Legal Marital Estate Document

Legal Marital Estate Document

This Legal Marital Estate Document (the "Agreement") is made and entered into as of Effective Date: by and between Party A: of and Party B: of .

RECITALS

WHEREAS, the parties were lawfully married on in ; and

WHEREAS, the parties desire to set forth their respective rights, obligations and intentions concerning the ownership, control, management and disposition of property and liabilities acquired before and during the marriage, and to provide for disposition of their respective estates upon death; and

WHEREAS, each party acknowledges that full and fair disclosure of assets, liabilities and income has been made as set forth in Section 7 and in any attached schedules to this Agreement.

NOW THEREFORE

In consideration of the mutual promises and covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Agreement, the following defined terms shall apply unless the context otherwise requires:

"Separate Property" means property owned by a party prior to the marriage, property acquired by gift or inheritance during the marriage and any increase, income or proceeds thereof that are traced to such property, unless otherwise converted in writing. "Marital Property" or "Community Property" means property acquired by the parties during the marriage that is not separate property under this Agreement.

2. ELECTION OF PROPERTY REGIME

The parties state their current election regarding the characterization of property obtained during the marriage (check one):

3. SEPARATE PROPERTY

Each party shall retain sole and exclusive ownership, control and disposition of that party's Separate Property. The following assets are declared Separate Property of the respective parties and shall remain so unless expressly converted in a writing signed by both parties:

4. MARITAL PROPERTY; MANAGEMENT AND CONTROL

Property acquired by the parties during the marriage that is not Separate Property shall be treated as Marital Property in accordance with the election made in Section 2. Unless otherwise agreed in writing, each party shall have the authority to manage, control and dispose of that party's Separate Property, and both parties shall have joint management and control of Marital Property as provided by applicable law and this Agreement.

The parties covenant to keep accurate records of account and to maintain reasonable access to records concerning jointly held assets. Either party may reasonably require disclosure and inspection of records relating to any asset characterized as Marital Property.

5. DEBTS AND LIABILITIES

Except as otherwise provided in this Agreement or by operation of law, debts and liabilities incurred prior to the marriage shall remain the separate responsibility of the party who incurred them. Debts incurred during the marriage for the joint benefit of the parties shall be borne by the Marital Property unless the parties agree otherwise in writing.

6. ESTATE AND TESTAMENTARY DISPOSITIONS

Each party shall be free to make testamentary dispositions of that party's Separate Property and that party's interest in Marital Property consistent with the terms of this Agreement. Any testamentary instrument that attempts to alter the rights established by this Agreement shall be ineffective to the extent it conflicts with this Agreement unless the surviving party expressly consents in writing.

7. DISCLOSURE

Each party represents that prior to executing this Agreement that party has made a full and fair disclosure of the nature, extent and value of that party's assets, liabilities and income. The parties agree that true and correct disclosures have been provided and that such disclosures form the basis for the allocations set forth in this Agreement.

8. REPRESENTATIONS; ACKNOWLEDGMENT

Each party represents and warrants that: (a) the party has had the opportunity to consult with independent legal counsel of the party's choice; (b) the party enters into this Agreement voluntarily and with full understanding of its terms; and (c) the party is not under undue influence, duress or coercion.

9. NOTICES

All notices, demands and communications required or permitted under this Agreement shall be in writing and shall be delivered to the parties at the addresses set forth below or at such other address as either party may designate in writing:

10. AMENDMENT; WAIVER

This Agreement may be amended or modified only by a writing signed by both parties. No waiver of any provision of this Agreement shall be effective unless in writing and signed by the party against whom enforcement of the waiver is sought. A delay or failure to enforce any provision shall not constitute a waiver of future enforcement.

11. COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures delivered by electronic means shall be valid and binding.

12. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the state specified above, without regard to conflict of laws principles.

13. ENTIRE AGREEMENT; SEVERABILITY

This Agreement, together with any schedules or attachments signed by the parties, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior negotiations, representations and agreements, whether written or oral. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect, and the parties shall negotiate in good faith to replace any invalid or unenforceable provision with a valid provision that comes closest to the parties' original intent.

14. ENFORCEMENT; ATTORNEYS' FEES

In the event of any dispute arising out of or relating to this Agreement, the prevailing party shall be entitled to recover reasonable attorneys' fees and costs incurred in enforcing the terms of this Agreement, in addition to any other relief to which that party may be entitled.

15. ATTACHMENTS; SCHEDULES

The parties may attach schedules listing assets, liabilities and other disclosures referenced in this Agreement. Any schedule so attached and signed by the parties shall be incorporated herein by reference.

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