Importance of separation agreement

Separation: When a couple who have been living together as husband and wife decide to separate, their parting may have no legal consequences, except when they have established some form of partnership which is then to be disbanded. For a married couple with no hope of reconciliation, however there are many legal implications. Separation occurs when a couple chooses to no longer reside as a married couple. Therefore finances, assets, and debts are divided among the two, and they can begin living separate lives Moreover, couples also talk about...

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How you can discharge from an old contract to a new one in a legal way?

Alteration, amendment and discharge of contracts and agreements in business are common practice. Unfortunately, majority of business populaces ignore the legal aspects of discharge of contracts. What exactly is a legal way to discharge or substitute an existing contract into a new one? Simply through "Novation" What is Novation? Novation is one of a rare legal concept through which one party transfers all its obligations, rights, services and debts under a contract to a third party, with the consent of his original counter-party. When Novation...

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Similarities and differences between a substituted contract and a novation

Substituted contract and novation A substituted contract is when two or more parties in a joint venture find the existing contract or agreement irrelevant or ineffective and replace it with another or new agreement with the consent of all parties involved. If the original or previous agreement is in written form then the substituted contract will also be in written form as well. It can also be identified as a contract variation agreement in which the whole contract is not changed but certain amendments are made to fulfil different requirements. On...

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