Sample Prenuptial Agreement
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PRENUPTIAL AGREEMENT
This Prenuptial Agreement ("Agreement") is made , by and between
, (" "), an adult residing in ,
, and (" "), an adult residing in , , in consideration of the contemplated marriage of the above-named parties. This Agreement shall not be effective until the marriage contemplated by the parties is solemnized.
RECITALS. This Agreement is made on the basis of the following facts:
The parties contemplate marriage to one another in the immediate future.
has been previously married. has (a) child(ren).
The parties desire to define their rights and responsibilities regarding property and financial matters to the extent these can be foreseen.
AGREEMENT
In consideration of the marriage about to be entered into by and between the parties and other valuable consideration as described below, the parties mutually agree to the following:
SEPARATE PROPERTY. Except as otherwise provided in this Agreement, the following property now owned by either party shall remain and be their separate property:
All property, including real or personal property, the income from such property, and the investments and re-investments of such property; and,
All property acquired by either party by gift, devise, bequest, or inheritance.
The property currently owned by each party is described on Exhibits A and B to this Agreement, which by this reference are incorporated into this Agreement. Exhibit A describes the property currently owned by and Exhibit B describes the property currently owned by . Such separate property of each party shall be subject exclusively to that party's own individual use, control, benefit and disposition. Neither party shall, before or after the contemplated marriage, acquire for himself or herself individually, nor for his or her assignees or creditors, any interest in the separate property of the other party, nor any right to the use, control, benefit, or disposition of such property.
Waiver. Additionally, each party waives, releases, and relinquishes any ownership or right in the separate property of the other, including the right to use, control, benefit, or dispose of the other's separate property.
Disposal of Property. Each party shall have the right, at all times, to dispose of or encumber any or all of his or her separate property by deed, bill of sale, gift, trust, will, mortgage, encumbrance, pledge, lien, or charge, without limitation, merely upon his or her own individual signature or act, without the necessity of any joinder, action, or consent by the other party.
Community Property. If the parties now reside in or later become residents of a state, territory or foreign country and under the laws of such jurisdiction the property and interests of the couple are treated differently than as contemplated by this Agreement (such as a community property state) the property interests of the parties shall nevertheless remain as stated in this Agreement.
Cooperation Regarding Documents. There may be times when a party ("Owner"), dealing with his or her own separate property, desires to have the other party ("Non-owner") sign a document for the apparent purpose of relinquishing of record any apparent right of the Non-owner, arising by reason of the marital relationship. Upon request, the Non-owner shall so sign any documents solely for the above purpose. The signing of such documents shall not impose any personal liability upon the Non-owner.
Pension Benefits. Each party reserves the right to retain as his or her sole and absolute separate property, the entire interest in pension benefits now vested, and the right to manage, control, transfer, and convey all such property and dispose of the same by will, beneficiary designation or otherwise, without any interference from the other. The parties acknowledge that this Agreement shall constitute an effective waiver of any rights in the other's pension benefit plans. Furthermore, each party agrees to execute whatever additional waiver document may be necessary or useful to confirm such waiver of rights to the other party's pension benefit plans.
Each party waives the right of reimbursement under Family Code 2640, for the party's separate property contributions to the acquisition of property of the community property estate, and the party's separate property contributions to the acquisition of property of the other party's separate property estate, regardless of tracing to the source.
RESIDENCE. It is the intention of the parties that the residence presently owned by
located at , ,
, shall not be affected by this Agreement.
The expenses associated with the maintenance of the residence shall be paid as follows:
Mortgage payments shall be made equally by both parties.
Payment of all real estate taxes shall be made equally by both parties.
Insurance premiums for such residence shall be paid equally by both parties.
DEBTS. Each party agrees to be separately liable for his or her debts incurred prior to the marriage. During the course of the marriage, both parties shall be responsible for any expenses incurred for the basic necessities of life, such as food, basic clothing needs, shelter, and medical care.
With respect to credit card accounts, each party shall retain separate credit card accounts for his or her respective use, if desired.
JOINT PROPERTY. The parties agree that all property, whether real or personal, acquired by either of them after the marriage ceremony using joint funds, shall be owned by the parties as joint tenants with full rights of survivorship, and not as tenants in common.
Nothing in this Agreement shall preclude either party from making provisions for the other party under the terms of a Last Will and Testament, signed before or after the marriage, in which one party provides for the distribution of property to the other in excess of any provisions contained in this Agreement.
Furthermore, nothing in this Agreement shall preclude the parties from voluntarily electing to commingle a part or all of the income from their respective properties for investment purposes or for the purpose of jointly providing for their mutual support and living expenses, or for other reasons.
TAXES. Nothing in this Agreement shall be construed as waiving (i) any rights of the parties to report their income for federal or state income tax purposes in the same manner as permissible for any other spouses, (ii) any rights provided for spouses under the federal gift tax laws with reference to gifts, or (iii) any rights under the federal estate tax laws with reference to any transfer to which such laws may apply. If the parties elect to file federal and state income tax returns on a joint, rather than on a separate, return with the other, this election shall not create any community property or any other rights or interests in contravention of this Agreement. If the parties elect to file a joint income tax return during their marriage, each shall be liable for any and all taxes associated with his/her separate property. In the event that and separate, tax returns shall be filed separately.
SUPPORT OF CHILD(REN). , as long as married to
, shall provide a home and reasonable support for the health, education, maintenance and support of , child(ren) of , without establishing any legal requirement to do so upon separation or dissolution of the marriage. Such support shall be provided until the child(ren) attain(s) the age of years.
