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Prenup Agreement For House
"I need a Prenup Agreement For House to protect my pre-existing property at 123 Maple Street, Toronto, which I purchased before marriage, while allowing my future spouse to gradually gain equity based on their mortgage contributions after our wedding in March 2025."
1. Parties: Identification and details of both parties entering into the agreement
2. Background: Context of the agreement, including the pending marriage and property ownership status
3. Definitions: Key terms used throughout the agreement including 'matrimonial home', 'separate property', 'joint property'
4. Purpose and Intent: Clear statement of the agreement's objectives regarding house property
5. Property Ownership: Detailed description of how the house property is or will be owned (sole/joint ownership)
6. Financial Contributions: Terms regarding mortgage payments, maintenance costs, and other property-related expenses
7. Property Rights During Marriage: Rights and obligations of each party regarding the property during the marriage
8. Separation Provisions: Terms for property division or buyout in case of separation
9. Death Provisions: Treatment of property rights upon death of either party
10. Amendment and Termination: Conditions and process for modifying or terminating the agreement
11. Governing Law: Specification of applicable Canadian provincial law
12. Severability: Clause ensuring remainder of agreement stays valid if any portion is found unenforceable
13. Independent Legal Advice: Confirmation that both parties received independent legal counsel
14. Execution: Signing requirements and effective date
1. Mortgage Provisions: Include when there's an existing or planned mortgage, detailing responsibility and refinancing terms
2. Renovation and Improvements: Include when significant property improvements are planned, addressing cost sharing and value attribution
3. Rental Income: Include when the property may be rented out, detailing income distribution
4. Family Use Rights: Include when specific family members may have rights to use the property
5. Property Management: Include when specific management responsibilities need to be assigned
6. Future Property Acquisitions: Include when planning to purchase additional properties
7. Insurance Requirements: Include when specific insurance arrangements are needed
1. Schedule A - Property Details: Legal description of the property, including title details and current market value
2. Schedule B - Financial Disclosure: Current financial positions of both parties regarding the property
3. Schedule C - Existing Encumbrances: Details of any mortgages, liens, or other encumbrances on the property
4. Schedule D - Contribution History: Record of financial contributions made by each party to date
5. Schedule E - Property Valuation: Professional valuation report or agreed value of the property
6. Appendix 1 - Certificate of Independent Legal Advice: Signed certificates from each party's legal counsel
7. Appendix 2 - Property Title Documents: Copies of relevant property ownership documents
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