Dissolution Provisions

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Contents 1 10.1 Dissolution of Agreement 2 10.2: Transitional Provisions on Death 3 10.3: Transitional Provisions Other Than as a Result of Death

For their security and peace of mind both as a couple and as individuals, and whether as a result of death or other circumstances, it is important to set out what will happen in the event that the Marriage Contract is dissolved.

Note that this is the tenth numbered section, Section 10, of the Marriage Contract.

10.1 Dissolution of Agreement

10.1.1	[Romeo] and [Juliet] agree that their Agreement shall terminate in the event of any of the events set out below.
10.1.2	The death of either [Romeo] or [Juliet].
10.1.3	The entry of either [Romeo] or [Juliet] into a state marriage contract over which the courts of family law claim jurisdiction.
10.1.4	The expiry of the Period of Notice commencing on the date when either [Romeo] or [Juliet] gave written Notice to the other.

10.2: Transitional Provisions on Death

10.11.1	In the event of the dissolution of this Agreement as a result of the death of either [Romeo] or [Juliet], the transitional provisions set out below shall apply.
10.11.2	The surviving party shall have the right to purchase the deceased party's share in the former marital home by serving notice on the deceased's personal representatives within three months of death.
10.11.3	The purchase price of the former marital home shall be the price that a willing buyer would pay to a willing seller on the open market, if sold with vacant possession.
10.11.4	The price paid for the deceased party's share shall be payable to the deceased's personal representatives within six months of the date of death or production of a Grant of Probate or Administration, whichever is the later.
10.11.5	On any sum not paid within this time, any interest shall be payable at the rate of 5% per annum above the Base Rate of the European Central Bank, from the date payment becomes due until the date of payment.
10.11.6	Where the value of the former marital home at the date of death of either [Romeo] or [Juliet] cannot be agreed, the surviving party and the deceased's personal representatives shall jointly appoint an independent valuer whose valuation shall be binding.
10.11.7	Where the surviving party and the deceased's personal representatives cannot agree on the appointment of a valuer, either may apply to the President of the Royal Institution of Chartered Surveyors to make the appointment, and the decision of the appointed valuer shall be binding.
10.11.8	Where no notice is served on the deceased's personal representatives, the surviving party shall have the right to remain living in the former marital home for three calendar months from the date of such death, and shall vacate the former marital home upon the expiry of the third calendar month to enable the marital home to be sold.
10.11.9	All provisions contained in this clause shall apply so as to bind the estate and personal representatives of the deceased party.

10.3: Transitional Provisions Other Than as a Result of Death

10.12.1	In the event of the dissolution of this Agreement other than as a result of the death of either [Romeo] or [Juliet], the transitional provisions set out below shall apply.
10.12.2	The former marital home shall be placed for sale on the open market and the proceeds of such sale shall be divided between [Romeo] and [Juliet] in the proportions provided in the Wealth Provisions.
10.12.3	[Romeo] and [Juliet] agree that each shall punctually pay and settle all outstanding living expenses in the proportions agreed in the Wealth Provisions.
10.12.4	[Romeo] and [Juliet] agree that all marital property shall be divided between them in the proportions provided in the Wealth Provisions.
10.12.5	[Romeo] and [Juliet] agree that any Joint Account operated for the purpose for meeting everyday household expenses shall be closed and any debits or credits shall be shared by them equally.

 

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