The Family Property Settlement Agreement is a crucial legal document used in Canadian family law when couples separate or divorce and need to formalize the division of their property and assets. This agreement is essential for both married and common-law couples who wish to achieve a final settlement of their property rights and obligations. It must comply with both federal legislation (such as the Divorce Act) and provincial family property laws, which vary by province. The document typically includes comprehensive details about real estate, personal property, financial assets, pensions, debts, and other obligations. It should be prepared with independent legal advice for both parties and may require input from financial advisors, property appraisers, or business valuators depending on the complexity of the assets involved. Once executed, it becomes a binding contract that can be enforced through the courts if necessary.
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1. Parties: Identification of all parties to the agreement with their full legal names and addresses
2. Background: Relevant background information including marriage/relationship dates, separation date, and current status
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Division Principles: General principles governing the division of property and the intended fairness of the agreement
5. Real Property: Division and disposition of real estate, including the matrimonial home
6. Personal Property: Division of personal property, vehicles, household items, and personal effects
7. Financial Assets: Division of bank accounts, investments, RRSPs, and other financial assets
8. Debts and Liabilities: Allocation of debts, loans, mortgages, and other liabilities
9. Mutual Releases: Mutual releases and waivers of claims against each other's estates
10. Tax Provisions: Handling of tax implications and responsibilities
11. Implementation: Practical steps and timeline for implementing the agreement
12. Governing Law: Specification of applicable jurisdiction and governing law
13. Dispute Resolution: Process for resolving any future disputes about the agreement
14. Independent Legal Advice: Acknowledgment of receiving independent legal advice
15. Execution: Signature requirements and execution details
1. Pension Division: Details of pension division if either party has pension assets to be divided
2. Business Interests: Division of business assets and interests if either party owns a business
3. Life Insurance: Requirements for maintaining life insurance policies as security
4. Future Income Tax Returns: Agreements about filing future tax returns and handling refunds/liabilities
5. Inheritance and Gifts: Treatment of inherited assets or gifts received during the relationship
6. Valuation Date Adjustments: Provisions for adjustments based on valuation date changes
7. Confidentiality: Confidentiality provisions if parties wish to keep terms private
8. Future Asset Discovery: Provisions dealing with subsequently discovered assets
9. Pets: Arrangements for family pets if applicable
10. Digital Assets: Division of digital assets and online accounts if significant
1. Schedule A - Real Property: Detailed list of all real estate properties with legal descriptions and agreed values
2. Schedule B - Personal Property Division: Comprehensive list of personal property items and their allocation
3. Schedule C - Financial Assets: Detailed inventory of all financial assets with account numbers and values
4. Schedule D - Debts and Liabilities: Complete list of all debts and liabilities with account details
5. Schedule E - Pension Information: Details of pension valuations and division calculations
6. Schedule F - Business Valuations: Business valuation reports and division details if applicable
7. Appendix 1 - Property Appraisals: Professional appraisals for significant assets
8. Appendix 2 - Financial Statements: Relevant financial statements and tax returns
9. Appendix 3 - Certificates of Independent Legal Advice: Signed certificates from each party's legal counsel
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