It goes without saying that separating from your partner is often a difficult experience. There is a lot to figure out, particularly when you have been together for a long time. Central to what needs to be figured out is what you are going to do with the family home – in most cases, a couple’s largest asset.
We have found that the most common way to deal with the family home is for one person to buy the other’s persons share of the home – in other words, for one of you to “buy the other out”. Under NZ’s relationship property laws (found in the Property (Relationships) Act), the family home is usually split 50/50. However, often one person has put more money into the deposit (and didn’t think to get a prenup) or one person has contributed more to the mortgage.
In those situations, the couple might then verbally agree how much one will pay the other for the house. To them, the verbal agreement is simple, easy and they know where they stand. Unfortunately, for them either the bank (or, perhaps, the bank of mum and dad) want the agreement in writing. This is where a separation agreement comes in.
Suddenly, what seemed to be an amicable and simple split can become a rabbit hole of confusion.
Where do we get one? How much will it cost? What is involved? Do I have to see a lawyer? What if they want us to change our agreement?
This is where Agreeable comes in.
Agreeable takes the niggle out of getting a separation agreement. We offer a template for parties to make their own written agreement at a fraction of the cost of getting a bespoke agreement from a lawyer. Two independent lawyers can also then be provided to certify the agreement (which makes it legally binding) at a fixed price. Best of all, the entire process can be completed online.
Our goal is to give the written separation agreement a simple and easy feel – just like when the parties verbally agreed. We work with parties to help them understand what is required, how much it will cost and what is involved.
If you have recently separated from your partner (or are about to buy a house with your partner), send us an email and we will help you figure out what your situation requires. Separating is hard enough, it doesn’t need to become a scary legal battle too. We’re here to help make everything a little bit more… agreeable.