The Summary Dissolution Property Settlement Agreement is a crucial document in Philippine family law, where divorce is not legally recognized except for Muslim citizens. This agreement is typically utilized when couples pursue legal separation or annulment, providing a comprehensive framework for property division. The document addresses both community and separate property, debts, future earnings, and other financial matters in compliance with the Family Code of the Philippines. It requires careful drafting to ensure all assets are properly disclosed and divided, and must be executed in accordance with Philippine legal requirements, including proper notarization. The agreement becomes particularly important as it helps prevent future disputes over property rights and financial obligations between separating spouses.
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1. Parties: Identification and details of both spouses entering into the agreement
2. Background: Information about the marriage, date of separation, and reason for entering into this agreement
3. Definitions: Key terms used throughout the agreement
4. Purpose of Agreement: Statement of intention to make a final settlement of all property rights and obligations
5. Disclosure of Assets: Mutual confirmation that both parties have made full disclosure of all assets and liabilities
6. Division of Community Property: Detailed allocation of jointly owned property between the parties
7. Separate Property: Confirmation of property owned separately by each party before marriage and to be retained by each
8. Debts and Liabilities: Division and responsibility for existing debts and financial obligations
9. Tax Provisions: Arrangements for handling tax matters and filings
10. Future Earnings and Property: Agreement regarding future income and acquired property
11. Release of Claims: Mutual release of future claims against each other's property
12. Binding Effect: Statement that the agreement is binding on parties, heirs, and assigns
13. Governing Law: Specification that Philippine law governs the agreement
14. Execution: Signing requirements and notarization provisions
1. Pension and Retirement Benefits: Division of retirement accounts and pension benefits, if applicable
2. Business Interests: Division of business assets and interests, if any exist
3. Intellectual Property Rights: Division of intellectual property rights, if any exist
4. Foreign Assets: Provisions for assets located outside the Philippines, if any
5. Children's Education Fund: Provisions for existing education funds or accounts, if any
6. Insurance Policies: Division or maintenance of life insurance policies, if any
7. Future Dispute Resolution: Procedures for resolving future disputes about property division
8. Confidentiality: Provisions for keeping the terms of the agreement private
1. Schedule A - Community Property: Detailed inventory of all community property with agreed values
2. Schedule B - Separate Property: Detailed inventory of each party's separate property
3. Schedule C - Debts and Liabilities: Complete list of all debts and liabilities with allocation
4. Schedule D - Real Estate: Details of all real estate properties including legal descriptions
5. Schedule E - Bank Accounts: List of all bank accounts and their disposition
6. Schedule F - Vehicles: Details of all vehicles and their allocation
7. Appendix 1 - Supporting Documents: Copies of property titles, account statements, and other relevant documents
8. Appendix 2 - Valuation Reports: Any professional valuations of significant assets
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