Matrimonial Property Agreements
Matrimonial property agreements, also called property agreements, are arrangements made between two married people stating how property will be divided in the event of divorce or death. If the agreement is made before the marriage, it is often called a prenuptial agreement.
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Reasons
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These agreements are often used when one person from the marriage enters the marriage with a great deal of assets. They are also used for second marriages, when one person has a lot of debt or when one person wants to protect their pre-established estate.
Details
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A matrimonial property agreement states what property each individual owns and what property is jointly owned. It also states what property each individual will retain in the event of a divorce or death. If one person has children from a prior marriage, this agreement states what the children obtain if their biological parent dies.
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Requirements
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For these agreements to be valid, they must be in writing and signed by both parties. Each individual must receive independent legal advice and a witness must be present when both parties sign the document.
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