Prenuptial Agreement

Sample Prenuptial Agreement

PRENUPTIAL AGREEMENT

THIS PRENUPTIAL AGREEMENT (the "Agreement ") MADE ON THIS ________________ day of ________, ________

BETWEEN:

________________________
of ________________________, _________________, Alabama, ________________________

- AND -

________________________
of ________________________, _________________, Alabama, ________________________

BACKGROUND
  1. This Agreement is made between ________________________ and ________________________ (collectively the "Parties" and individually a "Party") who are contemplating marriage each to the other.
  2. The Parties intend for this Agreement to become effective upon their marriage pursuant to the laws of the State of Alabama, including any Uniform Premarital Agreement Act, or other applicable laws, adopted by the State of Alabama.
  3. The Parties wish to enter into this Agreement to provide for the status, ownership, and division of property between them, including future property owned or to be acquired by either or both of them.
  4. The Parties further wish to affix their respective rights and liabilities that may result from this relationship.
  5. The Parties recognize the possibility of unhappy differences that may arise between them. Accordingly, the Parties desire that the distribution of any property that either or both of them may own will be governed by the terms of this Agreement and, insofar as the statutory or case law permits, intend that any statutes that may apply to them, either by virtue of Federal or State legislation, will not apply to them.
  6. The Parties acknowledge that they have been provided with a reasonable period of time to review this Agreement.
  7. The Parties also acknowledge that they have had the opportunity to retain their own lawyer and to receive independent legal advice regarding the terms of this Agreement.
  8. The Parties have disclosed to their satisfaction all assets and liabilities that each may have and voluntarily and expressly waive any other rights to disclosure of the property or financial obligations of each other beyond the disclosure provided.
  9. Each Party agrees and affirms THAT:
    1. The Parties did execute the Agreement voluntarily;
    2. This Agreement was not unconscionable when it was executed;
    3. Prior to execution of the Agreement, both Parties were provided a fair and reasonable disclosure of the property or financial obligations of the other Party;
    4. They have, or reasonably could have had, an adequate knowledge of the property or financial obligations of the other Party; and
    5. They entered into this Agreement freely and under no duress or undue influence on their decision by the other Party.
  10. The Parties acknowledge that this Agreement will continue upon termination of marriage whether by death, divorce, or otherwise.

NOW THEREFORE in consideration of the upcoming marriage, and in consideration of the mutual promises and covenants contained in this Agreement, the Parties agree as follows:

    PROPERTY

  1. The Parties acknowledge that this Agreement will govern any determination of ownership of property that may occur in the event of the Parties separating, or upon the death of a Party.
  2. All jointly acquired or jointly held property, however and whenever acquired, will remain the property of and be owned by both Parties and will be treated as shared property (the "Shared Property").
  3. Except as otherwise provided in this Agreement, all property will be treated as property owned solely by either one of the Parties (the "Separate Property") except where:
    1. it is Shared Property; or
    2. there is proof of shared legal ownership.
  4. Nothing in this Agreement will prevent or invalidate any gift, or transfer for value, from one Party to the other of present or future property.
  5. Unless a Party can reasonably show that they solely own a piece of property, where either Party commingles jointly owned property with Separate Property, any commingled property will be presumed to be Shared Property.
  6. DEBTS

  7. The Parties acknowledge that this Agreement will govern any determination of responsibility of debts that may occur in the event of the Parties separating, or upon the death of a Party.
  8. All jointly acquired or jointly held debts, however and whenever acquired, will remain the debts of and be owed by both Parties and will be treated as shared debts (the "Shared Debts").
  9. Except as otherwise provided in this Agreement, all debts will be treated as debts owed solely by either one of the Parties (the "Separate Debts") except where:
    1. it is Shared Debt; or
    2. there is proof of shared legal responsibility.
  10. MATRIMONIAL PROPERTY RELEASE

  11. The Parties covenant and agree that they are aware of the equitable distribution laws of the State of Alabama, and that it is their intention that the equitable distribution laws will not apply to the status, ownership, interest and division of their property, either jointly or separately owned, nor to their future property, whether real or personal, and owned by either one or both of them, and the Parties further covenant and agree that it is their desire and intent by the terms of this Agreement to contract out of the equitable distribution laws of the State of Alabama, and to make a full and final settlement of all matters of property, both real and personal, previously and presently owned by either of the Parties or to be acquired by either of the Parties in the future.
  12. DOWER, CURTESY AND HOMESTEAD RELEASE

  13. Each Party releases all dower, curtesy and homestead rights under any statute of the State of Alabama, or any other jurisdiction whatsoever, that, but for this agreement, each would have in and to property in the name of the other, or in their names jointly or as tenants in common.
  14. SUPPORT

  15. In the event of a separation the Parties agree that spousal support may be payable to one of the Parties on the basis of the Party's financial circumstances at the time of separation or otherwise. It is understood and accepted by each Party that spousal support will be determined according to the appropriate Federal or State laws.
  16. ESTATES AND TESTAMENTARY DISPOSITION
  17. Nothing in this Agreement will limit or affect any rights that each may acquire as spouse or surviving spouse in the property, assets or estate of the other spouse.
  18. Nothing in this Agreement will invalidate or prevent either Party from naming the other as a beneficiary by will or other testamentary disposition.
  19. SEVERABILITY

  20. Should any portion of this Agreement be held by a court of law to be invalid, unenforceable, or void, such holding will not have the effect of invalidating or voiding the remainder of this Agreement, and the Parties agree that the portion so held to be invalid, unenforceable, or void, will be deemed amended, reduced in scope, or otherwise stricken only to the extent required for purposes of validity and enforcement in the jurisdiction of such holding.
  21. INTENTION OF THE PARTIES

  22. Notwithstanding that the Parties acknowledge and agree that their circumstances at the execution of this Agreement may change for many reasons, including but without limiting the generality of the foregoing, the passage of years, it is nonetheless their intention to be bound strictly by the terms of this Agreement at all times.
  23. DUTY OF GOOD FAITH

  24. This Agreement creates a fiduciary relationship between the Parties in which each Party agrees to act with the utmost of good faith and fair dealing toward the other in all aspects of this Agreement.
  25. FURTHER DOCUMENTATION

  26. The Parties agree to provide and execute such further documentation as may be reasonably required to give full force and effect to each term of this Agreement.
  27. TITLE/HEADINGS

  28. The headings of this Agreement form no part of it, and will be deemed to have been inserted for convenience only.
  29. ENUREMENT

  30. This Agreement will be binding upon and will enure to the benefit of the Parties, their respective heirs, executors, administrators, and assigns.
  31. GOVERNING LAW

  32. The laws of the State of Alabama will govern the interpretation of this Agreement, and the status, ownership, and division of property between the Parties wherever either or both of them may from time to time reside.
  33. TERMINATION OR AMENDMENT

  34. This Agreement may only be terminated or amended by the Parties in writing signed by both of them.
  35. ENTIRE AGREEMENT

  36. The Agreement constitutes the entire agreement and understanding between the Parties to this Agreement and supersedes all prior communications, contracts, or agreements between these Parties with respect to the subject matter addressed in this Agreement, whether oral or written.

IN WITNESS WHEREOF the Parties have hereunto set their hands and seals on the ________________ day of ________, ________.

SIGNED, SEALED AND DELIVERED
In the presence of:

_____________________________
Witness
Printed Name: _________________

_____________________________
Witness
Printed Name: _________________

________________________
________________________



_____________________________
Witness
Printed Name: _________________

_____________________________
Witness
Printed Name: _________________

________________________
________________________

THE PARTIES HEREBY EXECUTE THIS AGREEMENT ON THE ________________ DAY OF ________, ________

 


________________________
________________________


________________________
________________________


 

CERTIFICATE OF INDEPENDENT LEGAL ADVICE


THE State of Alabama
COUNTY OF
_________________


I, _________________________, of the City of ___________________, in the State of Alabama, Attorney, DO HEREBY CERTIFY:

THAT I was this day consulted in my professional capacity by ________________________, named in the within instrument, being a Prenuptial Agreement, separate and apart from ________________________, as to his legal rights and liabilities under the terms and conditions of it, and that I acted solely for him, and explained fully to him the nature and effect of the said Prenuptial Agreement and he did execute it in my presence, and did acknowledge and declare that he was executing it of his own volition and without any fear, threats, compulsion or influence from ________________________, or any other person.