DISSOLUTION OF MARRIAGE. Each party to this Agreement understands that the Uniform Premarital Agreement Act and court decisions provide for consideration of a prenuptial agreement by the divorce court if a marriage is dissolved. The parties to this Agreement understand that some courts have disregarded property division provisions in a prenuptial
agreement. Without in any way anticipating a dissolution or planning for a dissolution, but recognizing the realities of the world, it is the express intention of and that the following provisions shall prevail in the event of a dissolution:
Each party shall have an equal interest in all property acquired by either party during the course of the marriage (except property that is merely the result of an increase in the value of property owned separately by the parties prior to the marriage, as listed on the attached schedules).
Each party shall have a proportionate interest in the increase in value (during the marriage) of the homestead real estate, that proportion to reflect the relative values of the contributions, both monetary and in-kind, toward the necessary household expenses and childcare/household duties during the course of the marriage.
All savings, investments, retirement accounts, and all property listed on the attached schedules as separate property (owned by a party prior to the marriage) shall remain the separate property of that party who brought such property into the marriage, including any appreciation, income, or other increase to such property.
All joint property and accounts shall be divided equally.
Any income tax liability, refund, or benefit in the year of the separation and/or dissolution of marriage shall be allocated prorata to the parties based upon the data which caused the tax result.
The parties shall have joint custody of any children born to or adopted into the marriage. Such joint custody entitles each party to equal visitation time, or time which is otherwise fair and equitable.
DISABILITY. Upon the partial or total disability of either party, the other party shall assume complete responsibility for the necessary care of the disabled party, to the full extent of all the earnings and assets of the caring party.
DEATH. Nothing in this Agreement shall be construed so as to waive the right of either party to inherit from the other or to forego any right of election in the estate of the other.
REVOCATION. If the parties decide to revoke this Agreement, they shall do so in a written agreement, signed by both parties in the presence of a notary public or other official authorized to take oaths. Such revocation shall be ineffective until recorded with the recorder in the county where the parties maintain their primary residence or both counties if the parties are maintaining separate residences in separate counties.
ADDITIONAL INSTRUMENTS. Without any additional consideration, each party shall promptly, at the request of the other, execute, acknowledge and deliver from time to time whatever additional instruments may be required in order to accomplish the intent of this Agreement.
DISPUTE RESOLUTION. The parties will attempt to resolve any dispute arising out of or relating to this Agreement through friendly negotiations amongst the parties. If the matter is not resolved by negotiation, the parties will resolve the dispute using the below Alternative Dispute Resolution (ADR) procedure.
Any controversies or disputes arising out of or relating to this Agreement will be submitted to mediation in accordance with any statutory rules of mediation. If mediation is not successful in resolving the entire dispute or is unavailable, any outstanding issues will be submitted to final and binding arbitration under the rules of the American Arbitration Association. The arbitrator's award will be final, and judgment may be entered upon it by any court having proper jurisdiction.
ATTORNEY'S FEES. In the event that either of the parties shall be required to bring any action or proceeding to enforce any of the provisions of this Agreement, the party prevailing in such action or proceeding shall be entitled to recover all costs of such enforcement proceeding, including reasonable attorney's fees as set by the court. No such liability shall accrue unless ten
(10) days' prior written notice of the claimed default has been given to the alleged defaulting party, and such party may cure the default within that ten (10) day period without liability for the other party's costs or fees.
FULL DISCLOSURE. Each of the parties (i) is of lawful age, (ii) is competent to contract,
(iii) is free to enter into the marriage contemplated, (iv) has full knowledge of the other party's property, debts and income, and (v) voluntarily enters into this Agreement. Additionally, each party has full knowledge of the terms and provisions of this Agreement. Specifically, the parties acknowledge and agree that they have disclosed to the other party (prior to the signing of this Agreement), the extent and probable value of their respective individual property interests as of the date of this Agreement, by delivering schedules to the other party that reflect those interests, and which schedules were signed by the respective owner and by the party receiving the schedule. The parties specifically acknowledge receipt of the above schedules, which are understood and agreed by the parties to represent a full and complete listing of their respective property interests as of the date of this Agreement.
MISCELLANEOUS PROVISIONS.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, administrators, personal representatives, successors, and assigns.
This Agreement sets forth the entire Agreement between the parties with regard to the subject matter of this Agreement. All prior and contemporaneous conversations, negotiations, possible and alleged agreements, and representations with respect to the subject matter of this Agreement are waived, and merged into this Agreement.
If any of the provisions of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting
such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
Each party acknowledges that he or she has been advised to seek the advice of a separate lawyer and has had the opportunity to seek the advice of a separate lawyer.
This Agreement may be altered, amended, modified, revoked or canceled only by an instrument in writing, executed by and with notarial acknowledgements of the signatures, and by no other means.
Dated , , at , .
STATE OF , COUNTY OF , ss:
Notary Public
Title (and Rank)
My commission expires
EXHIBIT A
FINANCIAL INFORMATION
Assets Value
Assets Account Name, Number, Address, Value
Total Assets $
Liabilities/Debts Account Name, Number, Address, Amount
Total Liabilities/Debts $
Net Worth $
Annual Income
$
$
Total Annual Income $
I verify that the above information is true and correct to the best of my knowledge. Signed on this day of , .
I acknowledge receipt of a copy of this exhibit.
EXHIBIT B
FINANCIAL INFORMATION
Assets Value
Assets Account Name, Number, Address, Value
Total Assets $
Liabilities/Debts Account Name, Number, Address, Amount
Total Liabilities/Debts $
Net Worth $
Annual Income
$
Total Annual Income $
I verify that the above information is true and correct to the best of my knowledge. Signed on this day of , .
I acknowledge receipt of a copy of this exhibit.