I wanted to get some advise around a business separation. We are doing that at the moment and putting the business

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Customer: Hi, I wanted to get some advise around a business separation
JA: What steps have you taken? Have you filed any papers in family court?
Customer: We are doing that at the moment and putting the business separation into that agreement
JA: Family law varies by state. What state are you in?
Customer: Gisborne
JA: Anything else you want the Lawyer to know before I connect you?
Customer: Not really
Answered by Chris The Lawyer in 1 hour 2 years ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi
I am a New Zealand lawyer based in Wellington and will help you with your question today. Please give me a minute to read the question

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Chris The Lawyer, Expert

Please let me know your issues

Customer
Hi Chris. My partner and I have nearly reached an agreement about separating our two businesses. One is a small consultancy and service provider with about $120K turnover with two main contracts that have one year left and the other is a new business linked with a Chinese firm which has only just started but has a very big potential and the Chinese shareholders are backing it.We have agreed that my partner will give her shares in the service business to me and I will give my shares in the Chinses company to her.If this goes ahead just this make a clean split and what documentation would we need?ThanksPete
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Chris The Lawyer, Expert

When you split relationship property, it is important that you get an agreement which is properly signed and witnessed by independent lawyers for each of you.Under the Property Relationships Act, an agreement separating relationship property must be witnessed and are certified by each of the lawyers as having been explained to each of the parties. If you don't go through the formalities, then the agreement can be overturned by an application through the family Court if one party changes their mind. So it is important to get certainty and a properly signed agreement. Any family lawyer will be able to give you advice on this

Customer
It was more the business side of the separation Chris
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Chris The Lawyer, Expert

I understand that. But because the business is relationship property, you still need to go through the formalities. The property which each of you gets is a matter for negotiation of course

Customer
OK Chris thanks. ***** need advice on exchanging shares and making sure the businesses are separated without come back can you advice on that with a Call?
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Chris The Lawyer, Expert

I can, but whatever you agree needs to be in the formal agreement when you have done the deal

Customer
How do I keep your details Chris so I can call you once I have come close to an agreement?
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Chris The Lawyer, Expert

Just ask for me and I will pick up the question
Customer
Great. Thanks Chris
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