Pre-Nuptial Agreement and its Purposes - Essay Example

Law Pre-Nuptial Agreement THIS AGREEMENT, made this____________ day of ___________________, 20 _____  is between ________________________ and ________________________.  1.      PURPOSE. The couple expects to be married in the near future. Each party has separate property, the nature and extent of which is fully disclosed in the statements of assets and liabilities. Exhibits 1 and 2 are attached to this Agreement. The parties are setting forth in this Agreement, their respective rights in and to all property. The rights touch on the property both owned at the date of their marriage and all property that may be acquired by either or both of the signatories after their marriage. They are also setting forth their rights regarding spousal support and maintenance.  2.      EFFECT OF AGREEMENT. This Agreement shall take effect only upon the solemnization of the marriage between the parties. Thereafter, each of the parties shall separately retain all rights in the property he or she now owns, including all appreciation, property and income acquired separately in the future ("Separate Property"). Each of them shall have the unrestricted right to dispose off such Separate Property, while remaining free and clear of any claim that may be made by the other spouse. This will be done in a manner cognizant of the status quo ante. The effect of observing Separate Property will be done as if no marriage had been consummated between the spouses. Separate Property shall include substitutions and exchanges for currently owned property and income, property acquired separately thereafter, any proceeds accrued therefrom, and from any income derived from such property. Again, Separate Property also includes any property purchased from the proceeds or income from such property. Conversely, Separate property shall also include gifts or inheritances one party receives from a third party (Clark, 2010).  3.      DISPOSITION OF PROPERTY. In the event that either of the party should desire to sell, encumber, convey, dispose off or realize upon his or her Separate Property or any part or parts thereof, the other spouse will upon request, join in such deeds, bills of sale, mortgages, renunciations of survivorship or other rights created by law or other instruments. This is as long as the party desiring to sell, encumber, convey, or dispose off the property advances his or her request and the request is necessary and appropriate.  4.      SEPARATE PROPERTY. The parties agree that the rights and obligations created by this Agreement have monetary value to each of them and that each of them agrees to make no claim to the Separate Property of the other party. This Agreement stands in force either during the joint lives of the parties hereto or thereafter.  5.      WAIVER OF RIGHTS. Except as otherwise provided in this Agreement, each party hereby waives, releases and relinquishes any and all right, title or interest whatsoever, whether arising by common law or present or future statute of any jurisdiction or otherwise. The waiver factors the Separate Property and probate estate of the other, including but not limited to distribution in intestacy, the right of election to take against the will of the other, any rights accruing by reason of events occurring prior to their marriage, and any right to dower, curtesy, statutory allowances, and spousal support. Such waiver, release and relinquishment shall not apply and is not effective with respect to any rights or entitlements a party may have as a surviving spouse under the Social Security laws or with respect to any other governmental benefit or governmental program of assistance. This Agreement shall not limit the right of either party to make such transfers of property to the other as he or she may wish during their respective lifetimes, or by will, or to acquire property jointly.  6.      DISSOLUTION/SEPARATION/ANNULMENT. Each party specifically agrees that neither of them shall make any claim for or be entitled to receive any money or property from the other as alimony, spousal support, or maintenance in the event of separation, annulment, dissolution or any other domestic relations proceeding of any kind or nature. Each of the parties waives and relinquishes any claim for alimony, spousal support or maintenance. The Agreement includes, but is not limited to, any claims for services rendered, work performed, and labor expended by either of the parties during any period of cohabitation before the marriage and during the entire length of the marriage. The waiver of spousal support shall apply to both pre and post-judgment claims.  7.      COHABITATION. Each party waives any and all rights or claims existing now or hereafter existing with reference to any period of cohabitation. This applies if any cohabitation took place, prior to the marriage of the parties. The rights include, but are not limited to any claim to real or personal property.  8.      ERISA RIGHTS. Each party specifically waives any right, whether created by statute or otherwise, to pension, profit-sharing, or other retirement benefits earned by or credited to the other. This provision includes, but is not limited to, any joint or survivorship rights and any right which might arise in the event of the parties' separation or divorce. Following the solemnization of the parties' marriage, each party shall execute such waivers or other documents as the other may reasonably request to evidence such waiver.  9. FINANCIAL DISCLOSURE. Each party has attached a statement of assets and liabilities as exhibits to this Agreement, 1 and 2 respectively. Each party acknowledges an opportunity to inquire further as to the financial information provided by the other. Again, each party specifically waives any right to any further disclosure of the property and financial obligations of the other beyond that which is provided by the exhibits to this Agreement.  10. RIGHT TO CONTEST. Nothing contained herein shall limit the right of either of the party to contest any domestic relations suit between themselves or to file a countersuit against the other party. However, in any hearing on such suit, this Agreement shall be considered a full and complete settlement of all property rights between the parties. In such case, neither party shall maintain any claim or demand whatsoever against the other for property, suit money, attorney fees and costs which is either inconsistent with or not provided for in this Agreement.  11. INTEGRATION. This Agreement sets forth the entire agreement between the parties, with regard to the subject matter hereof. All prior agreements, covenants, representations, and warranties, expressed or implied, oral or written, with respect to the subject matter hereof, are contained herein. All prior or contemporaneous conversations, negotiations, possible and alleged agreements, representations, covenants, and warranties, with respect to the subject matter hereof, are waived, merged and superseded hereby.  12. BINDING ON SUCCESSORS. Each and every provision hereof shall make inurement to the benefit of the heirs, assignees, personal representatives and all successors in the interest of the parties. The inurement shall be binding upon the heirs, assignees, personal representatives and all successors.  13. SEVERABILITY. According to Clark (2010), in the event that any provision of this Agreement is deemed to be void, invalid, or unenforceable, that provision shall be severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability of the remainder of this Agreement. All remaining provisions of this Agreement shall then continue in full force and effect.  14. PARAGRAPH HEADINGS. The headings of particular paragraphs and subparagraphs are inserted only for convenience and are not part of this Agreement. The headings of these paragraphs and subparagraphs are not to act as a limitation on the scope of the particular paragraph to which the heading refers.  15. MODIFICATION. This Agreement may be modified, superseded, or made void only upon the written agreement of the parties. Further, the physical destruction or loss of this Agreement shall not be construed as a modification.  16. ACKNOWLEDGEMENTS. Each party acknowledges that he or she has had an adequate opportunity to read and study this Agreement, to consider it, to consult with attorneys who have been individually selected by each party, without any form of coercion, duress or pressure. Each party acknowledges that he or she has examined the Agreement before signing it, and has been advised by independent legal counsel concerning the rights, liabilities and implications of this document.  17. STATE LAW. It is intended that this Agreement be valid and enforceable within the provisions of the State Law, and that Case Law that governs its interpretation. References Clark, B. (2010). “Prenuptial Contracts In English Law: Capricious Outcomes Or Legislative Clarification.” Journal of Social Welfare & Family Law, 32 (3), 237-45. Read More