Fill and Sign the Free Prenuptial Agreement Create Download and Print Form

- 1 - ACKNOWLEDGEMENT OF RIGHTS AND OBLIGATIONS RE: PREMARITAL AGREEMENT BETWEEN AND . I , hereby acknowledge my understanding of the following rights and obligations of the parties to a Premarital Agreement under the laws of the State of California: 1. ASSETS California is a community property state. All property acquired by a married person during their marriage while living in California is presumed to be community property. Upon death or divorce, the value of all community assets is divided equally in terms of value between both spouses. Both marital partners are equal agents of the partnership, and able to bind the partnership if acting within the scope of his or her authority and if acting for the joint benefit of the family. The California community property system adds to joint ownership the right of equal management and control. All benefits which come from either spouse's employment during the marriage are community property to the extent they are earned and/or accrued during the marriage. This can include retirement benefits, pensions, savings plans, stock purchase plans, 401k plans, sick and vacation pay, and stock options. If the benefits are not fully vested at the time of a separation, an allocation is made between the community and separate interests. Separate property is property: a) owned before marriage, b) acquired during marriage by gift or inheritance, or c) acquired after separation. Earnings, income or appreciation from separate property sources remains separate property. If there is a dispute about whether an asset is separate property, you must have proof that you acquired the separate property in one of these ways, and have documentation to trace the separate property back to the original source. If you use separate property to acquire property in joint names during the marriage, you are only entitled to reimbursement for the amount of the separate property contributed (no interest or appreciation) and again, you must be able to trace the contribution back to the separate property source. If you own a business prior to marriage, the community may acquire an interest in the business if the business increases in value during the marriage, depending upon the reason for the increase in value. If you own a home in your own name and community funds are used for mortgage payments or to pay down the principal on a loan, the community will acquire an interest in the appreciation in the value of the property, but only in the ratio that the amount paid on principal bears to the total purchase price. The community will also be reimbursed for the amount paid down on principal
2. Rights and limitations of marriage under California law, each party retains all the rights vested in each other at the time of marriage, except that a marriage may be dissolved by dissolution: (1) by the death of either of the parties, if there has been no dissolution under either the laws of the county or of the state; (2) by the agreement of the parties to a contract entered into prior to the marriage; (3) by the filing of an affidavit of separation or the entry of the divorce decree itself; (4) by a decree of domestic or family violence under California's domestic violence order law, penal code (j) (a) (3); or (5) by the death of one of the individuals if either or both parties are a victim of domestic or family violence. If there is a separation agreement, the parties may continue living together temporarily while the court considers the dissolution issue, and in any event any dissolution proceedings will be terminated by the death of either of the parties. California recognizes that each spouse may make a substantial contribution to the family and to the community. However, a spouse's ability to make contributions to the family and to the community is contingent upon the understanding that, while a spouse's contributions are valid, they are not the property of the other spouse, and that both spouses may take steps to preserve the contributions of each other in the event of marriage. 3. Equity involvement in marriage if any question arises concerning the equitable treatment of any assets, it shall be determined, either on your own motion or on the motion of the other spouse, by the court. This requires mutual consultation with counsel for the parties and may include an appraisal. The court's determination of equitable interest shall be final and conclusive and shall not be subject to review by any court of law, except as provided in section 7 of this section. In the event you decide that there was an unreasonable denial or unreasonable alteration in the parties' rights and interests to equal access to property or to equitable remedies under this act, you may file a petition for equitable remedy and the court shall decide the application for equitable remedy based on your petition for equitable remedy, in accordance with the procedures set forth in subsection b-5 of this subdivision (d). This provision shall not be construed to prevent either party from seeking an equitable remedy in the court of general district or appellate jurisdiction. No order shall be entered on the motion of a party based.