The Assets Separation Agreement serves as a crucial legal instrument under Austrian law for parties seeking to formally divide and separate their shared assets. This document is typically employed in various scenarios, including business partnership dissolutions, family wealth divisions, or marriage separations. The agreement must comply with the Austrian Civil Code (ABGB) and related regulations, particularly concerning property rights, transfer requirements, and tax implications. It provides a detailed framework for identifying, valuing, and allocating various types of assets, including real estate, financial investments, business interests, and personal property. The document also addresses practical implementation aspects, such as timeline for transfers, responsibility for associated costs, and mechanisms for dispute resolution. Given the complexity of Austrian property and tax laws, this agreement often requires input from legal professionals, tax advisors, and asset valuators to ensure comprehensive coverage and legal compliance.
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1. Parties: Identification and details of the parties entering into the agreement
2. Background: Context of the agreement, including current status of relationship and reason for asset separation
3. Definitions: Key terms used throughout the agreement
4. Purpose and Scope: Clear statement of the agreement's purpose and what assets it covers
5. Effective Date: When the agreement takes effect and timeline for implementation
6. Division of Real Property: Detailed arrangements for division of real estate and associated rights
7. Division of Personal Property: Allocation of movable assets, furniture, vehicles, and personal belongings
8. Financial Assets: Division of bank accounts, investments, and other financial instruments
9. Debts and Liabilities: Allocation of existing debts and financial obligations
10. Implementation: Practical steps and timeline for implementing the asset division
11. Tax Provisions: Treatment of tax implications and responsibilities
12. Governing Law: Confirmation of Austrian law as governing law and jurisdiction
13. Dispute Resolution: Process for resolving any disputes arising from the agreement
14. Final Provisions: Miscellaneous legal provisions, including severability and amendment procedures
1. Business Interests: Section dealing with division of business assets and commercial interests, required when parties have shared business ownership
2. Intellectual Property: Provisions for division of intellectual property rights, needed when relevant IP assets exist
3. Pension and Insurance: Division of pension rights and insurance policies, included when such assets exist
4. Foreign Assets: Specific provisions for assets located outside Austria, required for international asset holdings
5. Future Acquisitions: Treatment of assets acquired after the agreement date but before final separation, included when relevant
6. Confidentiality: Provisions for maintaining confidentiality, included when dealing with sensitive business or personal information
7. Professional Practices: Specific provisions for professional practices or licenses, needed for professional service providers
1. Schedule A - Real Property Inventory: Detailed list of all real estate properties with ownership details and agreed disposition
2. Schedule B - Personal Property Inventory: Comprehensive list of significant personal property items and their allocation
3. Schedule C - Financial Assets Schedule: Detailed listing of all financial accounts, investments, and their agreed division
4. Schedule D - Debt Schedule: List of all debts and liabilities with allocation details
5. Schedule E - Valuation Reports: Professional valuations of significant assets
6. Schedule F - Implementation Timeline: Detailed timeline for executing the asset transfers
7. Appendix 1 - Property Documents: Copies of relevant property titles and registration documents
8. Appendix 2 - Financial Statements: Recent financial statements and account details
9. Appendix 3 - Tax Certificates: Relevant tax documentation and certificates
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