Another example of this type of deal was in the news a few years ago with the high-level divorce of General Electric CEO Jack Welch and his second wife, Jane. You were married for 13 years when Jane sought divorce in Connecticut. As Robert Peterson and Laurie Sykes-Peterson pointed out, Connecticut shares marital property on a fair distribution basis. This means that all real estate is considered marital property and is shared according to what the court deems fair. Married, de facto and civil couples who have lived together for less than three years are generally not covered by the rules of egalitarian sharing. They may also want to enter into their own real estate contracts in order to avoid uncertainty. See below: „Marriages, unions and de facto relationships of less than three years („short duration”). If you wish to prepare your own ownership agreement, this cohabitation agreement can be used. It aims to minimize the legal costs of those who wish to opt out of the law. There are many factors you need to think about and make decisions about before deciding to include a Sunset clause in your Prenup. You and your alleged spouse need to be aware of what this means and what you all accept. If you are in one of these situations, you can enter into your own real estate contract to determine how your property should be split and to avoid the uncertainty of a property dispute.
An agreement can allow for a quick and effective comparison of real estate, avoiding both significant emotional stress and court costs related to court proceedings. However, after August 1, 2001, a contract entered into by a couple is subject to the higher threshold of „serious injustice”, even if the agreement was concluded before August 1, 2001 under the former LOI MATRIMONIAL PROPERTY. The inclusion of a Sunset clause in a new construction contract (provided it is drafted so that only the buyer and not the seller can terminate) can be particularly important for a buyer for several reasons, including: What is a Sunset clause you are asking for? A Sunset clause is a condition of a contract that provides that if a particular event did not occur on a given date, one or both parties may revoke the contract if they communicate a written notification to the other. The agreement can be expressed to apply while both parties are alive, or if one of them dies, or in both situations.