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PREMARITAL AGREEMENT
This Premarital Agreement ("Agreement") is made this ______ day of ________________, 19___ 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:
1. The parties contemplate marriage to one another in the immediate future.
2. Both parties have been previously married. _________________________ has children.
3. The parties desire to define their rights and responsibilities regarding property and financial matters to the extent these can be foreseen.
4. _________________________
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:
1. SEPARATE PROPERTY. Except as otherwise provided in this
Agreement, the following property owned or subsequently acquired 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.
- All property acquired by either party by
gift, devise, bequest, or inheritance.
The property currently owned by
each party is described in Exhibit A and Exhibit B to this Agreement, which by
this reference are incorporated into this Agreement. Such separate property of each party shall be subject entirely to
their own individual use, control, benefit and disposition. Neither of the parties shall before or after
the contemplated marriage acquire for themselves individually, assigns 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.
a. Waiver.
Additionally, both parties waive, release, and relinquish any ownership
or right in the separate property of the other and to use, control, benefit, or
dispose of the other's separate property.
b. Disposal of Property. Furthermore, it is agreed that each party
shall have the right at all times to dispose of any or all of their separate
property by deed, bill of sale, gift, trust, will, mortgage, encumbrance,
pledge, lien, or charge without limitation in any manner whatsoever upon their
own individual signature or act without the necessity of any joinder, action,
or consent by the other party.
c. Community Property. If the parties reside or 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 remain as stated in this Agreement.
d. Cooperation Regarding Documents. There may be times when a party (dealing
with his or her own separate property) desires to have the other party sign a
document for the apparent purpose of relinquishing of record any apparent right
of the party arising by reason of their marital relationship. Upon request, the other party shall so sign
any documents solely for the above purpose.
The signing of such documents shall not impose any personal liability
upon the party signing such documents.
e. Pension Benefits. The parties each reserve the right to retain as their sole and
absolute separate property, the entire interest in pension benefits now vested,
or that become vested in the future, and the right to manage, control,
transfer, and convey all such property and dispose of the same by will, or
otherwise, without any interference from the other. Each party agrees to execute a valid waiver of rights to a survivor's
annuity, or any other waiver required, as may be necessary to waive their
rights in the other party's pension.
The parties acknowledge that this Agreement shall constitute an
effective waiver of any rights in the other's benefit plans.
2. RESIDENCE. It is the intention of the parties that the residence presently owned by _________________________ located at _________________________, _________________________, ___, shall remain the sole property of _________________________. The parties plan to maintain such property as their principal residence.
The expenses associated with the maintenance of the residence shall be paid as follows:
3. LIVING EXPENSES. _________________________________________
4. DEBTS. Each party acknowledges that he/she has no current debts for which the other party might become liable. 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.
The parties desire to establish their respective obligations relative to credit card accounts. Each party shall retain separate credit card accounts for his or her respective use, if desired.
5. JOINT PROPERTY. The parties agree and understand that nothing in this Agreement shall preclude them from acquiring property interests during the course of their marriage as joint tenants with right of survivorship or as tenants in common with undivided interests. Additionally, nothing in this Agreement shall preclude them from making binding transfers of real or personal property to the other at any time during the marriage.
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 after their marriage in which one party may provide for the distribution of property interest to the other in excess of those provisions, if any, provided in this Agreement.
Furthermore, nothing in this Agreement shall preclude the parties from voluntarily electing to commingle a part or all of the income of their respective property interest for investment purposes or for the purpose of jointly providing for their mutual support and living expenses, or for other reasons.
6. TAXES. Nothing in this Agreement shall be construed as waiving (i) any right of the parties to report their income for federal or state income tax purposes in the same manner as permissible for any other husband and wife, (ii) any rights provided for husbands and wives 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.
7. NAMES OF CHILDREN.
8. SUPPORT OF CHILDREN FROM PREVIOUS MARRIAGE. _________________________, as long as married to _________________________, shall provide a home and reasonable support for the care, maintenance, and education 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.
