For example, David and Martha each have children from a previous marriage. David and Martha were married in 1985. David and Martha both work outside the house and have built $800,000 in community assets. Martha also has a US$200,000 brokerage account from her first marriage, which she kept as her separate property. Marthe signs a will that leaves all her separate and collective property to her children from her first marriage. Martha`s children inherited half of the common property ($400,000) and their separate property ($200,000 $US). Martha`s children from her first marriage inherit a total of $600,000. David will keep his half of the condominium (400,000 $US). The advantage of joint ownership is that the tax base of the group patrimony of a deceased spouse is changed to the fair value of the asset at the time of the death of the spouse.
A co-ownership contract is an agreement between spouses or national partners registered by the State in order to characterize their property as common property. Normally, each property of married couples and national partners is characterized either as a condominium or as a separate property, depending on when and how the property was acquired. The characterization of the property affects the legal rights and interests of any spouse or partner in the property. A co-ownership contract transforms only an individual property into a co-ownership; there is no “there” property to anyone. The expectation is that the entire community patrimony will be automatically transferred to the surviving spouse or domestic partner according to the laws of ancestry and distribution in the intestacy. Unlike a more flexible will, a co-ownership contract cannot be used to make binding gifts to people other than the surviving spouse or the surviving national partner. 1. The petitioner and the respondent were legally married to ___ they agreed to live separately and separately, filed for divorce and are attempting to resolve property issues between them without going to court. When a couple divorces, they often go through the process of dividing assets (furniture, cars, frequent flyer miles) and debts (mortgages, credit cards, etc.). The form below is an example of what a wealth transaction agreement between outgoing spouses can be.
4. This Agreement shall be a final decision on the matters dealt with therein and may be used as evidence and included in a final judgment of divorce or dissolution. . . .