Common use of Separate Liabilities Clause in Contracts

Separate Liabilities. The financial statements attached hereto as Exhibits A and B describe the separate liabilities to which each spouse is obligated on the date of the mar- riage. These obligations shall remain the separate obligations of Husband and Wife. All liabilities which are incurred in the acquisition of assets which are characterized as separate property pursuant to this Agreement, and any other obligations which Husband and Wife agree in writing to be separate liabilities, shall be separate liabilities of the spouse who owns the separate property so ac- quired or of the spouse who has agreed to be the separate obligor. All separate obligations which are refinanced during the marriage shall retain the character of the original obligation, regardless of whether the new obligation is secured by the separate property of the obligor or by community property. If the separate obligation is refinanced for an increased amount, the excess proceeds from the refinancing shall be the separate property of the separate obligor. The community shall be entitled to reimbursement from the separate prop- erty of the obligor to the extent that community property is used to pay any part of any separate liability. Husband and Wife shall be entitled to reimburse- ment from the community property to the extent that the separate property of either Husband or Wife is used to satisfy any community liability, other than the obligation of the community to support and maintain the spouses pursuant to Section 7.7 below. Husband and Wife shall be entitled to reimbursement from the separate property of the other to the extent that the separate property of ei- ther Husband or Wife is used to satisfy any separate liability of the other, other than the obligation of the other to support and maintain the spouses pursuant to Section 7.7 below. Husband hereby agrees to indemnify and hold Wife harmless from all of his separate obligations, including, without limitation, any claims, damages, charges, assessments and taxes related to Husband’s separate property or obli- gations. Wife hereby agrees to indemnify and hold Husband harmless from her sep- arate obligations, including, without limitation, any claims, damages, charges, assessments and taxes related to her separate property or obligations.