Deed of Separation
I. Introduction
This Deed of Separation ("Deed") is made and entered into on [Date], between [Your Name], hereinafter referred to as the "Party of the First Part," residing at [Your Company Address], and [Your Spouse's Name], hereinafter referred to as the "Party of the Second Part," residing at [Spouse's Address].
II. Background
A. Marriage Details
The Parties were married on January 15, 2050, in Anytown, [State].
The Parties have lived together as husband and wife at 123 Main Street, Anytown since January 20, 2050.
B. Decision to Separate
The Parties have mutually agreed to live separately and apart from each other.
The Parties have decided to formalize the terms of their separation through this Deed.
III. Terms of Separation
A. Property Division
The Parties agree to divide their marital property as follows:
Family Home: The family home located at 123 Main Street, Anytown shall be awarded to [Name of Party].
Joint Bank Account: The joint bank account with [Bank Name], account number 4569224862, shall be closed, and the funds therein shall be divided equally between the Parties.
Investment Portfolio: The investment portfolio held with [Investment Firm], consisting of stocks, bonds, and mutual funds, shall be divided as follows: [Your Name] shall retain 60% of the total value, and [Your Spouse's Name] shall retain 40%.
Vehicles: The vehicles registered under the names of the Parties shall be divided as follows: [Your Name] shall retain the 2051 Toyota Camry, and [Your Spouse's Name] shall retain the 2050 Honda Civic.
Retirement Accounts: The retirement accounts held by the Parties shall be divided as follows: [Your Name] shall retain the IRA account, and [Your Spouse's Name] shall retain the 401(k) account.
Real Estate Properties: Any real estate properties owned jointly by the Parties shall be divided as follows: The condominium located at [Address] shall be awarded to [Your Name], and the vacation home at [Address] shall be awarded to [Your Spouse's Name].
Household Furniture and Appliances: The household furniture and appliances shall be divided as follows: [Your Name] shall retain the living room furniture, and [Your Spouse's Name] shall retain the kitchen appliances
Other Assets: Any other assets not listed above shall be divided as follows: The art collection shall be divided equally between the Parties, with [Your Name] selecting first, followed by [Your Spouse's Name]
Any property acquired by either Party after the date of separation shall be considered separate property and not subject to division.
B. Financial Support
The Party of the First Part agrees to pay spousal support to the Party of the Second Part for $1,500 per month, commencing on June 1, 2054.
The Parties shall each be responsible for their debts incurred after the date of separation.
C. Child Custody and Support
The Parties agree to joint custody of their children, Emily Smith and Jacob Smith, with a week-on, week-off custody arrangement. Visitation shall alternate between the Parties every Monday, with exchange times set at 5:00 PM. Both Parties shall share parenting responsibilities, including decision-making regarding the children's education, healthcare, and extracurricular activities.
The Party of the First Part agrees to pay child support to the Party of the Second Part for $800 per month, commencing on July 1, 2054.
IV. Legal Considerations
A. Independent Legal Advice
The Parties acknowledge that they have obtained independent legal advice before entering into this Deed.
Each Party represents that they fully understand the terms and consequences of this Deed.
B. Binding Effect
This Deed shall be binding upon and inure to the benefit of the Parties and their respective heirs, executors, administrators, and assigns.
No amendment or modification to this Deed shall be valid unless made in writing and signed by both Parties.
V. Execution
This Deed may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute the same instrument.
IN WITNESS WHEREOF, the Parties have executed this Deed as of the date first above written.
[Your Name]
[Date Signed]
[Your Spouse's Name]
[Date Signed]
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