By - 21 Feb 2014
In the six months that have passed since the Marriage
(Definition of Marriage) Amendment Act 2013 (Act)
came into force, New Zealand has proudly hosted approximately 361
same-sex marriages. The excitement and hype that followed the
Parliamentary announcement last April has been slow to wane, and
rightly so; the passing of the Act remains a significant step
towards the equalising of LGBTI rights both in New Zealand and
globally.
However, something critical is missing from the conversations we
are having about Louisa Wall's courage, Maurice Williamson's
rainbow and the opportunity for same-sex nuptial bliss; and that
something is 'nuptial risk'.
The financial risks and potential liabilities associated with
marriage require more airtime. Whilst we all hope our
relationships will last forever, statistically many of them will
not. Accordingly, couples need to obtain advice about the
implications of the Property (Relationships) Act 1976
(PRA) from a legal expert before they
walk down the aisle. Examples of some of the issues that
couples should consider include:
- What do the equal sharing provisions of the PRA mean for me and
my hard earned assets (including my future income)?
- What do they mean for the inheritance I've set aside for the
children of my previous relationship?
- Will I become liable for my partner's enormous student
loan?
- Will I need to share my inheritance?
- What happens if we have children and I give up my income to
raise them?
- Are the assets I have in trust protected?
The answers to these questions can be complicated and it is
important that any solution takes into account each individual's
past, present and anticipated financial situation.
Martelli McKegg is proud to be "mostly straight but not narrow",
so to celebrate Auckland Pride month, and in an effort to give the
issues raised in this blog more airtime, we are offering free
consultations for same-sex couples who would like to learn more
about how they can protect their pink dollar.
To book your consultation, please contact our resident Pink
Partner Lisa
Gerrard.