By IndiaHub 
Defining ownership of assets, liabilities, and the terms of separation means clearly stating who owns what, who is responsible for debts, and how things will be divided after separation. In India, such agreements are gaining recognition in courts, but they are not yet fully accepted or enforceable in every situation. This means they can help reduce confusion and disputes, but may not always carry full legal weight everywhere.
Tip: Always disclose assets honestly to make agreements credible.