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Separation Of Assets Agreement

Separation Of Assets Agreement Template for Austria

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Key Requirements PROMPT example:

Separation Of Assets Agreement

"I need a Separation of Assets Agreement drafted under Austrian law for a couple where one party owns multiple businesses and substantial international investments, while the other party has significant inherited real estate holdings - the agreement needs to be ready for signing by March 2025."

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Document background
The Separation of Assets Agreement is a crucial legal document used in Austria when couples wish to establish clear boundaries between their respective assets and financial affairs. This agreement is particularly relevant for business owners, high-net-worth individuals, or those entering subsequent marriages who want to maintain separate ownership of their assets. The document must comply with Austrian legal requirements, including mandatory notarization, and typically includes detailed inventories of current assets, provisions for future acquisitions, and arrangements for managing separate properties. It's essential for protecting individual property rights, business interests, and inheritance claims, while providing clarity on financial responsibilities within the relationship. The agreement needs to align with the Austrian Civil Code (ABGB) and related legislation, making it a robust tool for asset protection and financial planning.
Suggested Sections

1. Parties: Identification of both parties with full legal names, addresses, and marital status

2. Background: Context of the agreement, including marriage date (if applicable), reason for separation of assets, and confirmation that both parties enter into the agreement voluntarily

3. Definitions: Key terms used throughout the agreement, including 'Separate Property', 'Joint Property', 'Effective Date', etc.

4. Purpose and Scope: Clear statement of the agreement's purpose to maintain separate ownership of assets and prevent creation of joint property

5. Declaration of Separate Property: Fundamental clause establishing that all current and future assets remain separate property of each spouse

6. Management of Separate Assets: Rights and obligations regarding management of individual assets, including investment decisions and disposal rights

7. Income and Earnings: Treatment of income, wages, business profits, and other earnings during the marriage

8. Debts and Liabilities: Handling of existing and future debts, including personal and business liabilities

9. Household Expenses: Agreement on sharing common household expenses and daily living costs

10. Tax Provisions: Arrangements for tax filing and handling of tax liabilities

11. Amendment and Termination: Conditions and procedures for modifying or terminating the agreement

12. Governing Law: Specification of Austrian law as governing law and jurisdiction

13. Severability: Standard clause ensuring validity of remaining provisions if any part is found invalid

14. Execution: Signature requirements and notarization provisions

Optional Sections

1. Business Interests: Specific provisions for handling business ownership and commercial interests, used when either party owns a business

2. Intellectual Property Rights: Provisions for handling intellectual property, used when either party has significant IP assets

3. Inheritance and Gifts: Special provisions for inherited assets or gifts, used when significant inherited property exists

4. Real Estate: Detailed provisions for handling real estate ownership, used when parties own or plan to acquire property

5. Investment Accounts: Specific provisions for investment portfolios, used when parties have significant investment assets

6. Children's Expenses: Provisions for children's costs and education, used when parties have or plan to have children

7. Foreign Assets: Provisions for assets located outside Austria, used when parties have international assets

8. Pension and Retirement Accounts: Specific provisions for retirement assets, used when significant pension rights exist

Suggested Schedules

1. Schedule A - Current Assets Inventory: Comprehensive list of all current assets owned by each party with valuations

2. Schedule B - Current Liabilities: List of all current debts and liabilities of each party

3. Schedule C - Business Assets: Detailed inventory of business interests and their agreed valuations

4. Schedule D - Real Estate Holdings: Details of all real estate owned by either party including property descriptions and valuations

5. Schedule E - Bank Accounts and Investments: List of all financial accounts and investment holdings

6. Appendix 1 - Asset Valuation Reports: Independent valuations of significant assets

7. Appendix 2 - Property Certificates: Land registry extracts and property ownership certificates

8. Appendix 3 - Financial Statements: Recent financial statements for business interests or investment portfolios

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Effective Date
Separate Property
Joint Property
Pre-existing Assets
Future Assets
Income
Business Interests
Matrimonial Home
Common Household
Household Expenses
Professional Income
Investment Returns
Inherited Assets
Gifted Property
Separate Debts
Joint Debts
Business Day
Material Change
Encumbrance
Force Majeure
Intellectual Property Rights
Matrimonial Property Regime
Notarial Deed
Property Register
Separate Estate
Valuation Date
Working Day
Territory
Governing Law
Separate Bank Accounts
Common Expenses
Fixed Assets
Movable Property
Immovable Property
Professional Practice
Investment Portfolio
Pension Rights
Insurance Policies
Digital Assets
Clauses
Parties and Recitals
Definitions
Interpretation
Separate Property Rights
Asset Declaration
Future Acquisitions
Income Separation
Business Interests Protection
Debt Allocation
Household Expenses
Property Management
Real Estate
Banking Arrangements
Investment Rights
Tax Matters
Inheritance Rights
Gift Treatment
Intellectual Property
Insurance
Pension Rights
Digital Assets
Record Keeping
Financial Disclosure
Dispute Resolution
Amendment
Termination
Severability
Governing Law
Jurisdiction
Force Majeure
Notarization
Registration
Notices
Entire Agreement
Warranties
Costs and Expenses
Compliance with Law
Further Assurance
Assignment
Third Party Rights
Relevant Industries

Legal Services

Financial Services

Real Estate

Banking

Wealth Management

Professional Services

Business Consulting

Notarial Services

Property Management

Family Office Services

Relevant Teams

Legal

Compliance

Wealth Management

Private Banking

Property Services

Financial Advisory

Document Administration

Risk Management

Client Relations

Business Advisory

Relevant Roles

Lawyer

Notary Public

Financial Advisor

Wealth Manager

Property Manager

Legal Counsel

Family Law Specialist

Estate Planner

Business Advisor

Tax Consultant

Private Banker

Property Valuer

Business Valuation Specialist

Family Office Manager

Compliance Officer

Legal Administrator

Industries
Austrian Civil Code (ABGB - Allgemeines bürgerliches Gesetzbuch): Primary legislation governing civil law matters including property rights, contract law, and matrimonial property regimes (particularly §§ 1217-1266 regarding matrimonial property law)
Marriage Act (Ehegesetz): Governs marriage-related matters including the legal framework for agreements between spouses and their property relations
Notarial Act (Notariatsordnung): Specifies requirements for notarization of agreements between spouses, which is mandatory for separation of assets agreements in Austria
Land Register Act (Grundbuchsgesetz): Relevant for registration of property rights and division of real estate property between spouses
Court Fees Act (Gerichtsgebührengesetz): Governs the fees associated with registering or modifying property arrangements in official registers
Austrian Consumer Protection Act (Konsumentenschutzgesetz): May be applicable if one spouse is considered to be in a weaker economic position, providing additional protections
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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