling of tax consequences of property transfers

11. Full and Final Settlement: Confirmation that this agreement represents full and final settlement of property matters

12. Dispute Resolution: Process for resolving any disputes arising from the agreement

13. Execution: Signing requirements and dated execution clause

Optional Sections

1. Business Interests: Specific provisions for dividing business assets and interests, used when parties have business holdings

2. Trust Interests: Provisions dealing with trust property and beneficiary interests, included when trust assets are involved

3. Overseas Property: Specific provisions for property located outside New Zealand, included when international assets exist

4. Superannuation: Division of retirement accounts and pension schemes, included when significant retirement assets exist

5. Inheritance Provisions: Provisions regarding inherited property or expected inheritances, included when relevant

6. Child-Related Property: Provisions for property specifically related to children's needs, included when parties have children

7. Future Income Sharing: Provisions for sharing future income or royalties, included for ongoing income streams

8. Life Insurance: Provisions regarding life insurance policies and beneficiaries, included when policies exist

Suggested Schedules

1. Schedule A - Real Property: Detailed list and description of all real estate properties including valuations

2. Schedule B - Personal Property: Comprehensive list of personal property items and their agreed values

3. Schedule C - Financial Assets: List of bank accounts, investments, and other financial assets

4. Schedule D - Vehicles: List of motor vehicles, boats, and other transport assets

5. Schedule E - Debts and Liabilities: Comprehensive list of all joint and separate debts

6. Schedule F - Business Assets: Detailed inventory of business assets and valuations

7. Appendix 1 - Valuations: Professional valuations of significant assets

8. Appendix 2 - Legal Certificates: Certificates of independent legal advice for both parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Legal Services

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Document Processing

Client Relations

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Relevant Roles

Family Lawyer

Property Lawyer

Legal Executive

Mediator

Financial Advisor

Wealth Manager

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Estate Planning Advisor

Tax Consultant

Settlement Officer

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