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Ray
Ray, Lawyer
Category: CA Real Estate
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Experience:  30 years in civil, probate, real estate, elder law
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What is a deed of dissolution with interspousal transfer

Customer Question

What is a deed of dissolution with interspousal transfer deed
Submitted: 6 months ago.
Category: CA Real Estate
Expert:  Ray replied 6 months ago.

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

Expert:  Ray replied 6 months ago.

Here the "interspousal transfer deed" transfers title (ownership) between a married couple. A gift given by one spouse to the other during the marriage is considered "separate" (owned separately), not "marital" (mutually-owned) property. This is important because through a deed, marital property can become separate property or vice versa, which is an important distinction in a divorce.

An interspousal transfer deed can be useful when one spouse has poor credit, and the couple wants to refinance their home. To receive a better mortgage interest rate, the couple may decide to use an interspousal transfer deed to transfer title to their home to the spouse with better credit. Some other examples of circumstances where a couple might use an interspousal transfer deed include the following:

  • one spouse wants to add the other spouse to title of separate property
  • the couple wants to transfer title to property as a result of divorce settlement, and
  • where one spouse must be removed from title for financial or legal reasons.
Expert:  Ray replied 6 months ago.

Deed of dissolution is usually used where a partnership is dissolved and one partner takes over the assets and liabilities of a partnership.

Sample

Deed Of Dissolution

THIS DEED made at …………….. this ………… day of …………., 2000, between A, son of ………………………………. resident of ………………………………………………. hereinafter referred to as retiring partner, of the ONE PART and B, son of ………………………. resident of …………………………. hereinafter referred to as continuing partner of the OTHER PART.

WHEREAS the parties hereto were doing the business of ………………. at …………………………. under the name and style of M/s. …………………………………………………. in terms of Deed of Partnership dated …………………………

AND WHEREAS on account of disputes and differences arising between them, the parties have decided to dissolve the partnership on the terms and conditions hereinafter appearing.

WITNESSETH AS FOLLOWS:

(1) The parties hereto hereby dissolve the partnership subsisting between them under the Deed of Partnership dated …………………. with effect from …………………

(2) The assets and liabilities of the partnership have been assessed and the final balance sheet and profit and loss account have been taken and both the parties have seen the said accounts and are satisfied about its correctness.

(3) The continuing partner has paid to the retiring partner a sum of Rs. ……………… (the receipt whereof the retiring partner hereby acknowledges) as consideration of the share and interest of the retiring partner in the assets, stock-in-trade, goodwill and tenancy rights of the firm.

(4) The retiring partner as beneficial owner hereby assigns and releases unto the continuing partner ALL THAT the one-half share and interest of and in the business and stock-in-trade, assets and other personal chattels including the goodwill thereof TO HOLD the same unto the continuing partner absolutely for ever.

(5) The continuing partner hereby covenants with the retiring partner that he shall discharge all the debts, liabilities and obligations of the partnership and will at all times hereafter keep the retiring partner indemnified against the said debts, liabilities and obligations and from all actions, proceedings, costs, claims and demands in respect thereof.

(6) The retiring partner hereby covenants with the continuing partner that he shall not engage himself directly or indirectly in the business of ………………………….. for a period of ………………………. years from the date of dissolution of the partnership.

(7) The retiring partner hereby releases the continuing partner and the continuing partner hereby releases the retiring partner from all actions, accounts, claims and demands in relation to the said partnership and from all the covenants and agreements contained in the said Deed of Partnership.

(8) The continuing partner hereby agrees and undertakes that he shall notify the dissolution of the partnership to the Registrar of Firms ……………………………… and also in the ………………… Government Gazette and in two newspapers within ………………… days from the date of execution hereof.

IN WITNESS WHEREOF the parties have hereunto set their hands, the day and year first hereinabove written.

Signed and delivered by the within named A

Signed and delivered by the within named B

WITNESSES;

1.

Expert:  Ray replied 6 months ago.

The dissolution of partnership deed covers

  • the date on which the partnership will cease trading and be dissolved and how it will be wound up
  • what the partners can and cannot do from the date of dissolution until the partnership is wound up
  • the return of documents, the realisation of the partnership's assets and the termination of contracts and other arrangements
  • the discharge of the partnership's liabilities
  • the preparation and approval of the partnership's final set of accounts
  • the distribution of any partnership monies after the liabilities have been discharged
  • the retention of records
  • the notification of the dissolution
Expert:  Ray replied 6 months ago.

Usually interspousal transfer deed to transfer property within the marriage, the dissolution of partnership deed is used to dissolve a partnership of two unmarried individuals where one of them keeps the assets and the debts and other party gets out by singing the deed.

I appreciate the chance to help you tonight.Please let me know if you have more follow up.

Expert:  Ray replied 6 months ago.

If you can rate 5 stars when we are done it is always much appreciated, thanks for letting me help you today.