PROPERTY SEPARATION AGREEMENT / DIVISION OF SPOUSES' ASSETS

PROPERTY SEPARATION AGREEMENT

Article 1 – Parties

This agreement is concluded between the undersigned Spouse (1) and Spouse (2). The parties hereby accept the separation of property regime. The parties have signed and put into effect this agreement by mutual agreement on the date of marriage or during the marriage.

Article 2 – Definitions

The definitions of some of the concepts used in this agreement are listed below:

– Separation of Property Regime:

The separation of property regimeis a type of property regime in which the assets of the spouses are managed and protected independently of each other during the marriage. In this regime, the assets acquired by each spouse before and during the marriage remain their own property, and the other spouse cannot claim any rights over these assets. The separation of property regime ensures the financial independence of the spouses and aims to prevent injustices in the division of property in case of divorce or separation.

Key Features of the Separation of Property Regime:

1. Protection of Property:
   • Each spouse retains ownership of all property they possessed before the marriage and all property they acquired during the marriage.
   • Assets acquired through inheritance, donations, or personal savings are also considered personal property.
2. Asset Management:
   • Each spouse has the right to independently manage their own assets.
   • One spouse does not need the other spouse's permission to sell, rent, or mortgage their own assets.
3. Marriage Union Expenses:
   • During the marriage, both spouses are obligated to contribute to the expenses of the marital union.
   • Contributions to expenses are determined according to the income level and economic situation of the spouses.
4. Property Division in Case of Divorce or Separation:
   • In the event of divorce or separation, each spouse takes their own personal belongings.
   • Jointly acquired property is not divided according to the separation of property regime; each person protects their own property.

Advantages of the Separation of Property Regime:

• Financial Independence: Both spouses can freely manage and control their own assets.
• Clarity and Fairness: Provides clarity on who owns which assets during the marriage, reducing disagreements in case of divorce.
• Protection: This helps protect assets, especially those acquired through personal inheritance or donation.

Disadvantages of the Separation of Property Regime:

• Jointly Acquired Assets: Disagreements may arise regarding the joint use and management of assets acquired during the marriage.
• Trust Issues: Trust issues and disagreements can arise between spouses regarding financial matters.

The Legal Basis of the Separation of Property Regime:

In Türkiye, property regimes are regulated by the Turkish Civil Code. The separation of property regime is also included within this code. A separation of property regime can be chosen before marriage or during marriage through a property regime agreement drawn up before a notary public.

– Personal Items:

In a separate property regime, personal property refers to assets that spouses independently own and manage during their marriage. These assets are acquired before or during the marriage through specific means and over which the other spouse cannot claim rights. According to the Turkish Civil Code, personal property is defined as follows:

Personal Property According to the Turkish Civil Code:

1. Assets Acquired Before Marriage:
   • Assets belonging to one of the spouses before marriage.
   • For example, a house or car purchased before marriage, or savings in a bank account.
2. Inherited Assets:
   • Assets inherited by one spouse during the marriage.
   • For example, real estate inherited from family, cash, or other valuables.
3. Donations and Grants:
   • Donations and grants made to one spouse during the marriage.
   • For example, property or money gifted by a friend or family member.
4. Items for Personal Use:
   • Items intended for the personal use of one spouse.
   • For example, clothing, personal care products, and jewelry.
5. Moral Damages Earnings:
   • Money won by one of the spouses as compensation for emotional distress.
   • For example, compensation for non-pecuniary damages received due to violations of personal rights.
6. Personal Documents and Rights:
   • Personal documents and rights of one of the spouses.
   • For example, academic titles, copyrights, personal works of art.

Examples:

• Equal 1:
  • An apartment purchased before the marriage.
  • A plot of land inherited from his parents.
  • A bank account containing personal savings.
• Partner 2:
  • A car she bought before getting married.
  • A summer house that was donated to him.
  • Money won as a result of a lawsuit for moral damages.

