Acquisition Agreement for Jointly Owned Asset | Canada
This Canada Asset Acquisition Agreement for a jointly owned asset sets out in writing how the asset will be dealt with if you and your spouse / partner break up.
- The Agreement can be used to cover all substantial assets you purchase together (such as a home, vacation property, boat, RV, family vehicle, etc.).
- Each spouse agrees to pay half of the purchase price, but if one spouse cannot make a payment for any reason, the other spouse can make the payment and his/her interest in the asset will be increased to reflect the amount of the payment.
- If the marriage or relationship breaks up and the parties are unable to come to an agreement regarding ownership of the asset, the partners agree to submit the matter to a mediator, and to abide by the mediator's decision.
- This legal agreement can be used in any Canadian province or territory.
If you and your partner split up, you want to be sure that your jointly owned property is fairly dealt with. Download the Canada Asset Acquisition Agreement for Jointly Owned Asset and sign it before you make that big ticket purchase.
Last Updated: 17-July-2018