Release Of Marital Agreement Form Template for New Zealand

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Key Requirements PROMPT example:

Release Of Marital Agreement Form

"I need a Release of Marital Agreement Form to finalize property division with my spouse, including our jointly owned business assets and investment properties in Auckland, with specific provisions for ongoing business cooperation after separation."

Document background

The Release Of Marital Agreement Form is a crucial document in New Zealand family law, designed to provide legal finality to property matters following the breakdown of a marriage. This document is typically used when separating or divorcing couples have reached an agreement on the division of their relationship property and wish to formalize their settlement. It must comply with the Property (Relationships) Act 1976 and requires both parties to receive independent legal advice. The agreement includes detailed provisions for asset division, mutual releases, and any ongoing obligations, effectively preventing future claims against relationship property. It's particularly important in New Zealand's legal context as it provides certainty and closure for both parties, allowing them to move forward independently with their financial affairs.

Suggested Sections

1. Parties: Details of both spouses involved in the release agreement, including full legal names, addresses, and occupations

2. Background: Brief history of the marriage, date of separation, and context for the release agreement

3. Definitions: Key terms used throughout the agreement including 'Relationship Property', 'Separate Property', 'Settlement Date', etc.

4. Acknowledgments: Statements confirming both parties have received independent legal advice and understand their rights

5. Release Provisions: Core provisions detailing the mutual release of claims against relationship property

6. Property Division: Overview of how the relationship property has been or will be divided

7. Full and Final Settlement: Clause stating this agreement represents a full and final settlement of all property matters

8. Confidentiality: Provisions regarding the confidentiality of the agreement and its terms

9. Execution: Signing requirements and witness details

Optional Sections

1. Spousal Maintenance: Include when there are ongoing maintenance obligations or their explicit waiver

2. Business Interests: Include when either party owns business assets that need to be addressed

3. Superannuation: Include when retirement funds or pension schemes need to be divided or released

4. Debt Allocation: Include when there are joint debts that need to be allocated between parties

5. Future Property: Include when addressing potential future inheritances or windfalls

6. Child Support: Include when there are children and child support arrangements need to be referenced

7. Tax Provisions: Include when there are significant tax implications from the property division

Suggested Schedules

1. Schedule A - Assets Schedule: Comprehensive list of all relationship property assets with agreed values

2. Schedule B - Liabilities Schedule: List of all joint liabilities and their agreed allocation

3. Schedule C - Required Actions: List of specific actions required to implement the agreement (e.g., property transfers, account closures)

4. Appendix 1 - Certificates of Independent Legal Advice: Signed certificates from each party's lawyer confirming independent legal advice

5. Appendix 2 - Property Valuations: Professional valuations of significant assets (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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