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50 50 Separation Agreement Template for Canada

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Key Requirements PROMPT example:

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."

Document background
The 50/50 Separation Agreement is a fundamental legal instrument in Canadian family law, designed for couples seeking to formalize their separation with an equal division of matrimonial assets and responsibilities. This document is typically used when both parties agree to split their assets equally, either as a precursor to divorce or as a long-term separation arrangement. The agreement must comply with both federal legislation (primarily the Divorce Act) and provincial family law statutes. It comprehensively addresses property division, financial obligations, living arrangements, and future responsibilities, providing a clear framework for the separation process. This type of agreement is particularly suitable for couples who have accumulated significant shared assets during their relationship and wish to ensure a fair and equal division while maintaining an amicable separation.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

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

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