There are cases wherein married or unmarried couples share property ownership, but with a catch. Terms are laid out in a simple agreement, which ensures that if they separate, the properties are distributed accordingly. If you’re planning to write one, guidelines are listed below to help you out.
1. Prepare the Terms and Conditions
Before getting into the properties itself, let your clients discuss the terms and conditions. Ideally, this should take place before other matters are negotiated. Also, facilitate the discussion to ensure there is no bias in the terms and conditions.
2. Identify the Assets Involved
According to the common law, you can’t divide individual properties that you own but rather equally divide the assets that you share. But in community properties, things are different because these assets are bought in the span of the relationship.
3. Compute the Obtained Debts
Before writing the agreement, the debts of both parties should be settled. In common law, debts are considered conjugal if both parties benefited from it. Any debt that was made before the relationship, the debtor must take sole responsibility for the payment.
4. Allow the Clients to Discuss Other Matters
Let your clients talk again to check for discrepancies between their claims. Inconsistencies are common, but talking can sort things out. Allow them to talk until they resolve all discrepancies. If one of them decides to sell any shared property, make a sales agreement for it.
5. Have Your Clients Go Over the Document
Lastly, present the legal agreement to your clients for reviewing. This serves to verify if all written content corresponds to the details presented. Afterward, sign the document and let your clients affix their signatures as well.