A good proposed change
Stuff reports:
New Zealand’s law for dividing property on separation is out of date and needs to change, the Law Commission says.
The key recommendations include changing how the family home is shared.
It has tabled its final report for its review of the Property (Relationships) Act in Parliament today.
At the moment, the home that a couple lives in is usually “relationship property” and divided equally on separation.
The Law Commission said, if it was already owned by one partner before the relationship began, or received as a gift or inheritance, only the amount it increased in value during the relationship should be split.
This looks to be a very sensible change.
It has seemed bizarre to me that one person could own their own home, and if they meet someone who moves in with them, then bang after two years their partner gets half the house if they split.
Having only the increase in value during the relationship being the basis for calculating who pays how much is much more sensible.
No tag for this post.