Prenuptial Agreement Defines financial terms in a marriage, addressing property division and spousal support in case of divorce.
This Prenuptial Agreement (the "Agreement") is entered into by and between John Walter ("Party A") and Nae Smith ("Party B") (collectively, the "Parties") with reference to the following facts:
1.1. Anticipation of Marriage
The Parties are anticipating being married in the near future and desire to enter into this Agreement to establish their respective rights, obligations, and responsibilities with respect to their individual and joint finances, assets, and property interests.
1.2. Mutual Agreement
Each Party acknowledges the need for a mutually agreed-upon understanding of their future finances, property, and assets that may be acquired within the future marriage.
This Agreement is being entered into by the Parties in consideration of their prospective marriage and the mutual promises and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is acknowledged by the Parties.
3.1. Full Financial Disclosure
Each Party represents and warrants that they have disclosed to the other Party their assets, properties, and liabilities as of the date of this Agreement, and that said disclosure constitutes a complete and accurate disclosure and not an attempt to conceal their actual financial situation.
3.2. No Additional Disclosure Required
Each Party acknowledges that they have had an opportunity to investigate and review the other Party's financial situation independently and have made complete and satisfactory inquiries into the assets, property, and liabilities of the other Party. They are entering into this Agreement based on their own judgment and understanding.
4.1. Separate Property
"Separate Property" refers to any assets, income, or liabilities that are owned by a Party individually, either before the marriage or acquired during the marriage by gift, inheritance, or separate property exchange. Each Party shall retain ownership and control of their respective Separate Property, and such property shall not be subject to division upon the dissolution of the marriage.
4.2. Marital Property
"Marital Property" refers to any assets, income, or liabilities that are acquired or incurred jointly by the Parties during the marriage and not classified as Separate Property. Marital Property shall be divided upon the dissolution of the marriage pursuant to the laws of the jurisdiction in which the Parties reside at the time of the dissolution or any other mutually agreed-upon terms.
5.1. Waiver of Spousal Support
Both Parties acknowledge and agree that they waive any claims for spousal support in the event of separation, divorce, or dissolution of the marriage, with the exception of support obligations arising under this Agreement.
5.2. Support Obligations of Party A
In the event of a separation, divorce, or dissolution of the marriage, Party A agrees to pay Party B spousal support in the amount of $______ per month for a period of ______ months, or until Party B remarries or cohabitates with another person in a relationship resulting in a financially supportive relationship.
5.3. Support Obligations of Party B
In the event of a separation, divorce, or dissolution of the marriage, Party B agrees to pay Party A spousal support in the amount of $______ per month for a period of ______ months, or until Party A remarries or cohabitates with another person in a relationship resulting in a financially supportive relationship.
This Agreement shall be governed by and construed in accordance with the laws of the United States and the laws of the state in which the Parties reside at the time of the dissolution.
This Agreement constitutes the entire understanding between the Parties with respect to the subject matter hereof and supersedes and cancels any prior agreements, negotiations, understandings, or arrangements, whether written or oral, relating to the same subject matter.
This Agreement may only be amended by a written instrument signed by both Parties, and any such amendment shall be effective upon execution.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
In the event that any provision of this Agreement is found to be unenforceable or invalid for any reason, the remaining provisions of this Agreement shall remain in full force and effect, provided the essential terms and conditions of this Agreement are not affected in any material respect.
Each Party has had the opportunity to consult with independent legal counsel of their choice concerning this Agreement and has either done so or waived the right to do so. The Parties acknowledge and agree that they are entering into this Agreement voluntarily and without any coercion, duress, or undue influence.
This Agreement shall become effective upon the Parties' marriage.
IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first above written.
In this Prenuptial Agreement, you will see the following sections:
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