Is A Business Relationship Property?

What is relationship property?

Relationship property is the property that must be divided between the parties when their relationship ends.

Relationship property will usually include: family home and chattels (including the family car, household furniture and effects, and anything else owned by the family or used for family purposes)..

Is KiwiSaver part of relationship property?

KiwiSaver funds are relationship property, and up for division in a split when they are acquired during your de facto relationship or marriage. … However, the portion of your KiwiSaver that was acquired before your de facto relationship or marriage started is protected. This is treated as separate property.

What qualifies as a defacto relationship?

A de facto relationship is defined in Section 4AA of the Family Law Act 1975. The law requires that you and your former partner, who may be of the same or opposite sex, had a relationship as a couple living together on a genuine domestic basis.

Is income a relationship property?

If you both work in paid employment, both incomes are relationship property. … If one works in paid employment and the other does something else, that one income from paid employment is still relationship property. We should note here that ‘paid employment’ includes self-employment.

Is a business a matrimonial asset?

Quite understandably, you consider your business as a non-matrimonial asset as it was set up by you before your marriage and its success is down to your financial backing and expertise. However, this argument is not a simple one, especially as a business is an entity which is able to expand and accumulate profit.

Is a boyfriend a de facto relationship?

De Facto Relationships in Australia. … A de facto relationship is a relationship in which a couple lives together on a genuine domestic basis. This definition is the same across Queensland, New South Wales, Victoria, Northern Territory, South Australia, Western Australia, Tasmania, and the Australian Capital Territory.

How do I protect my home from a defacto relationship?

The usual way of protecting your assets is to enter into a Binding Financial Agreement. This agreement outlines what each person had at the time they started to live together and what each person will take with them if they separate.

Does your spouse’s debt become yours?

People probably get tripped up on this myth because in certain circumstances, you may be responsible for debt your partner incurs during the marriage. In general though, no, you’re not legally responsible for your new spouse’s old debt.

How do I protect myself financially from my spouse?

If divorce is looming, here are six ways to protect yourself financially.Identify all of your assets and clarify what’s yours. … Get copies of all your financial statements. … Secure some liquid assets. … Know your state’s laws. … Build a team. … Decide what you want — and need.More items…•