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Explain purpose of this paragraph in separation agreement.

Please explain purpose of this...
Please explain purpose of this paragraph in separation agreement. Am concerned that husband slipping it in at last minute to protect some asset he has hidden.
"Except as otherwise provided in this Agreement, each party shall retain, as his or her sole and separate property, any automobiles, real property, partnership interests, stocks, bonds, or other securities, savings or checking accounts, certificates of deposit, money market funds, pensions, profit-sharing plans, individual retirement accounts, deferred compensation of any kind, cash, and any other assets of any kind or nature in his or her own name, or in his or her possession, free and clear of any interest of the other."
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Answered in 3 minutes by:
3/9/2018
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 32,264
Experience: Attorney with experience in family law.
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

That paragraph says exactly what you think. Any asset not mentioned in the separation agreement will remain the separate property of the spouse who currently has it in their name. It does protect him if he has assets you don't know about, and I understand why it makes you wonder if he's hiding assets.

There are a couple of options here:

  1. You could insist that the paragraph be removed before you sign the agreement.
  2. You could request that they add a sentence stating that it does not apply to any later discovered assets or any assets that were not disclosed prior to the signing of the agreement.
  3. You could ask that they change it to state that any assets not mentioned in the document will be subject to either a separate agreement or equitable division by the courts.

Have I answered your question? If any part of my response is unclear, please reply WITHOUT rating so I can clarify. My goal is to provide excellent service, so if I've done that, please give me a 5-star rating before signing out. Thank you for using JustAnswer.

Lucy, Esq.
Lucy, Esq., Lawyer
Category: Family Law
Satisfied Customers: 32,264
Experience: Attorney with experience in family law.
Verified
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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