Finally Revealed! 3 Most Valuable Contracts That Will Save Your Time & Money

Lifesaving contracts – 3 most valuable contracts that will save you time and money

Prenuptial agreement Although it may be the last thing on your mind when planning your wedding, discussing the prenuptial agreement with your partner could secure your finances and save you from potentially debilitating court cases in the future.

In addition to the false assumption that only the wealthiest can benefit from this kind of contract, people often view prenuptial agreements as an assumption that the marriage will fail or as an indication that the romantic relationship lacks trust. Nevertheless, a prenuptial agreement is an extremely useful legal institution by which partners protect each other from potential disagreements or financial difficulties of the other party in the future. You can think of it like health insurance – you hope you won’t need it, but you’ll feel safer if you have it.

This contract gives you the opportunity to arrange your property relations and adapt them to your real-life needs and interests during the time that the relationship between you is harmonious, before establishing a community of life with your partner, or during it. Keep in mind that if you do not arrange your property relations yourself, the state will do it for you with its legal regulations, and you will have no influence on the conditions that the state and the courts enforce.

– What does the prenuptial agreement change in relation to the law?

According to the Family Law, the property acquired by the spouses through work during the duration of the marriage community of life is their joint property, and it is assumed that the shares of both spouses are equal. This means that, for example, the earnings of one spouse belong to the property of both spouses. On the other hand, everything that was acquired before entering into the marriage community of life, or during the duration of the marriage community of life but was not acquired by work (e.g. it was acquired by inheritance or a gift), belongs to the separate property of that spouse.

The legal regime of joint property is excluded by the marriage contract. The content of this contract can be varied, and most often it refers to specifying which property is the special property of a spouse to which the other spouse has no rights in the event of a divorce.

Agreement on assignment and distribution of property during lifetime by concluding this contract, the transferor and the heirs can easily implement their agreement regarding the distribution of property and thereby avoid lengthy probate proceedings in the future.

A contract on the assignment and distribution of property during lifetime is a contract by which the testator can assign and distribute their property to their descendants while they are alive. In addition to descendants, the contract can also include a spouse if agreed.

Property that is disposed of in this way comes out of the legacy of the testator, and the descendants among whom it is distributed are not responsible for the debts of the testator. Therefore, for the validity of this contract, it is necessary that all descendants agree to it.

In addition to the fact that a lengthy probate procedure can be avoided in this way, the advantage of this contract is that the assignor can retain the right to enjoy all or some of the assigned goods for himself, his spouse, or another person, he can contract a lifetime annuity, alimony or other compensation. If the descendant does not provide the agreed maintenance, the assignor can revoke this contract.

Agreement for the physical division of real property the simplest way to divide joint real estate is to conclude a physical division agreement, which will avoid complicated and lengthy court proceedings.

It often happens that one parcel of land has several co-owners, which is also stated in the real estate cadastre. The reason for this is mainly inheritance when after the probate procedure, several heirs are registered in the real estate cadastre as co-owners of one plot, but the cause of co-ownership can also be some other reason for acquiring real estate. If you have the right to an ideal part of real estate, it means that you have acquired the right to a certain percentage of that real estate, and not to an exact real part.

In order for each of the co-owners to be able to dispose of the part that belongs to them, it is necessary to carry out a physical division of that real property. This is done through an agreement on physical division or in a non-litigation court proceeding. In any case, if you want to avoid a hearing, presentation of evidence, expert testimony, etc. it would be best to resolve this problem by agreement – a physical separation agreement. This contract must be certified by a notary public, and that cost will certainly be lower than possible court costs.

P.S. In order to enjoy the benefits of these contracts, they must be perfect in terms of content and form. Therefore, consider hiring professional help to avoid possible mistakes when drafting them.

For more information on this or any other legal, tax, or business topic, feel free to write to us at [email protected] at any time or call us at phone number +381113281914 every working day from 08:30 to 16:30

Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analysing and resolving a legal problem, and it should not be substituted for legal advice, which relies on a specific factual analysis. Moreover, the laws of each jurisdiction are different and are constantly changing. This information is not intended to create, and receipt of it does not constitute, an attorney-client relationship. If you have specific questions regarding a particular fact situation, we urge you to consult the authors of this publication, your AK STATT representative or other competent legal counsel.

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