Good Lawyers for Good People

Who gets ‘custody’ of the house?

September 3

LAW OF THE LAND

 

With Nick Earl

 

 

Buying a house is a huge investment and one that we protect, without hesitation, through various insurances.

 

But the same consideration is not always given to how a new relationship might affect what is often the biggest investment you will make in your lifetime.

 

In the heat of the moment you could be risking half the value of your hard-earned home, by not adequately safeguarding your investment.

 

Under New Zealand relationship property law, the general position is if two people live together in a de facto relationship for three years or longer, they each have a 50% claim on the home and chattels, regardless of their financial contribution.

 

Take someone who has diligently paid off their mortgage and is the proud owner of a freehold home. A relatively new live-in relationship could expose half of their investment to a relationship property claim.

 

Or, a couple might choose to invest unequal contributions, but by law, if they don’t contract out of the Property (Relationships) Act 1976, their shares will default to the 50:50 rule.

 

It is also important to differentiate between owning property as joint tenants or tenants in common. The former means in the event of your death the property passes to the surviving co-owner, while the latter allows that share to be passed to those set out in your Will. This is particularly important if you have children from an earlier relationship, whose inheritance you want to protect.

 

It is always easier, and more cost-effective, to address these issues at the outset, by obtaining sound legal advice.

 

Want to find out more? Lyon O’Neale Arnold is holding a free Relationship Property Seminar at Tauranga Library, on Wednesday, September 12, at 5.30pm – 6.30pm. To register, phone 07 577 7177 or email library@tauranga.govt.nz.

 

- Weekend Sun, August 31, 2018

 

 

MORE NEWS

Who gets ‘custody’ of the house?

03-Sep-2018

LAW OF THE LAND With Nick Earl Buying a house is a huge investment and one that we protect, witho..

 


Is a retirement village right for you?

30-Jul-2018

LAW OF THE LAND With Nick Earl Retirement villages continue to grow in popularity, with more than 80 ne..

 


Amnesty International Award for Denise

09-Jul-2018

Congratulations to director Denise Arnold, who has been awarded the Robert Anderson Memorial Award for her work with the Cambo..

 


Meet the Directors – Mike O’Neale

09-Jul-2018

In our ‘Meet the Directors’ series, we introduce you to our directors, giving you an insight into their legal experience and w..

 


Trust in the future with a family trust

30-Jun-2018

LAW OF THE LAND With Nick Earl As a parent, you want the best for your children. When they have children of..

 


Lyon O'Neale Arnold

Lyon O'Neale Arnold is a Bay of Plenty firm of trusted and experienced lawyers offering exceptional legal advice regarding a wide range of legal services.

© 2017 LYON O'NEALE ARNOLD

40 Willow Street, Tauranga 3110

PO Box 746, Tauranga 3140

+64 7 928 4422

admin@loalaw.nz

LOCATION

POSTAL

PHONE

EMAIL

Contact Details

Quick Links