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Regulatory Agreement: What you shouldn't overlook.

Regulatory Agreement: What you shouldn't overlook.
There are three points that should never be overlooked in a Regulatory Agreement, and they are the following:

1. Make very clear what is included in the amount set as alimony and what are extraordinary expenses, and therefore not considered included in that amount. The same applies to extracurricular activities.

It is a question of determining what we consider to be extraordinary expenses, in what proportion they will be paid by each of the parents, whether the books and school material will be considered as extraordinary expenses or, if not, whether they will be paid at fifty percent for each parent, or in another proportion. It should be remembered that, if nothing is specified in this respect, books and school materials shall be deemed to be included in the amount fixed as alimony.

2. Establish in the agreement that if in the period of time determined by the spouse awarded full ownership of the property that constituted the family home has not released his former partner from the mortgage loan, the latter will again own the property.

One cannot lose sight of the fact that although it is determined in the Regulatory Agreement that the spouse who is awarded the property will take charge of the mortgage loan and will become the owner of the property, what will be decisive for the bank will be what is set out in the mortgage loan contract.

3. Resolve all matters relating to the distribution of furniture and household goods by those who must leave the family home before doing so, or at least before signing the Regulatory Agreement.

Ideally, if the intention is to leave the home before formalising the divorce, an inventory should be carried out, by means of a notarial deed, of the existing assets which are considered to be the property of the spouse who leaves the property. In another case it should be made clear in the agreement what those assets are, clearly stating that it will be pending that they are removed on the day that the parties agree.

These three aspects are basic requirements that must be taken into account in everything regulatory agreement. Failure to do so may have serious consequences in the future.

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At Forcam Abogados we have offices in Barcelona, Tarragona, Reus and Tarrega.