Fill and Sign the Michigan Property Form

- 1 - POSTNUPTIAL AGREEMENT READ BEFORE SIGNING: IMPORTANT NOTICE: EACH PARTY TO THIS AGREEMENT AGREES THAT THEY HAVE HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY OF THEIR CHOICE LICENSED TO PRACTI CE LAW IN THEIR STATE OF RESIDENCE (NOT THE SAME ATTORNEY) AN D THAT THEY HAVE FULLY READ, UNDERSTAND AND AGREE TO THE TERMS OF THIS AGREEMENT. EACH PARTY FURTHER AGREES THAT THEY ARE NOT ACTING UNDER DURESS OR UNDUE INFLUENCE IN EXECUTING THIS A GREEMENT AND THAT EXECUTION OF SAME IS DONE FREELY AND VOLUNTARI LY. THIS AGREEMENT, made this ____ day of ________________, 2____ , between ___________________________ (Name), of ______________________________ (Address), _____________ (State) ("first party or Wife"), and _____________________ (Name), of ____________________________ (Address), _____________ (State) ("second party or Husband"), W I T N E S S E T H WHEREAS, Wife and Husband are now married, having been married on the day of , 2 , in County, ; WHEREAS, the parties now desire to enter into this agreement to clarify and establish the ir respective and collective rights, titles and interests in the s eparate and joint property of the parties, in the event of divorce, death or other circumstances that would se rve to terminate their marriage, but without the present intent of either party to obtain a divorce or a legal separation; and WHEREAS, by execution of this agreement, the partie s warrant and represent that they have fully disclosed their financial status, including all assets, liabilities, and income, as listed in the financial statement disclosures, attached as Exhibits A and B; and WHEREAS, the parties agree that this agreement is to be effective upon execution in accordance with the applicable laws of the State of Michigan; and NOW, THEREFORE, in consideration of the mutual promises , covenants, warranties and other benefits and advantages accruing to each party, the parties agree as set forth above and below as follows: SECTION 1 SEPARATE PROPERTY Each of the parties shall retain full control of hi s or her own separate property, real, personal and mixed owned at the time of execution o f this agreement and described in Exhibits A and B , wherever the property is located. By the terms of t his agreement, each party hereby waives and relinquishes all claim to the separate property of the other. Each of the parties shall have and - 2 - hereby is given the right to lease, sell, convey, m ortgage or otherwise dispose of their separate property and receive all monies, rents, issues, inc ome and profits thereof without any restrictions and without interference from the other party. Each of the parties shall be responsible for satisfying any tax obligations regarding his or her separate p roperty. Despite any other provisions of this instrument, this agreement shall not affect in any way the parties' rights, titles, powers, duties, discretions, immunities and interest in any property own ed in joint tenancy or entirety with rights of survivorship. SECTION 2 JOINT PROPERTY The parties agree that all property not specificall y designated as separate property shall be deemed to be part of their joint estates and consid ered their joint property. By the terms of this agreement, the parties evidence their intent to grant the powers and rights to the parties as to jointly owned property as is provided to spouses by operati on of law. SECTION 3 SEPARATION AND DIVORCE To the extent permitted by law, this agreement shall govern t he rights and obligations of the parties in the event of death of either or both par ties, separation or divorce. Although the parties d o not presently intend to separate or divorce, the parties a gree this agreement shall be binding on both parties in the event of separation or divorce, and shall, if applicable, and allowed by law, be incorporated into any divorce decree. In the event of separation or divorce, the parties agree that the following types of property will be designated as either the separate or joint property of the parties: (a) All property acquired by each party in their own na me and/or with the use of their own assets or income prior to the executio n of this agreement: separate or joint; (b) All property acquired by each party in their own na me and/or with the use of their own assets or income after the execution o f this agreement: separate or joint; (c) All property acquired in the joint names of both parties a nd/or with the use of joint assets or income prior to the execution of this agreement: separate or joint; (d) All property acquired in the joint names of both parties a nd/or with the use of joint assets or income after the execution of th is agreement: separate or joint; (e) All property acquired in exchange for or from the s ale proceeds of property owned by either party prior to the executi on of this agreement: separate or joint; (f) All property acquired in exchange for or from the s ale proceeds of property owned by either party after the execution of this agreement: separate or joint; (g) All property acquired in exchange for or from the s ale proceeds of property owned by both parties before execution of this agreement: separate or joint; (h) All property acquired in exchange for or from the s ale proceeds of property owned by both parties after execution of t his agreement: separate or joint; (i) All monetary awards or settlements resulting from a lawsuit or other legal proceeding involving either party before the execut ion of this agreement: separate or joint; - 3 - (j) All monetary awards or settlements resulting from a lawsuit or other legal proceeding involving either party after the executi on of this agreement: separate or joint; (k) All monetary awards or