Common use of Shared Property Clause in Contracts

Shared Property. In the event of separation or divorce, the following types of property will be deemed shared: A. Property acquired after execution of this Agreement that is held in the names of both parties and where the parties have manifested an intent for such property to be shared and equitably divided; B. Property in which the parties have a manifested Agreement that the property is shared, which shall be construed by signed documentation thereof. In the event a property cannot be easily construed as shared or separate, the property shall be deemed separate and the property shall remain that of the nameholder unless there is clear and convincing proof that the property was deemed shared.