Relationship Property
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Articles by John Rowe
Anecdotally, during the Christmas and summer holiday time of year there seems to be an increase in relationships ending. Whether it’s the stress of Christmas and the financial pressure that goes with that, or the fact people are on holiday and spending a lot of time in close quarters, it’s a time where some couples are making the decision to separate.
All judgement aside (the end of a relationship may be sad, but it can also be constructive for everyone involved if it was an unhappy union), the process of splitting up and dealing with assets can be tricky. This is an extra pressure over and above the emotional stress, but it can be mitigated if the couple involved have good asset protection structures and relationship property agreements. Even if there is no agreement or asset protection, help is at hand if you want to fairly work out how to disentangle yourself from your spouse. Good advice from qualified and experienced professionals can make the process much easier.
As well as sorting out the practicalities of accommodation, children and possibly replacing income, some couples also need to work out how to deal with business assets. This is where an unbiased and professional eye can make sure that assets are valued correctly and dealt with appropriately and fairly.
Of course, dissolving a marriage or partnership is much easier if you already have structures (like trusts) and relationship property agreements in place, and these are things that should ideally be sorted out at the beginning of a relationship. It’s much harder to come to agreements under highly emotional circumstances, especially if things are acrimonious and one or both spouses are out to punish the other.
There are two main points to take away from this article.
1. If you are currently in a happy relationship, make sure you have agreements in place in case things take a turn for the worse in the future. No one really wants to think about a relationship ending, especially when it’s all rosy at the start, but circumstances do change. As the saying goes, “Want to know how to make God laugh? Tell him your plans.” Talk to a good asset protection specialist and a relationship property lawyer. Experienced professionals will make the process easy for you, and it doesn’t have to be a stressful or upsetting exercise.
2. If you have found yourself in a position where you are ending a relationship without a relationship property agreement or asset protection in place, get help from professionals who can guide you through the process.
GRA can help with setting up the right structures at the outset, and with assessing business assets if there is any dispute between separating spouses. If you need help with either of these things, contact us in confidence via our website, or by phoning 09 522 7955, or emailing [email protected].
John Rowe
Director
Business Accounting Services
© Gilligan Rowe & Associates LP
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Disclaimer: This article is intended to provide only a summary of the issues associated with the topics covered. It does not purport to be comprehensive nor to provide specific advice. No person should act in reliance on any statement contained within this article without first obtaining specific professional advice. If you require any further information or advice on any matter covered within this article, please contact the author.
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