This form involves a situation where a couple is buying a house prior to their marriage and want to agree in writing how the house and other property should be disposed of if they should separate and not get married.
New York Domestic Partnership Agreement: Disposition of Real and Personal Property if Partnership is Dissolved — Unmarried When unmarried couples in New York choose to enter into a domestic partnership, it is essential to establish legal procedures to address the disposition of real and personal property if the partnership is dissolved. A New York Domestic Partnership Agreement serves as a comprehensive legal document that outlines the rights and responsibilities of each partner and ensures a fair and equitable division of assets. The Domestic Partnership Agreement offers various types that cater to specific needs and circumstances, including: 1. Comprehensive Partnership Agreement: This agreement encompasses every aspect of the partnership, including the division of real estate, personal property, and financial resources. It outlines which partner is entitled to specific assets and how they will be distributed upon dissolution of the partnership. 2. Real Property Disposition Agreement: Partners who solely wish to address the division and disposition of real estate property may opt for this agreement. It clearly outlines the ownership rights and responsibilities of each partner regarding the property, as well as the process for dividing the property or determining its value. 3. Personal Property Disposition Agreement: For couples with minimal or no real estate assets, a Personal Property Disposition Agreement focuses primarily on personal belongings such as furniture, vehicles, electronics, and household items. This agreement clearly outlines who are entitled to which assets and how they will be divided upon partnership dissolution. Key provisions covered in a New York Domestic Partnership Agreement include: 1. Identification of Partners: The agreement begins by identifying the partners involved, including their legal names, addresses, and the date the domestic partnership was established. 2. Intent of the Agreement: Partners explicitly state their intention to establish rights and obligations regarding the disposition of real and personal property in the event of partnership dissolution. This establishes the legal binding nature of the agreement. 3. Property Ownership and Division: The agreement specifies the current ownership and division of real and personal property. It can include information such as the location, description, and value of the property, as well as any mortgages or liens associated with it. 4. Asset Distribution: Partners outline their preferences regarding the division of property upon dissolution. This may include agreements on selling the property and dividing the proceeds, allowing one partner to buy the other's share, or any other arrangements agreed upon. 5. Dispute Resolution: In case of disputes or disagreements over the property division process, the agreement can include a provision for mediation, arbitration, or any other preferred methods of conflict resolution. 6. Governing Law: Partners designate New York State laws to govern the agreement and any subsequent legal proceedings. It is essential to consult with an experienced attorney specializing in family law when drafting a New York Domestic Partnership Agreement. They can ensure that the agreement accurately reflects the partners' intentions and complies with the state's legal requirements, helping to protect the interests of both individuals involved.New York Domestic Partnership Agreement: Disposition of Real and Personal Property if Partnership is Dissolved — Unmarried When unmarried couples in New York choose to enter into a domestic partnership, it is essential to establish legal procedures to address the disposition of real and personal property if the partnership is dissolved. A New York Domestic Partnership Agreement serves as a comprehensive legal document that outlines the rights and responsibilities of each partner and ensures a fair and equitable division of assets. The Domestic Partnership Agreement offers various types that cater to specific needs and circumstances, including: 1. Comprehensive Partnership Agreement: This agreement encompasses every aspect of the partnership, including the division of real estate, personal property, and financial resources. It outlines which partner is entitled to specific assets and how they will be distributed upon dissolution of the partnership. 2. Real Property Disposition Agreement: Partners who solely wish to address the division and disposition of real estate property may opt for this agreement. It clearly outlines the ownership rights and responsibilities of each partner regarding the property, as well as the process for dividing the property or determining its value. 3. Personal Property Disposition Agreement: For couples with minimal or no real estate assets, a Personal Property Disposition Agreement focuses primarily on personal belongings such as furniture, vehicles, electronics, and household items. This agreement clearly outlines who are entitled to which assets and how they will be divided upon partnership dissolution. Key provisions covered in a New York Domestic Partnership Agreement include: 1. Identification of Partners: The agreement begins by identifying the partners involved, including their legal names, addresses, and the date the domestic partnership was established. 2. Intent of the Agreement: Partners explicitly state their intention to establish rights and obligations regarding the disposition of real and personal property in the event of partnership dissolution. This establishes the legal binding nature of the agreement. 3. Property Ownership and Division: The agreement specifies the current ownership and division of real and personal property. It can include information such as the location, description, and value of the property, as well as any mortgages or liens associated with it. 4. Asset Distribution: Partners outline their preferences regarding the division of property upon dissolution. This may include agreements on selling the property and dividing the proceeds, allowing one partner to buy the other's share, or any other arrangements agreed upon. 5. Dispute Resolution: In case of disputes or disagreements over the property division process, the agreement can include a provision for mediation, arbitration, or any other preferred methods of conflict resolution. 6. Governing Law: Partners designate New York State laws to govern the agreement and any subsequent legal proceedings. It is essential to consult with an experienced attorney specializing in family law when drafting a New York Domestic Partnership Agreement. They can ensure that the agreement accurately reflects the partners' intentions and complies with the state's legal requirements, helping to protect the interests of both individuals involved.
