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50 50 Separation Agreement
"I need a 50/50 Separation Agreement for a couple separating after 15 years of marriage, with significant retirement assets and a jointly-owned business that will be sold by March 2025, operating under Canadian law."
1. Parties: Identification and details of both parties to the agreement
2. Background: History of the relationship, date of marriage/cohabitation, separation date, and reason for agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Separation and Living Arrangements: Confirmation of separation and future living arrangements
5. Division of Property Principles: Statement of 50/50 division principle and general approach to division
6. Matrimonial Home: Arrangements regarding the family home, including sale or transfer provisions
7. Financial Assets: Division of bank accounts, investments, and other financial assets
8. Pension and Retirement Savings: Division of pension benefits and retirement accounts
9. Debts and Liabilities: Allocation of joint and individual debts
10. Income Tax Matters: Handling of tax returns, credits, and implications
11. Release and Indemnity: Mutual release of claims and indemnification provisions
12. Future Rights and Obligations: Agreement regarding future claims and obligations
13. Dispute Resolution: Process for resolving future disputes
14. Amendment and Termination: Conditions for modifying or terminating the agreement
15. Governing Law: Specification of applicable Canadian law and jurisdiction
1. Child Custody and Support: Required if the parties have children - arrangements for custody, access, and support
2. Spousal Support: Required if either party is seeking or waiving spousal support
3. Business Interests: Required if either party owns a business - arrangements for division or buyout
4. Pets and Pet Care: Required if the parties have pets - arrangements for ownership and care
5. Life Insurance: Required if maintaining life insurance policies is part of the agreement
6. International Assets: Required if parties have assets in multiple countries
7. Cultural or Religious Provisions: Required if specific cultural or religious considerations need to be addressed
8. Educational Expenses: Required if there are ongoing educational commitments for either party or children
9. Health Insurance: Required if arrangements for continued health coverage need to be addressed
1. Schedule A - Assets: Detailed listing of all assets and their agreed values
2. Schedule B - Debts: Comprehensive list of all debts and liabilities
3. Schedule C - Property Division: Specific allocation of property items between parties
4. Schedule D - Bank Accounts: List of all bank accounts and their disposition
5. Schedule E - Personal Property: Detailed division of personal items and household contents
6. Schedule F - Real Estate: Details of real estate properties and their disposition
7. Appendix 1 - Financial Statements: Current financial statements of both parties
8. Appendix 2 - Property Valuations: Professional valuations of significant assets
9. Appendix 3 - Pension Valuations: Pension valuations and division calculations
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