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Farm Prenup

Farm Prenup Template for New Zealand

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Key Requirements PROMPT example:

Farm Prenup

"I need a Farm Prenup to protect my third-generation dairy farm in Canterbury before my marriage in March 2025, with specific provisions for future succession to my children from a previous marriage."

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Document background
The Farm Prenup is a crucial legal document for New Zealand farmers entering into marriage or civil unions who wish to protect their agricultural assets and establish clear property rights. This specialized agreement becomes particularly important given New Zealand's Property (Relationships) Act 1976, which can significantly impact farm ownership and succession planning. The document is designed to address unique aspects of farming operations, including land ownership, livestock, equipment, and future development potential, while ensuring compliance with New Zealand relationship property law. It's especially relevant for intergenerational family farms, sole operators entering relationships, or situations where significant pre-relationship farm assets exist. The Farm Prenup typically includes comprehensive schedules of assets, valuations, and operational agreements, making it an essential tool for protecting agricultural interests while establishing fair relationship property arrangements.
Suggested Sections

1. Parties: Identifies and defines the parties entering into the agreement

2. Background: Outlines the context of the agreement, including the parties' intention to marry/enter civil union and the existence of farm assets

3. Definitions and Interpretation: Defines key terms used throughout the agreement, including farm-specific terminology

4. Purpose of Agreement: States the intended purpose and objectives of the agreement

5. Separate Property: Clearly identifies and classifies separate property, including pre-relationship farm assets

6. Relationship Property: Defines what constitutes relationship property and how it will be treated

7. Farm Business Operations: Addresses the management and operation of the farm during the relationship

8. Income and Profits: Details how farm income and profits will be classified and distributed

9. Debt and Liabilities: Addresses existing and future farm-related debts and liabilities

10. Future Acquisitions: Covers how future property acquisitions will be classified and managed

11. Relationship Dissolution Provisions: Outlines property division processes in case of separation

12. General Provisions: Includes standard clauses about variation, severability, and governing law

13. Execution: Formal signing section with independent legal advice certificates

Optional Sections

1. Farm Succession Planning: Used when there are specific intentions for future succession of the farm to children or other family members

2. Trust Provisions: Required when either party has trust interests in farm property

3. Environmental Compliance: Needed when specific environmental obligations or certificates affect the farm's value or operation

4. Maori Land Provisions: Required when the farm includes or affects Maori land

5. Livestock Management: Necessary for farms with significant livestock assets

6. Third Party Rights: Required when other family members have existing rights or interests in the farm

7. Insurance Provisions: Used when specific insurance arrangements need to be maintained

8. Exit Mechanisms: Detailed procedures for one party to exit from farm operations while maintaining ownership rights

Suggested Schedules

1. Schedule 1 - Existing Farm Assets: Comprehensive list and description of all farm assets including land, buildings, and equipment

2. Schedule 2 - Financial Statements: Current financial position of the farm business

3. Schedule 3 - Valuations: Professional valuations of major farm assets

4. Schedule 4 - Existing Liabilities: List of all farm-related debts and obligations

5. Schedule 5 - Relationship Property Schedule: Itemized list of agreed relationship property

6. Schedule 6 - Separate Property Schedule: Itemized list of agreed separate property

7. Appendix A - Independent Legal Advice Certificates: Certificates from each party's legal advisor

8. Appendix B - Asset Valuation Reports: Detailed professional valuation reports for major assets

9. Appendix C - Farm Maps and Plans: Physical layout and boundaries of the farm property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


















































Clauses



































Relevant Industries

Agriculture

Legal Services

Family Law

Property Law

Estate Planning

Rural Services

Financial Services

Agricultural Consulting

Farm Management

Relevant Teams

Legal

Family Law

Rural Services

Property Law

Estate Planning

Agricultural Advisory

Relationship Property

Rural Banking

Valuations

Farm Consulting

Relevant Roles

Family Lawyer

Agricultural Lawyer

Farm Consultant

Rural Financial Advisor

Property Valuer

Estate Planning Lawyer

Farm Manager

Agricultural Business Consultant

Relationship Property Specialist

Rural Banking Manager

Farm Succession Planner

Agricultural Property Lawyer

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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