If a particular value cannot be agreed, it is common that a qualified valuer is appointed to provide an independent valuation to assist with settlement negotiations.
Disclosure is necessary for a few reasons. It is surprising how many clients, on reviewing the balance of bank account balances or Kiwisaver balances at the separation date, realise their recollection was incorrect or, find assets (such has shares) they forgot they had. It is important to not only satisfy yourself with the true balance of the assets and liabilities which are subject to claim, but provide that confirmation to the other party and their solicitor. This enables both the solicitors to give robust and accurate legal advice that can be relied upon. More importantly- you, have certainty that what you are signing is true and correct.
For more information on separation and division of relationship property see our other articles linked here:
- Relationship property - an overview of the difference between Australia and New Zealand legislation.
- But we were only together for a hot minute! - Relationships of short duration (less than 3 years).
By Kim Crosby | Associate | 07 571 8078 | kim@bchlaw.co.nz
The information contained in this article is provided for informational purposes only and should not be construed as legal advice on any subject matter.
