Legal Prenuptial Agreement
Legal Prenuptial Agreement
THIS PRENUPTIAL AGREEMENT (the "Agreement") is made and entered into this [Day] day of [Month], [Year], by and between:
[Your Name], residing at [Your Address] ("Party A"), and
[Party B's Full Legal Name], residing at [Party B's Address] ("Party B").
RECITALS
WHEREAS, Party A and Party B (collectively, the "Parties") intend to marry each other and wish to establish their respective rights and obligations regarding property, financial matters, and other issues in the event of divorce or separation;
WHEREAS, the Parties desire to execute this Agreement to ensure a clear understanding and agreement on these matters, and to waive any future claims or disputes related to these matters;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Parties agree as follows:
1. SEPARATE PROPERTY
1.1 Definition of Separate Property
Each Party acknowledges that the following shall be considered separate property and shall remain under the sole ownership and control of the respective Party:
(a) All property and assets owned by either Party prior to the marriage, including but not limited to real estate, personal property, bank accounts, investment accounts, and business interests.
(b) Any property acquired by either Party by inheritance or gift during the marriage, unless such property is specifically designated as marital property by mutual agreement.
1.2 Documentation and Proof
Each Party shall provide documentation and proof of separate property within [30] days of the execution of this Agreement. Both Parties agree to disclose fully and accurately any such property.
2. MARITAL PROPERTY
2.1 Definition of Marital Property
Marital property shall include all property and assets acquired by either Party during the marriage, except for property classified as separate property under Section 1.1.
2.2 Division of Marital Property
In the event of divorce or legal separation, marital property shall be divided as follows:
(a) By mutual agreement of the Parties.
(b) If mutual agreement cannot be reached, the Parties agree to submit the matter to binding arbitration, with the arbitrator's decision being final and enforceable.
3. DEBTS AND LIABILITIES
3.1 Separate Debts
Each Party shall be responsible for any debts incurred solely in their name prior to the marriage and any debts incurred solely in their name after the marriage.
3.2 Marital Debts
Debts incurred jointly by the Parties during the marriage shall be classified as marital debts and shall be divided equally, unless otherwise agreed by both Parties.
4. SPOUSAL SUPPORT
4.1 Waiver of Spousal Support
Each Party agrees to waive any claims for spousal support or alimony in the event of divorce or legal separation, except as required by law.
4.2 Exceptions
Notwithstanding Section 4.1, either Party may seek spousal support if:
(a) The Parties' marriage lasted less than [5] years and the requesting Party demonstrates that they are in significant financial need due to circumstances that arose during the marriage.
(b) The requesting Party demonstrates that they have made significant sacrifices in their career or financial situation for the benefit of the other Party during the marriage.
5. RETIREMENT AND PENSION BENEFITS
5.1 Separate Retirement Accounts
Each Party's retirement accounts and pension benefits that are accrued prior to the marriage shall remain the separate property of that Party.
5.2 Marital Portion
Retirement accounts and pension benefits accrued during the marriage shall be considered marital property and divided according to the provisions of Section 2.2.
6. BUSINESS INTERESTS
6.1 Separate Business Interests
Any business interests owned by either Party prior to the marriage shall remain the separate property of that Party.
6.2 Joint Business Interests
Any business interests acquired jointly during the marriage shall be considered marital property and divided according to Section 2.2.
7. INSURANCE AND BENEFICIARY DESIGNATIONS
7.1 Insurance Policies
Each Party agrees to maintain any existing life insurance policies and designates the other Party as the beneficiary on such policies unless otherwise specified.
7.2 Beneficiary Designations
Any changes to beneficiary designations on insurance policies or other financial accounts shall be made by mutual consent or in accordance with the provisions of Section 2.2 in the event of divorce or separation.
8. DISPUTE RESOLUTION
8.1 Negotiation and Mediation
In the event of a dispute arising from this Agreement, the Parties agree to first attempt resolution through negotiation and mediation.
8.2 Binding Arbitration
If the dispute cannot be resolved through negotiation or mediation, the Parties agree to submit the matter to binding arbitration, with the arbitrator’s decision being final and enforceable.
9. FULL DISCLOSURE
9.1 Disclosure Obligations
Each Party acknowledges that they have fully disclosed all assets, liabilities, and financial information relevant to the execution of this Agreement.
9.2 No Claims of Fraud
Each Party agrees to waive any future claims of fraud or misrepresentation regarding the information disclosed in this Agreement.
10. AMENDMENTS AND TERMINATION
10.1 Amendments
This Agreement may be amended only by a written instrument signed by both Parties.
10.2 Termination
This Agreement shall terminate upon the dissolution of marriage by a valid legal divorce decree, or by mutual written agreement of the Parties.
11. MISCELLANEOUS
11.1 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
11.2 Severability
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
11.3 Entire Agreement
This Agreement constitutes the entire agreement between the Parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
11.4 Legal Representation
Each Party acknowledges that they have had the opportunity to consult with independent legal counsel and that they fully understand the terms and effects of this Agreement.
IN WITNESS WHEREOF, the Parties have executed this Prenuptial Agreement as of the day and year first above written.
[Party A's Full Legal Name]
[Your Name]
[Month Day, Year]
[Party B's Full Legal Name]
[Full Name]
[Month Day, Year]
NOTARY ACKNOWLEDGMENT
STATE OF [State]
COUNTY OF [County]
On this [Day] day of [Month], [Year], before me, a Notary Public in and for said State, personally appeared [Your Name] and [Party B's Full Legal Name], known to me to be the individuals described in and who executed the foregoing instrument, and they acknowledged to me that they executed the same.
WITNESS my hand and official seal.
Notary Public
My Commission Expires: [Month Day, Year]
