The Spousal Agreement is a crucial legal document in New Zealand used by couples who wish to establish clear terms regarding their property rights and financial arrangements, either before entering into marriage/civil union or during their relationship. This agreement is particularly important for parties who want to protect existing assets, business interests, or inheritance expectations. It must comply with the Property (Relationships) Act 1976 and requires both parties to receive independent legal advice. The document typically includes detailed schedules of assets and liabilities, provisions for property division, and arrangements for various contingencies. It's especially relevant for high-net-worth individuals, business owners, or those with complex financial arrangements. The agreement can be modified over time as circumstances change, provided both parties agree and follow proper legal procedures.
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1. Parties: Full legal names and details of both parties entering into the agreement
2. Background: Context of the agreement, including the parties' relationship status and intention to marry/continue relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Independent Legal Advice: Confirmation that both parties have received independent legal advice
5. Relationship Property: Definition and classification of relationship property versus separate property
6. Division of Property: Agreed terms for division of property during relationship and upon separation
7. Financial Obligations: Ongoing financial responsibilities and arrangements during the relationship
8. Separation Provisions: Procedures and arrangements in case of separation
9. Death Provisions: Arrangements in the event of death of either party
10. Variation: Process for varying the agreement
11. Severability: Clause ensuring partial invalidity doesn't void entire agreement
12. Governing Law: Confirmation that New Zealand law governs the agreement
13. Execution: Signing and witnessing requirements
1. Children's Provisions: Included when there are children from previous relationships or expected future children, addressing inheritance rights
2. Business Interests: Required when either party owns business assets or interests that need protection
3. Trust Arrangements: Included when either party has trust interests or future trust arrangements
4. Overseas Assets: Required when parties have assets in other jurisdictions
5. Intellectual Property: Included when either party has significant intellectual property rights
6. Inheritance Expectations: Required when there are specific inheritance expectations from family
7. Debt Management: Included when there are significant pre-existing debts or expected future debts
8. Cultural Considerations: Required when specific cultural assets or practices need protection (e.g., taonga)
1. Schedule A - Assets and Liabilities: Detailed list of all assets and liabilities of both parties at the time of agreement
2. Schedule B - Certificate of Independent Legal Advice (Party 1): Certificate from Party 1's lawyer confirming independent legal advice
3. Schedule C - Certificate of Independent Legal Advice (Party 2): Certificate from Party 2's lawyer confirming independent legal advice
4. Schedule D - Relationship Property: Detailed classification and agreed treatment of relationship property
5. Schedule E - Separate Property: Detailed list of agreed separate property items
6. Schedule F - Business Assets: Detailed description of business assets and agreed treatment
7. Schedule G - Trust Interests: Details of trust interests and arrangements
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