Taylor v Trask [2018] NZFC 6291

Published 20 October 2020

Property relationship dispute — contracting out agreement — value of family home — Property (Relationships) Act 1976, ss 4, 21A, 21J, 23 & 25. These proceedings were to determine the parties' relationship property dispute under the Property (Relationships) Act (PRA). The parties had entered into a written agreement pursuant to s 21A of the PRA; the applicant initially sought to set the agreement aside, but later abandoned this application. At issue for the Court was the correct market value of the family home; the correct chattel adjustment; value and adjustment for damage to a sound system installed at the home; whether the jet ski was relationship property; the effect of an "everyday living expenses" and mortgage adjustment provisions in the agreement; and whether credit card debt was deductible. Registered valuers provided various valuations for the property, which the Judge fixed at $725,000. In respect of the chattels, the respondent was ordered to pay $4166 to the applicant in adjustments. No compensatory payment was ordered for the sound system, which was valued at $9000. The jet ski was deemed to be the separate property of the respondent and $750 was ordered to be paid to the applicant for the trailer which was her separate property under the agreement. The applicant was ordered to pay the respondent $19,600 in satisfaction of her obligations under clause 5 of the agreement, and $4336.56 under clause 4.3 of the agreement. The credit card debt was not held to be a deductible debt under s 20 of the PRA, and no adjustment was made. Judgment Date: 27 August 2018.