Agreement on the division of marital property with monetary compensation

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Agreement on the division of marital property with monetary compensation

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After the divorce, one of the most difficult and important tasks is the division of property that was acquired during the joint life.

To avoid conflicts and ensure a fair distribution of assets, creating a property division agreement with monetary compensation can be an effective tool.

In some cases, this option will be ideal for all parties.

In what cases is monetary compensation possible during the division of property after a divorce?

The legislation provides for only one basis for establishing monetary compensation when dividing property.

Accordingly, monetary compensation can become such a means if the distribution of joint property in equal shares is impossible.

The need to violate the principle of equal shares of the spouses arises only if the person who received a smaller share will be paid monetary compensation.

How to draw up such a contract correctly?

Drawing up a property division agreement with monetary compensation requires careful attention to detail and a professional approach.

Below are several key steps for the correct execution of such a contract:

  1. Consultation with lawyers. First of all, contact a law firm with lawyers specializing in family law. They will provide you with the necessary legal advice and prepare a contract by current legislation.
  2. Collection of property information. Both parties must identify in detail all assets and liabilities to be divided. This includes real estate, financial accounts, funds, cars, business interests, and other valuables.
  3. Determination of monetary compensation. The amount of monetary compensation is determined with the participation of a specialized lawyer and a notary. This can be set as a percentage of the total value of the property or a specific amount.
  4. Formulation of terms and conditions. The contract must clearly define all terms and conditions, including the terms of payment of monetary compensation, distribution of property, and other details. Possible scenarios of changing circumstances should also be taken into account.
  5. Notary certificate. It is recommended to notarize the contract to ensure its legal validity and avoid possible conflicts in the future.
  6. Viewing and signing. Both parties should carefully review all terms of the contract before signing. This is an important step to avoid misunderstandings or shortcomings in the future.
  7. Storage of documents. After signing the contract, keep copies of the documents in a safe place so you can access them when needed.

Please note that every family situation is unique, so it is important to get individual advice from a lawyer who can help you draft a contract that takes into account your unique circumstances and the laws of the country.

Contact a lawyer - he will help

Drafting and signing a property division agreement with monetary compensation is a complex and important process, and professional legal advice is essential.

Our law firm "Prikhodko and Partners" is ready to provide you with the necessary support and expert advice to ensure a fair and legal division of property after a divorce.

Contact us for consultation and an effective solution to your issue.

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