Common use of Waiver of Rights and Claims To Separate Property Clause in Contracts

Waiver of Rights and Claims To Separate Property. Except as otherwise provided in this Agreement, each Party waives any right, claim, or interest that he or she may have now or in the future to the other Party’s separate property, whether the right, claim, or interest arises under statute, common law, or otherwise, including but not limited to claims for reimbursement, contribution, waste, fraud, or constructive fraud. To the extent that the separate property or the time, toil, talent, or effort of a Party (“Contributing Party”) was or is used to pay one or more debts, liabilities, or obligations of the other Party (“Benefited Party”), or was or is used to improve, enhance, benefit, or otherwise increase the value of the Benefited Party’s separate property, the Contributing Party’s separate property or time, toil, talent, or effort is or will be deemed and construed for all purposes as a gift to the Benefited Party.