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Marital Property Settlement Agreement Template for Philippines

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Key Requirements PROMPT example:

Marital Property Settlement Agreement

"I need a Marital Property Settlement Agreement that covers the division of multiple real estate properties in Manila and Cebu, including a family business, with specific provisions for the continued operation of the business after property division, to be executed by March 2025."

Document background
The Marital Property Settlement Agreement is a crucial legal document used in the Philippines when spouses need to formally divide and distribute their marital assets and liabilities. It is particularly relevant during legal separation, annulment proceedings, or when couples choose to formally separate their property interests while married. The agreement must comply with the Family Code of the Philippines and related legislation, requiring careful consideration of conjugal property laws, separate property rights, and property relations between spouses. This document typically includes detailed inventories of assets, agreed-upon valuations, specific distribution terms, and provisions for implementing the property division. It serves as a comprehensive record of the parties' agreement and can help prevent future disputes over property rights. The document must be properly executed, usually requiring notarization, and may need court approval depending on the circumstances.
Suggested Sections

1. Parties: Identification and details of both spouses entering into the agreement

2. Background: Information about the marriage, current status, and reason for the property settlement

3. Definitions: Definitions of key terms used throughout the agreement

4. Acknowledgment of Disclosure: Confirmation that both parties have made full disclosure of all assets and liabilities

5. Division of Community Property: Detailed allocation of conjugal or community property between spouses

6. Confirmation of Separate Property: Declaration and confirmation of separate properties owned by each spouse

7. Treatment of Debts and Liabilities: Division and responsibility for existing debts and liabilities

8. Tax Provisions: Arrangements for tax liabilities and responsibilities

9. Implementation: Process and timeline for implementing the property division

10. Further Assurance: Commitment to execute additional documents necessary to implement the agreement

11. Governing Law: Specification that Philippine law governs the agreement

12. Execution: Formal signing and witnessing requirements

Optional Sections

1. Business Interests: Section dealing with division or management of shared business interests, used when spouses own businesses together

2. Overseas Properties: Special provisions for properties located outside the Philippines, included when foreign assets exist

3. Pension and Retirement Benefits: Division of retirement accounts and pension benefits, included when applicable

4. Intellectual Property Rights: Division of intellectual property assets, included when parties own IP rights

5. Future Dispute Resolution: Mechanisms for resolving future disputes, optional but recommended

6. Confidentiality: Provisions for maintaining privacy of agreement terms, included when parties desire confidentiality

7. Insurance Policies: Provisions regarding life, health, or property insurance policies, included when applicable

Suggested Schedules

1. Schedule A - Real Property: Detailed list and description of all real property being divided

2. Schedule B - Personal Property: Inventory of personal property and their agreed distribution

3. Schedule C - Bank Accounts: List of all bank accounts and their disposition

4. Schedule D - Vehicles: Details of all vehicles and their allocation

5. Schedule E - Investments: List of investments, securities, and their division

6. Schedule F - Outstanding Debts: Comprehensive list of all debts and liabilities

7. Appendix 1 - Property Valuations: Professional valuations of significant assets

8. Appendix 2 - Supporting Documents: Copies of relevant certificates, titles, and registration documents

Authors

Alex Denne

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

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Lawyer

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Industries






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