Implementation of the Separation of Property Regime:

In a separate property regime, in the event of divorce or separation, each spouse retains their own personal property and any property acquired in their own name during the marriage. Neither spouse can claim any rights over the other's personal property. This regime protects the financial independence of the spouses, establishing a system based on the separation of assets.

Legal Basis:

The relevant articles of the Turkish Civil Code provide guidance on the determination and protection of personal property. Spouses who choose the separation of property regime can formalize the application of this regime with a property regime agreement they will make at a notary public.

Article 3 – Scope of the Separation of Property Regime

3.1 The parties agree that all assets acquired during the marriage will remain the personal property of each party, and that the other party will not claim any rights to such assets. This agreement is made freely and consciously by both parties.

3.2 All assets owned by the parties before marriage are considered personal property and are subject to the separation of property regime. This includes real estate, vehicles, bank accounts, shares, personal belongings, and all other assets.

3.3 One of the parties shall consider all assets acquired during the marriage through inheritance, donations, gifts, or similar means as their personal property. These assets shall remain the property of the respective parties, and the other party shall not claim any rights over them.

Article 4 – Management and Use of Assets

4.1 Both parties have the right to manage, use, and dispose of their own assets. These rights include leasing, selling, donating, or otherwise disposing of assets.

4.2 The parties have the right to carry out transactions such as lending, pledging, or selling their assets. These transactions can be carried out without requiring the other party's approval.

4.3 The parties are responsible for paying all taxes, duties, and other financial obligations relating to their own assets. The other party will not be held financially liable for these obligations.

Article 5 – Expenses Incurred for the Marital Union

5.1 The parties agree to contribute to the expenses of the marriage. This contribution will be determined according to the income level and economic situation of both parties. Expenses of the marriage include housing costs, education and care of children, health expenses, and shared living expenses.

5.2 The parties must document their contributions to the marital expenses and provide these documents to the other party when necessary. These documents should clearly demonstrate the parties' financial obligations and contributions.

Article 6 – Assets in Case of Divorce or Separation

6.1 In the event of divorce or separation, each party retains their own personal property and any assets acquired during the marriage. These assets remain the property of each party, and the other party cannot claim any rights to them.

6.2 The parties agree that in the event of divorce or separation, they will not claim any financial or moral damages from each other. This agreement is made freely and consciously by both parties.

6.3 The parties undertake to act in accordance with legal regulations regarding child custody and alimony in the event of divorce or separation. These matters may be regulated by a separate agreement or court decision.

Article 7 – Duration of the Agreement and Amendments

7.1 This agreement enters into force from the date of signing by the parties and may be amended or terminated by a written agreement between the parties. Amendments or terminations of this agreement are only possible with the written consent of both parties.

7.2 The invalidity or voidness of any clause in this contract shall not affect the validity of the other clauses. The invalid or void clause may be legally amended.

7.3 The parties declare that they have read, understood, and voluntarily accepted all the terms of this agreement. The parties undertake to abide by the terms of this agreement.

Article 8 – Resolution of Disputes

8.1 Any dispute arising from this agreement shall first be attempted to be resolved amicably between the parties. If amicable resolution of the dispute is not possible, [the relevant Courts and Enforcement Offices] shall have jurisdiction.

8.2 The parties agree to use mediation and to refer the matter to a mediator in case of a dispute. If an agreement cannot be reached through mediation, legal action may be taken.

8.3 The parties agree that in any dispute arising from the interpretation and application of this agreement, the laws of the Republic of Türkiye shall apply.

Article 9 – Privacy and Protection of Personal Data

9.1 The parties are obligated to maintain the confidentiality of all personal data acquired under this agreement. The parties are responsible for not sharing personal data with third parties and for processing it in accordance with legal regulations.

9.2 The parties are obligated to take the necessary technical and administrative measures regarding the protection of personal data. These measures include protecting personal data against unauthorized access and ensuring its confidentiality.

Article 10 – Signature and Approval

This agreement has been read, understood, and signed by the parties of their own free will. The parties undertake to abide by the terms of this agreement.

Spouse (1)
Name: _______________________
Signature: _______________________

Spouse (2)
Name: _______________________
Signature: _______________________

History: