Editing Prenuptial agreement, law homework help
You are working as a Paralegal in a domestic law firm. Scott
Billingsley, one of the partners, asks you to review this Pre-Nuptial
Agreement to make sure that it will be understandable for your clients.
Scott asks that you correct any legalease, rewrite sentences, and do
whatever else is necessary to make sure that the clients clearly
understand what they are signing.Pre-Nuptial AgreementTHIS AGREEMENT, made this____________ day of ___________________, 20 _____ is between ________________________ and ________________________.1.PURPOSE.
The parties expect to be married in the near future. Each has separate
property, the nature and extent of which is fully disclosed in the
statements of assets and liabilities. Exhibits 1 and 2 attached to this
agreement. The parties are setting forth in this Agreement their
respective rights in and to all property of either owned at the date of
their marriage and in and to all property that may be acquired by either
or both of them after their marriage. They are also setting forth their
rights regarding spousal support or 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, as well as property and income acquired
separately in the future ("Separate Property"), and each of them shall
have the unrestricted right to dispose of such Separate Property, free
and clear of any claim that may be made by the other by reason of their
marriage and with the same effect as if no marriage had been consummated
between them. Separate Property shall include substitutions and
exchanges for such property now in existence, and income and property
acquired separately hereafter, and any proceeds therefrom, and from any
income derived from such property, and any property purchased from the
proceeds or income from such property. Separate property shall also
include gifts or inheritances one party receives from a third party.3.DISPOSITION OF PROPERTY.
In the event either party should desire to sell, encumber, convey or
otherwise dispose of or realize upon his or her Separate Property or any
part or parts thereof, the other will, upon request, join in such
deeds, bills of sale, mortgages, renunciations of survivorship or other
rights created by law or otherwise, or other instruments, as the party
desiring to sell, encumber, convey or otherwise dispose or realize upon
may request and as may be necessary and appropriate.4.SEPARATE PROPERTY.
The parties agree that the rights and obligations created by this
Agreement have monetary value to each of the parties and each of the
parties agrees to make no claim to the Separate Property of the other
party, 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, in 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 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, and each of the parties waives and relinquishes any claim for
alimony, spousal support or maintenance, including, but not limited to,
any claims for services rendered, work performed, and labor expended by
either of the parties during any period of cohabitation prior to the
marriage and during the entire length of the marriage. The waiver of
spousal support shall apply to claims both pre and post-judgment.7.COHABITATION.
Each party waives any and all rights or claims existing now or
hereafter existing with reference to any period of cohabitation, if any,
prior to the marriage of the parties, including, but 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 toe other, including, but not limited to, any
joint or survivorship rights and any right which might arise in the
event of the parties' separation or the dissolution of the marriage.
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, and each party specifically waives
any right to any further disclosure of the property and financial
obligations of the other beyond that provided by the exhibits to this
Agreement.10. RIGHT TO CONTEST.
Nothing contained herein shall limit the right of either party to
contest any domestic relations suit between the parties 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 inure to the benefit of and shall
be binding upon the heirs, assigns, personal representatives, and all
successors in the interest of the parties.13. SEVERABILITY.
In the event 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 and 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 voided 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 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. Alana Kimble Date Randy Cavanaugh Date