9. DISSOLUTION OF MARRIAGE. Both parties to this Agreement understand that the Uniform Premarital Agreement Act and court decisions provide for consideration by the Court of a premarital agreement if a marriage is dissolved. The parties to this Agreement understand that some courts have disregarded provisions in a premarital agreement that provide for disposition of property in the event of a dissolution. 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 this provision shall remain in full force and effect in the event of a dissolution:
10. SUPPORT. Each of the parties has income from property interest sufficient to provide for his or her respective support. Each has been self-supporting for a period of time prior to the contemplated marriage. Both parties feel that they are capable of future self-support and of maintaining themselves on a self-supporting basis. Therefore, in the event of a marital separation or dissolution of marriage, it is agreed and understood that neither party shall seek or obtain any form of alimony or support from the other, or seek any relief other than a distribution of their joint property interests or those property interests acquired during the course of their marriage, in any manner other than as provided by this Agreement.
11. DISABILITY. Upon the disability of either party, the other shall assume complete responsibility to the extent of all their earnings and assets for the care of the disabled party.
12. 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 or the right to act as administrator or executor in the other's estate.
It is the intention of each party to name and designate the other party as the beneficiary for all or for a portion of the proceeds payable in the event of death under which the party currently owns, or which shall be obtained in the future.
13. 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.
14. 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.
15. 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 interest as of the date of this Agreement. Prior to signing this Agreement, each party has delivered schedules to the other party that reflect their respective investment property interests, including the approximate value of such property interests, which were signed by the respective owner and initialed by the other party. 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 interest as of the date of this Agreement.
16. MISCELLANEOUS PROVISIONS.
a. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, administrators, personal representatives, successors, and assigns.
b. 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.
c. 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 for 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.
Signed on this _____ day of ___________________________, 19___, at
_________________________, _________________________.
____________________________________________________
_________________________
____________________________________________________
_________________________
EXHIBIT A
_________________________
FINANCIAL INFORMATION
ASSETS VALUE
House $ 0.00
Other Real Estate $ 0.00
Motor Vehicles $ 0.00
Stocks $ 0.00
Bonds $ 0.00
Checking Accounts $ 0.00
Savings Accounts $ 0.00
Certificates of Deposit $ 0.00
IRAs $ 0.00
Retirement Plans (Keogh, 401(k), etc.) $ 0.00
Life Insurance (Cash Value) $ 0.00
Household Goods $ 0.00
Notes $ 0.00
Accounts Receivable $ 0.00
Business Property $ 0.00
Other Assets:
TOTAL ASSETS $ 0.00
LIABILITIES/DEBTS AMOUNT
Real Estate Mortgage $ 0.00
Home Equity Loans $ 0.00
Other Mortgages $ 0.00
Credit Card Debt $ 0.00
Motor Vehicle Loans $ 0.00
Other Debts:
TOTAL LIABILITIES/DEBTS $ 0.00
NET WORTH $ 0.00
ANNUAL INCOME:
_________________________ $ 0.00
Signed on this _____ day of ________________________, 19___.
____________________________________________________
_________________________
____________________________________________________
_________________________
EXHIBIT B
_________________________
FINANCIAL INFORMATION
ASSETS VALUE
House $ 0.00
Other Real Estate $ 0.00
Motor Vehicles $ 0.00
Stocks $ 0.00
Bonds $ 0.00
Checking Accounts $ 0.00
Savings Accounts $ 0.00
Certificates of Deposit $ 0.00
IRAs $ 0.00
Retirement Plans (Keogh, 401(k), etc.) $ 0.00
Life Insurance (Cash Value) $ 0.00
Household Goods $ 0.00
Notes $ 0.00
Accounts Receivable $ 0.00
Business Property $ 0.00
Other Assets:
TOTAL ASSETS $ 0.00
LIABILITIES/DEBTS AMOUNT
Real Estate Mortgage $ 0.00
Home Equity Loans $ 0.00
Other Mortgages $ 0.00
Credit Card Debt $ 0.00
Motor Vehicle Loans $ 0.00
Other Debts:
TOTAL LIABILITIES/DEBTS $ 0.00
NET WORTH $ 0.00
ANNUAL INCOME:
_________________________ $ 0.00
Signed on this _____ day of ________________________, 19___.
____________________________________________________
_________________________
____________________________________________________
_________________________