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We’re back on deck for 2021 and ready to help guide you through what we believe will be a busy year. We’ll do our part to help you make it a successful one for you.
A reminder for those with family trusts: changes to the Trusts Act take effect on 30 January 2021, and they will change the way your trust operates. It’s easiest if you get your trust updated before that date, but time is running short. Please get in touch if you’d like advice on what you should do.
If you’re considering a family trust, then you don’t need to wait for the Act to take effect. Our trust deed is fully updated to address the new changes.
In office news, we welcome Angela Ingrosso as a new member of our team. Angela is a very experienced Legal Executive, having worked for legal firms in Canterbury for a number of years. She will be initially helping us with conveyancing and trust work.
Is it ever too late for a prenup?
We’ve all heard divorce and separation horror stories, with one party taking the other to the cleaners and making a bad situation worse.
But it doesn’t have to be that way. A relationship property agreement or “contracting out agreement” allows you to avoid the default presumption at New Zealand law, which is that relationship property is shared equally between a couple when the relationship ends.
You’ve probably heard of these agreements by another term: prenups. That name reflects the fact that most of the time, they’re made before marriage.
But they don’t just apply to marriage. Even unmarried couples will be subject to the relationship property law framework once they’ve been together three years.
And relationship property agreements can be created at any time—before marriage, after marriage; before that three-year point, or after that three-year point.
A relationship property agreement sets out exactly how property would be divided if a relationship came to an end. You can specify what belongs to each person. For example, an heirloom piece of family jewellery could stay with its original owner, or a beloved car; or if one party chips in more for a house deposit, proceeds from a sale can be divided proportionally.
They don’t come from a lack of confidence in a relationship. As in most relationships, the people who enter into these kinds of agreements usually intend their relationships to last. And luckily, most of them do. Most relationship property agreements are never put to the test.
But sometimes, usually years on, things change, or the unexpected happens. And having that agreement in place can be a real relief: not because you might end up with more assets than you would otherwise, but because it’s removed the prospect of uncertainty, conflict or drawn-out legal action.
But to make sure the relationship property agreement is fair to everyone, both parties need to get independent legal advice. That’s where we can help. If you or someone you know might be interested in making a relationship property agreement, or just want to know more, please get in touch.
Privacy and the COVID-19 Tracer App
The official COVID-19 tracer app is considered a key tool in helping limit the spread of any community outbreak of COVID-19. And while the typical QR-code scanning procedure is reasonably easy, we don’t always remember to do it, and it doesn’t necessarily cover all situations (for example, coming into close proximity with someone outside a place of business).
So to provide a second line of defence, the app was recently upgraded with a Bluetooth tracing component. When the functionality is enabled, the app keeps a coded record of when you come into close proximity of another app user. The app can notify you if you’ve come into contact with someone who later tests positive for COVID.
Which is impressive from a technical and safety standpoint… but what does it mean for privacy?
From the perspective of Privacy Commissioner John Edwards, it sounds like we can be confident.
“The privacy protections in the app show the Government is mindful that it has to have the trust and confidence of New Zealanders in the fight against Covid-19. An important part of this bargain is to have strong privacy safeguards in our contact tracing system,” Edwards says.
The key part of this protection is that the app doesn’t record any identifying personal details of anyone it comes near. It’s all anonymised, and the information isn’t disclosed to the Ministry of Health unless you give permission. Even if they need to notify you, it’s all anonymous: it can notify your app, but they don’t have your name or any other personally identifying details.
Mortgage Rate Cuts Continue
ANZ has announced a special rate cut at 2.29% for a one-year fixed term, which brings it into line with Westpac who offered a similar deal nine days previously. Other rates the banks offer remain the same.
Other conditions on these include a 20% minimum equity contribution, and direct credit of the borrower’s salary.
Industry observers predict that most other banks will cut rates to a similar level and offer lower rates for other terms. They also expect that other banks will match the present offers informally if pressured by their clients. So if you’re borrowing from another bank: ask them to match that new ANZ/Westpac rate.
Well, that’s it for our news this month. As always, we’re just an email or phone call away for any questions, help or advice. We look forward to chatting next time.