settlements resulting from a lawsuit or other legal proceeding involving both parties before the execut ion of this agreement: separate or joint; (l) All monetary award or settlements resulting from a lawsuit or other legal proceeding involving both parties after the executi on of this agreement: separate or joint; (m) All insurance proceeds received by either party bef ore execution of this ag reement : separate or joint; (n) All insurance proceeds received by either party aft er execution of this agreement: separate or joint; (o) All insurance proceeds received by both parties bef ore execution of this agreement: separate or joint; (p) All insurance proceeds received by both parties aft er execution of this agreement : separate or joint; (q) All gambling or lottery winnings received by either party before execution of this agreement : separate or joint; (r) All gambling or lottery winnings received by either party after execution of this agreement : separate or joint; (s) All earnings, salary, wages, bonuses , commissions or dividends of either party received or earned before the execution of th is agreement: separate or joint; (t) All earnings, salary, wages, bonuses, commissions o r dividends of either party received or earned after the execution of thi s agreement: separate or joint; and (u) Other: _________________________________________________ _______________________________________________________________ separate or joint Not applicable or The parties further agree that in the event of separ ation or divorce, the following additional provisions shall apply not withstanding the other provisions of this agreement: (a) The Wife shall be entitled to receive property of H usband described as follows: [none or list property] ______ (b) The Husband shall be entitled to receive property o f Wife described as follows: [none or list property] (c) The following property shall be sold and the procee ds, less expenses, divided equally between the parties: [none or list property ] (d) The marital domicile shall be [occupied by Wife unt il her death or occupied by Husband until his death or sold and the proceeds di vided equally between Husband and Wife.] - 4 - SECTION 4 DEBTS AND LIABILITIES The parties agree that each party shall pay the debts and liabilities inc urred prior to execution of this agreement in that party’s name as separate proper ty, and in no case shall either party be held liable for the debts and liabilities incurred in the other party’s name prior to execution of this agreement, but that the parties shall joint ly pay for the debts and liabilities incurred in bo th parties’ names prior to the execution of this agreement as joint property; or the parties shall jointly pay the debts and liabilities incurred prior to the execution of this agreement in one or both party’s name as joint property. The parties further agree that each party shall pay the debts and liabilities inc urred after the execution of this agreement i n that party’s name as separate property, and in no case shall either party be held liable for the debts and liabilities incurred in the other par ty’s name after the execution of this agreement, but that the parties shall jointly pay for the debts a nd liabilities incurred in both parties’ names after the execution of this agreement as joint property; or the parties shall jointly pay for the debts and liabilities in curred after the execution of this agreement in either one or both parties’ names as joint property. SECTION 5 WAIVER OF MARITAL RIGHTS TO ESTATE Not applicable or Each of the parties hereby waives and releases to the other any and all of his or her right, title and interest of every kind and description in any and all property acquired by the other party by inheritance or other means and to all or a portion of the property of the other party which he or she may have, acquire, enjoy or be seized by reason of, or during or after, their marriage, as the wife, husband, widow or wid ower of the other party, whether by way of dower, courtesy, homestead, widow's allowance, statutory share or provision, descent , community property inheritance, succession or otherwise. SECTION 6 VOLUNTARY GIFTS Nothing contained in this agreement is intended to preclude either party from voluntarily making provision for, or granting powers or rights to, the other party in and by the party’s last will and testament, a codicil thereto or otherwise. SECTION 7 WAIVER OF RIGHTS TO PENSION/RETIREMENT FUNDS Not applicable or Each party agrees that he or she shall retain all of the rights, titles and interests in the pension or other retirement pl an or account in his or her name prior to and after execution of this agreement, including any income a ccruing or accrued from such plan or account and any increases in the value of such plan or acco unt that result from depositing separate assets or income. The parties agree that regardless of the so urce of funds used in any pension, retirement or - 5 - other deferred compensation plans or accounts, each pa rty may maintain and continue such plans or accounts and each party waives any rights, titles a nd interests in the other’s plans or accounts. SECTION 8 ADDITIONAL OR FURTHER DOCUMENTS; COOPERATION Each party agrees that he or she will sign and execute any further or addi tional documents as may be necessary to put into effect the intended purposes of this agreement, such as any deeds, bills of sale, assignments, affidavits, tax forms or other instruments of transfer and title that are required in order to establish the parties’ respective rights in their separate and joint property. The designation of property as separate or joint, however, shall not be affected by a party’s failure to execute a necessary