Marital settlement agreements are an important component of divorce proceedings, and in New Zealand, they provide a clear and definitive way for couples to divide their assets and decide on custody arrangements. In this article, we will explore the ins and outs of marital settlement agreements in New Zealand, including what they are, why they are important, and how to create one.
What is a Marital Settlement Agreement?
A marital settlement agreement (MSA) is a legal document that outlines the terms of a divorce settlement. It is a comprehensive agreement that sets out the division of assets, spousal support, child custody and access, and any other relevant matters. The MSA is typically created during divorce mediation, which is a process in which the couple works with a mediator to negotiate and resolve issues related to their divorce.
Why Are Marital Settlement Agreements Important?
Marital settlement agreements are important for several reasons. Firstly, they provide a clear and definitive way for couples to divide their assets and make decisions about their children. This can help reduce conflict and avoid costly and time-consuming court proceedings. Secondly, MSAs are legally binding, meaning that both parties are obligated to follow the terms of the agreement. Lastly, a well-drafted MSA can help protect the rights and interests of both parties.
How to Create a Marital Settlement Agreement in New Zealand
Creating an MSA in New Zealand involves several steps. Firstly, it is important to find a mediator who is experienced in divorce mediation and has a good understanding of New Zealand family law. The mediator will work with both parties to identify and resolve any issues related to the divorce settlement.
Once the parties have reached an agreement, the mediator will draft an MSA that outlines the terms of the settlement. It is important to note that the MSA must be fair and equitable to both parties, and it must comply with New Zealand family law.
Once the MSA has been drafted, each party should review it carefully and seek legal advice before signing it. The MSA becomes legally binding once both parties sign and date it, and it is filed with the New Zealand Family Court.
In conclusion, marital settlement agreements are an important component of divorce proceedings in New Zealand. They provide a clear and definitive way for couples to divide their assets and make decisions about their children. If you are going through a divorce in New Zealand, it is important to work with an experienced mediator to create an MSA that is fair and equitable to both parties.