A reminder for those with family trusts: changes to the Trusts Act take effect on 30 January 2021, and they will change the way your trust operates. It’s easiest if you get your trust updated before that date, but time is running short. Please get in touch if you’d like advice on what you should do.
If you’re considering a family trust, then you don’t need to wait for the Act to take effect. Our trust deed is fully updated to address the new changes.
In office news, we welcome Angela Ingrosso as a new member of our team. Angela is a very experienced Legal Executive, having worked for legal firms in Canterbury for a number of years. She will be initially helping us with conveyancing and trust work.
Is it ever too late for a prenup?
We’ve all heard divorce and separation horror stories, with one party taking the other to the cleaners and making a bad situation worse.
But it doesn’t have to be that way. A relationship property agreement or “contracting out agreement” allows you to avoid the default presumption at New Zealand law, which is that relationship property is shared equally between a couple when the relationship ends.
You’ve probably heard of these agreements by another term: prenups. That name reflects the fact that most of the time, they’re made before marriage.
But they don’t just apply to marriage. Even unmarried couples will be subject to the relationship property law framework once they’ve been together three years.
And relationship property agreements can be created at any time—before marriage, after marriage; before that three-year point, or after that three-year point.
A relationship property agreement sets out exactly how property would be divided if a relationship came to an end. You can specify what belongs to each person. For example, an heirloom piece of family jewellery could stay with its original owner, or a beloved car; or if one party chips in more for a house deposit, proceeds from a sale can be divided proportionally.
They don’t come from a lack of confidence in a relationship. As in most relationships, the people who enter into these kinds of agreements usually intend their relationships to last. And luckily, most of them do. Most relationship property agreements are never put to the test.
But sometimes, usually years on, things change, or the unexpected happens. And having that agreement in place can be a real relief: not because you might end up with more assets than you would otherwise, but because it’s removed the prospect of uncertainty, conflict or drawn-out legal action.
But to make sure the relationship property agreement is fair to everyone, both parties need to get independent legal advice. That’s where we can help. If you or someone you know might be interested in making a relationship property agreement, or just want to know more, please get in touch.
Privacy and the COVID-19 Tracer App
The official COVID-19 tracer app is considered a key tool in helping limit the spread of any community outbreak of COVID-19. And while the typical QR-code scanning procedure is reasonably easy, we don’t always remember to do it, and it doesn’t necessarily cover all situations (for example, coming into close proximity with someone outside a place of business).
So to provide a second line of defence, the app was recently upgraded with a Bluetooth tracing component. When the functionality is enabled, the app keeps a coded record of when you come into close proximity of another app user. The app can notify you if you’ve come into contact with someone who later tests positive for COVID.
Which is impressive from a technical and safety standpoint… but what does it mean for privacy?
From the perspective of Privacy Commissioner John Edwards, it sounds like we can be confident.
“The privacy protections in the app show the Government is mindful that it has to have the trust and confidence of New Zealanders in the fight against Covid-19. An important part of this bargain is to have strong privacy safeguards in our contact tracing system,” Edwards says.
The key part of this protection is that the app doesn’t record any identifying personal details of anyone it comes near. It’s all anonymised, and the information isn’t disclosed to the Ministry of Health unless you give permission. Even if they need to notify you, it’s all anonymous: it can notify your app, but they don’t have your name or any other personally identifying details.
Mortgage Rate Cuts Continue
ANZ has announced a special rate cut at 2.29% for a one-year fixed term, which brings it into line with Westpac who offered a similar deal nine days previously. Other rates the banks offer remain the same.
Other conditions on these include a 20% minimum equity contribution, and direct credit of the borrower’s salary.
Industry observers predict that most other banks will cut rates to a similar level and offer lower rates for other terms. They also expect that other banks will match the present offers informally if pressured by their clients. So if you’re borrowing from another bank: ask them to match that new ANZ/Westpac rate.
Well, that’s it for our news this month. As always, we’re just an email or phone call away for any questions, help or advice. We look forward to chatting next time.
Regards,
Clive, Grant and the Team at Canterbury Legal