document, but the terms of this a greement shall control such designation. SECTION 9 ENTIRE AGREEMENT This Agreement constitutes the entire agreement bet ween the parties pertaining to its subject matter and it supersedes all prior contempo raneous agreements, representations and understandings of the parties. No supplement, modi fication or amendment of this Agreement shall be binding unless executed in writing by all partie s. SECTION 10 AMENDMENT OR REVOCATION Th e parties agree to reserve the right to amend or re voke this agreement during the joint lives of the parties and the parties’ marriage by a written amendment or revocation signed by both parties. SECTION 11 ABSENCE OF DURESS OR UNDUE INFLUENCE The parties agree and state that each has freely and voluntarily ent ered into this agreement. This agreement was executed free of any duress, coercion, coll usion, or undue influence, and the terms of this agreement are not unconscionable, but are fair, just, and equitable. Both parties were provided prior to executio n of this agreement a fair and reasonable disclosure of the property and financial obligation s of the other party and each party had, or reasonably could have had, an adequate knowledge of the property and financial obligations of the other party. SECTION 12 SEVERABILITY If any portion of the agreement shall be held to be invalid or unenforceable for any - 6 - reason, then all the remaining parts or portions shall be construed, implemented and administered in full force and effect as if such invalid or unenforceable portion did not appear herein. SECTION 13 CONTROLLING LAW This agreement shall be controlled, construed and g iven effect by and under the laws of the State of Michigan. It is the intent of the parties t hat the Agreement be enforced to the fullest extent permissible under applicable laws and public polici es. SECTION 14 SUCCESSORS AND ASSIGNS This Agreement shall be binding upon and inure to th e benefit of the parties hereto and their respective successors, assigns, executors, administ rators, and legal representatives. SECTION 15 MISCELLANEOUS CLAUSES ____________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ _______________________________________________________________________________ ____________________ IN WITNESS WHEREOF, the parties have executed this agreement on the day and year first above written. _____________________________ __________________________________ FIRST PARTY “WIFE” Witness __________________________________ Witness - 7 - _____________________________ __________________________________ SECOND PAR TY “HUSBAND” Witness __________________________________ Witness Approved: Attorney for First Party: _________________________ __________ Attorney for Second Party: ________________________ _________ Note: This agreement must be executed before a not ary public. STATE OF ______________________ COUNTY OF ____________________ The foregoing instrument was acknowledged before me this ______________ (date) by ________________________________ (name). ___________________________________ Notary Public, State of Printed Name:________________________ Commission Expires: _________________ STATE OF ______________________ COUNTY OF ____________________ The foregoing instrument was acknowledged before me this ______________ (date) by ________________________________ (name). ___________________________________ Notary Public, State of Printed Name:________________________ Commission Expires: _________________ - 8 - 1 EXHIBIT A FINANCIAL STATEMENT DISCLOSURE OF WIFE I. Assets (Describe all assets considered separate property of Wife, including approximate val ue) a. Real Estate ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ b. Bank Accounts and Cash (including life insurance cash value, and the numbers, names and banks of all financial, checking and savings accounts) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ c. Trusts ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ d. Vehicles (including year, make and model) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ e. Other (including securities, stocks, bonds, pension/retirement plans or accounts, etc.) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ II. Debts (Describe all debts and liabilities, including all notes payable, mortgages, loans, e tc.) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ III. Annual Income (including salary, bonus, commissions, dividends, etc.) (Attach copy of Federal Income Tax Return and most recent paycheck stub.) _______________________________________________________________________________ 2 EXHIBIT B FINANCIAL STATEMENT DISCLOSURE OF HUSBAND I. Assets (Describe all assets considered separate property of Husband, including approximate value ) a. Real Estate ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ b. Bank Accounts and Cash (including life insurance cash value, and the numbers, names and banks of all financial, checking and savings accounts) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ c. Trusts ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ d. Vehicles (including year, make and model) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ e. Other (including securities, stocks, bonds, pension/retirement plans or accounts, etc.) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ II. Liabilities or Debts (Describe all debts and liabilities, including all notes payable , mortgages, loans, etc.) ____________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ III. Annual Income (including salary, bonus, commissions, dividends, etc.) (Attach copy of Federal I ncome Tax Return and most recent paycheck stub as proof of income.) _______________________________________________________________________________