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Answered in 3 minutes by:
6/1/2014
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
VerifiedChris The Lawyer :
Hi and welcome. My first response will follow shortly. Please feel free to follow up if anything is not clear.
Chris The Lawyer :
There are two rele3vant dates, the first being the date of separtion. At that date the shares of relationship property are fixed. The value of the shares is settled at the second date, which is by the date of any court order valuing and dividing the property.
Chris The Lawyer :
Those two dates can be some time aprt of course. If the parties have since separation, reconciled, then this can be complicated of course
Chris The Lawyer :
In those cases if substantial assets have been acquired by one party or the other, the court needs to look carefully at how they have been trated, that is, as relationship property or separate property
Customer:
Chris
Chris The Lawyer :
But in most cases the property remains pretty much the same, equal shares, and so the reconciliation doesnt then affect the shares or the value
Customer:
Thanks. I guess my question is is the separation date the actual date one partner moved out or can it be some later date if the partners have not agreed that the marriage has concluded at that date. That is if there are later talks of reconciliation before it is agreed that the separation is final.
Chris The Lawyer :
Are you also concerned about the date for purposes of dissolution of the marriage?
Chris The Lawyer :
But in general the first date would apply, even if they discussed reconciliation
Customer:
The reason for the question relates to the fact that the husband is an architect and puts his income through a company. It is being argued that from the date of physical separation this income is non relationship property and being personal earnings there can be no associated goodwill applicable to his share of the company.
Chris The Lawyer :
That wont work. The share of the company and the dividends and profits accruing to it, will continue to be equally divided.
Customer:
Thanks for that.
Chris The Lawyer :
The income is earned from the relationship property
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,271
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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