The Relationship Property Agreement is a crucial legal document used in Canadian jurisdictions to establish clear terms for property ownership and division between parties in a domestic relationship. It is particularly relevant for couples entering marriage or common-law relationships, those with significant assets, business owners, or individuals seeking clarity in their property rights. The agreement must comply with both federal Canadian law and specific provincial family law legislation, requiring careful drafting to ensure enforceability. Key components include comprehensive financial disclosure, independent legal advice for both parties, and detailed schedules of assets and liabilities. This document serves as a preventive measure to avoid future disputes and provides certainty regarding property rights and obligations throughout the relationship and in the event of separation.
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1. Parties: Identification and details of both parties entering into the agreement
2. Background: Context of the relationship, purpose of the agreement, and acknowledgment of independent legal advice
3. Definitions: Definitions of key terms used throughout the agreement including 'Property', 'Relationship Property', 'Separate Property', etc.
4. Effective Date and Duration: When the agreement takes effect and how long it remains valid
5. Property Classification: Classification of property as relationship property or separate property
6. Division of Property: Agreed arrangements for division of property during relationship or upon separation
7. Financial Disclosure: Complete disclosure of assets, liabilities, and financial circumstances of both parties
8. Rights and Obligations: Ongoing rights and obligations of both parties regarding property management
9. Dispute Resolution: Process for resolving any disputes arising from the agreement
10. Severability: Provision ensuring that if any part of the agreement is invalid, the rest remains enforceable
11. Governing Law: Specification that the agreement is governed by Canadian law and the applicable provincial jurisdiction
12. Execution: Formal signing and witnessing provisions
1. Business Assets: Section dealing with business ownership and division of business assets, used when either party owns a business
2. International Property: Provisions for property held outside Canada, included when parties have international assets
3. Inheritance and Gifts: Special provisions for inherited property or gifts, used when significant inherited assets exist
4. Debt Management: Detailed provisions about handling joint and separate debts, used when significant debt exists
5. Children's Property: Provisions regarding property held for or inherited by children, used when children are involved
6. Family Trust Interests: Provisions dealing with family trust interests, used when either party has trust involvement
7. Pension and Retirement Assets: Detailed provisions for division of pension and retirement assets, used for couples near retirement
8. Cultural Property: Provisions for cultural or ceremonial property, particularly relevant for Indigenous parties
1. Schedule A - Property Inventory: Comprehensive list of all property owned by both parties at the time of agreement
2. Schedule B - Separate Property: Detailed list of property agreed to be separate property of each party
3. Schedule C - Relationship Property: Detailed list of property agreed to be relationship property
4. Schedule D - Financial Statements: Current financial statements of both parties
5. Schedule E - Business Valuations: Valuations of any business interests owned by either party
6. Schedule F - Debt Schedule: List of all debts and liabilities of both parties
7. Appendix 1 - Certificates of Independent Legal Advice: Signed certificates confirming both parties received independent legal advice
8. Appendix 2 - Property Valuations: Professional valuations of significant assets
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