Legal Question in Family Law in New Zealand (Aotearoa)
Separation of Assets
If a couple separates, pending divorce, on X date but does not go through the asset separation (of car, cash, securities etc) at that time (for whatever reason), what is the legal requirement for dividing the asset in the future, if it either appreciated in value (ie securities went up) or decreased (depreciates) in value?
Does the asset simply get sold for it's CURRENT market value and divided 50/50? Or, is there some claim to say that one person wants 50% of the ORIGINAL value?
The marriage is now dissolved and asset division is still pending the couple's agreement. Is it clear that all assets are divided, regardless of circumstances, 50/50? Are there any circumstances that would legally entitle one party to more than 50%?
Obviously, the division of the assets would like to be done without having to involve any legal entanglements. No lawyers have been necessary thus far.
1 Answer from Attorneys
Re: Separation of Assets
Different assets have different valuation dates, depending upon whether they are active or passive.
If there was a failure, do to no one person's fault and there was an agreement to split an asset in some manner, they should take it subject to the appreciation/depreciation.
Daniel Clement
Daniel Clement
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