The need to divide the property of spouses arises not only in connection with a divorce. Sometimes it is necessary to conclude an agreement on the division in order, on the contrary, to strengthen relations in the family, by streamlining the material base.
There are two types of agreements on the division of property acquired jointly. First, the agreement on the division of joint property directly. It is concluded between spouses or between former spouses, as well as spouses in the process of divorce. Secondly, the prenuptial agreement, which is concluded either during the period of marriage, or before its conclusion.
The law requires both of these contracts to be concluded in writing and notarized.
A significant difference between a marriage contract and an agreement on the division of property is that the first fixes the property of the spouses as: common joint or common share or property of each of the spouses separately. And the second agreement establishes only the common share or separate property of the spouses.
Another important point, the marriage contract can provide for property rights not only to property acquired during marriage, but also to property that is personal for each of the spouses, that is, acquired before marriage. Thus, personal property can become common. The division agreement is concluded only in relation to property that is in common ownership.
In addition, a prenuptial agreement is not only an agreement in relation to property. In it, spouses (or future spouses) can establish the procedure for using income, managing expenses, etc.
Now, the conclusion of marriage contracts and agreements on the division of property is quite common, many law firms specialize in this area. In order to provide for all the nuances of the contractual relationship between spouses and ex-spouses, it is best to use the help of professional lawyers.