DATED at the City of ___________________, in The State of Alabama, this _____ day of _________, 20___.

________________________
Attorney
Print Name: _________________





I, ________________________, the person named in the annexed Agreement, hereby acknowledges the foregoing this ____day of ______________20___.


________________________
________________________


 

CERTIFICATE OF INDEPENDENT LEGAL ADVICE


THE State of Alabama
COUNTY OF _________________


I, _________________________, of the City of ___________________, in The State of Alabama, Attorney, DO HEREBY CERTIFY:

THAT I was this day consulted in my professional capacity by ________________________, named in the within instrument, being a Prenuptial Agreement, separate and apart from ________________________, as to her legal rights and liabilities under the terms and conditions of it, and that I acted solely for her, and explained fully to her the nature and effect of the said Prenuptial Agreement and she did execute it in my presence, and did acknowledge and declare that she was executing it of her own volition and without any fear, threats, compulsion or influence from ________________________, or any other person.

DATED at the City of ___________________, in The State of Alabama, this _____ day of _________, 20___.

________________________
Attorney
Print Name: _________________





I, ________________________, the person named in the annexed Agreement, hereby acknowledges the foregoing this ____day of ______________20___.


________________________
________________________


How Much Does a Prenup Cost?

Creating a Prenuptial Agreement costs very little compared to the potential costs of not having one in place should your marriage come to an end. With all the things on your mind in preparation for a wedding, the last thing couples want to think about is what happens should you divorce. Beyond the romance and/or religious implications, marriage legally binds two people to each other for life. There are many things to consider when entering a marriage, not the least of which is what happens if you want to get out of the marriage. A Prenup does just that. It is a written contract between two people before they are married.

Given that half of all marriages end in divorce, more people are entering into Prenuptial Agreements. A Prenup is a legally binding contract that details in advance how marital assets, property and money will be distributed to you and your former partner, should the marriage end. Without a Prenup, you are at the mercy of the court to resolve all disputes regarding distribution of assets and spousal support. A Prenup alleviates such uncertainty and allows marital partners to agree in advance not only what they are getting into, but perhaps just as importantly, what happens should they want to get out of it. Download a free Prenuptial Agreement here.

Better Prepared Than Caught Unawares

A Prenup is never a bad idea. In the best-case scenario, you don’t divorce, and the Prenuptial Agreement never comes into play. In the worst case, you have a detailed agreement in place to avoid any disputes and misunderstandings, providing each partner realistic expectations of how the financial aspects of the marriage will be dissolved.

Who Needs a Prenup?

While there are no specific financial or legal criteria for who should have a Prenup, it’s safe to say, that if you are going to be married and you own or plan to own anything, if you have or plan to have any income, then it is wise to have a Prenup. Furthermore, the more you have or anticipate having, in terms of assets and income, the more important it is for you to have a Prenup. Granted, a Prenup is not the most romantic thing, but neither is divorce. Download a free Prenuptial Agreement here.

What Kind of Information is Included In a Prenup?

A Prenup typically lists all the assets and property each person owns, as well as any debts, and specifies what each person's property rights will be after the marriage. While younger couples may enter marriage with fewer assets and debt, the trend is that people are waiting to get married until they are older and have more to bring to the marriage, and more to lose. You or your partner may have built your own business or investments or retirement accounts. Likewise, you or your partner may have incurred debts such as student loans, credit card debt or mortgages. The older people are when marrying, and given second and even third marriages, the more they have likely accumulated and should be included in a Prenuptial Agreement.

Our website will help you create a free Prenuptial Agreement. We offer free on-line samples and templates of legal forms including Last Will and Testament and Power of Attorney, which you will want to update when there is a change in your marital status.

Sample

Prenuptial Agreement

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