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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22965
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I am joint owner of two properties, one of which I live in,

Customer Question

I am joint owner of two properties, one of which I live in, and the other is occupied by my wife. As I wish to obtain my share of the joint properties value, how should proceed?
My wife has indicated that she could pay me out my share of our assets worth, from the value of the property she occupies, based a probable real estate valuation. Is that advisable?
Nb - Divorce likely: the above questions can be read as involving divorce proceedings
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

It depends on whether you want a property or just money from the sale, but either is possible by negotiation, if she will agree. So if you are happy getting paid out that is a reasonable approach. You will need to get a formal agreement under the Property Relationships Act to make this a binding settlement and each of you will need independent legal advice on the settlement.

If you cannot agree on the fate of the properties, the default position of the Family Court would be to order a sale.