Common use of Division of Property Clause in Contracts

Division of Property. On termination of this Agreement, the parties shall immediately divide their jointly owned property. If the parties are unable to agree on a division of their property, an appraiser shall divide such property. The appraiser shall inventory and appraise at fair market value the property jointly owned by the parties at the time of termination of this Agreement. Unless the parties agree to the contrary, Appraiser shall divide the jointly owned personal property equally or nearly equally between the parties using the appraised market value as the basis for division. Appraiser shall also appraise any real property jointly owned by the parties at the time of termination of this Agreement, set the appraised value of such real property based on its fair market value, and fix the percentage representing each of the parties' individual ownership interest in each such property.