Fill and Sign the Minnesota Property Form

- 1 - PO ST N UPT IA L A G REEM EN T REA D BEFO RE SIG NIN G : IM PO RTA NT N O TIC E: EA CH PA RTY TO TH IS AG REEM EN T A G REES T H AT T H EY A RE R EPR ESE N TED B Y S E PA RATE L EG AL CO UNSE L L IC EN SE D T O P R ACTIC E L A W I N T H EIR S T A TE O F R ESID EN CE (N O T TH E S A M E A TTO RNEY ) A ND T H AT T H EY H AVE F U LLY R EA D, U NDER ST A ND AND A G REE T O T H E T ER M S O F T H IS A G REEM EN T. E A CH P A RTY F U RTH ER AG REES T H AT T H EY A RE N O T A CTIN G U NDER D URESS O R U NDUE I N FL U EN CE IN E X EC UTIN G T H IS A G REEM EN T A ND T H AT E X EC UTIO N O F S A M E IS D O NE FR EELY A ND V O LU NTA RIL Y . TH IS A GREEM EN T, m ad e t h is _ ___ d ay o f _ _______________, 2 _ _ __, b etw een _ _ _____ _______________ _____ (N am e), of ______________________________ (A ddre ss), __ _____ ______ (S ta te ) (" fir s t party or W if e "), an d _____________________ (N am e), of __ _____ _______________ ______ ( A ddre ss), _ ____________ ( S ta te ) ( " se co nd p arty o r H usb an d"),W I T N E S S E T HW HER EA S, Wife and Husband are now married, having been married on the ((((_ day of (((( _______ (, 2 , in ((((_______( County, ((((_________(; W HER EA S, t h e p artie s now desir e t o e n te r i n to t h is a g re em en t to clarify and establish their respective and collective rights, titles and interests in the separate and joint property of the parties, in the event of divorce, death or other circumstances that would serve to terminate their marriage, but without the present intent of either party to obtain a divorce or a legal separation; andWHER EA S, b y e x ecu tio n o f th is a g re em en t, th e p arti e 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 WHER EA S, th e p artie s ag re e th at th is ag re em en t is to b e effe ctiv e u pon ex ecu tio n in acco rd an ce w ith t h e a p plic a b le l a w s o f t h e S ta te o f M in neso ta ; a n dN OW , T H ER EFO RE, in c o nsid era tio n o f th e mutual promises, covenants, warranties and other benefits and advantages accruing to each party, the parties agree as set forth above and below as follows: SE C TIO N 1 S E PA RATE P R O PE R TY Each o f t h e p artie s s h all r e ta in f u ll c o ntr o l o f h is o r h er o w n s e p ara te p ro perty , r e al, p ers o nal an d m ix ed o w ned a t th e tim e o f e x ecu tio n o f th is a g re em en t a n d d esc rib ed in E xhib its A a n d B , wh ere v er th e p ro perty is lo cate d . B y th e te rm s o f th is a g re em en t, e ach p arty h ere b y w aiv es a n d relin quis h es a ll c la im t o t h e s e p ara te p ro perty o f t h e o th er. E ach o f t h e p artie s s h all h av e a n d h ere b y is g iv en t h e r ig ht t o l e ase , s e ll, c o nv ey , m ortg ag e o r o th erw is e d is p ose o f t h eir s e p ara te p ro perty a n d - 2 - re ceiv e a ll m onie s, re n ts , is su es, in co m e a n d p ro fits th ere o f w ith out a n y re str ic tio ns a n d w ith out in te rfe re n ce fr o m th e o th er p arty . E ach o f th e p artie s sh all b e re sp onsib le fo r sa tis fy in g a n y ta x ob lig atio ns r e g ard in g h is o r h er s e p ara te p ro perty . D esp ite a n y o th er p ro vis io ns o f th is in str u m en t, th is a g re em en t sh all n ot a ff e ct in a n y w ay th e p artie s' rig hts , title s, p ow ers , d utie s, d is c re tio ns, im munitie s an d in te re st in an y pro perty ow ned in jo in t te n an cy or en tir e ty w ith rig hts of su rv iv ors h ip . S E C TIO N 2 J O IN T P R O PE R TY The p artie s a g re e th at a ll p ro perty n ot s p ecif ic ally d esig nate d a s s e p ara te p ro perty s h all b e de em ed to b e p art o f th eir jo in t e sta te s a n d c o nsid ere d th eir jo in t p ro perty . B y th e te rm s o f th is ag re em en t, th e p artie s e v id en ce th eir in te n t to g ra n t th e p ow ers a n d r ig hts to th e p artie s a s to jo in tly ow ned p ro perty a s i s p ro vid ed t o s p o use s b y o pera tio n o f l a w . S E C TIO N 3 S E PA RATIO N A ND D IV O RCE To t h e e x te n t p erm itte d b y l a w , t h is a g re em en t s h all g ov ern t h e r ig hts a n d o blig atio ns o f t h e pa rtie s in th e e v en t o f d eath o f e ith er o r b oth p artie s, s e p ara tio n o r d iv orc e. A lth ough th e p artie s d o no t p re se n tly i n te n d t o s e p ara te o r d iv orc e, t h e p artie s a g re e t h is a g re em en t s h all b e b in din g o n b oth partie s in th e ev en t o f se p ara tio n o r d iv orc e, an d sh all, if ap plic ab le , an d allo w ed b y la w , b e in co rp ora te d i n to a n y d iv orc e d ecre e. I n th e e v en t o f s e p ara tio n o r d iv orc e, th e p artie s a g re e th at th e f o llo w in g ty pes o f p ro perty will b e d esig nate d a s e ith er t h e s e p ara te o r j o in t p ro perty o f t h e p artie s:(a ) All p ro perty a cq u ir e d b y e ach p arty in th eir o w n n am e a n d/o r w ith th e u se of t h eir o w n a sse ts o r i n co m e p rio r t o t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( b ) All p ro perty a cq u ir e d b y e ach p arty in th eir o w n n am e a n d/o r w ith th e u se of t h eir o w n a sse ts o r i n co m e a fte r t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( c ) All p ro perty a cq uir e d i n t h e j o in t n am es o f b oth p artie s a n d/o r w ith t h e u se of j o in t a sse ts o r i n co m e p rio r t o t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( d ) All p ro perty a cq uir e d i n t h e j o in t n am es o f b oth p artie s a n d/o r w ith t h e u se of j o in t a sse ts o r i n co m e a fte r t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( e ) All p ro perty a cq uir e d i n e x ch an ge f o r o r f ro m t h e s a le p ro ceed s o f p ro perty ow ned b y e ith er p arty p rio r t o t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( f) All p ro perty a cq uir e d i n e x ch an ge f o r o r f ro m t h e s a le p ro ceed s o f p ro perty ow ned b y e ith er p arty a fte r t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( g ) All p ro perty a cq uir e d i n e x ch an ge f o r o r f ro m t h e s a le p ro ceed s o f p ro perty ow ned b y b oth p artie s b efo re e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( h ) All p ro perty a cq uir e d i n e x ch an ge f o r o r f ro m t h e s a le p ro ceed s o f p ro perty ow ned b y b oth p artie s a fte r e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( i) All m oneta ry a w ard s o r s e ttle m en ts r e su lti n g f ro m a la w su it o r o th er le g al pr o ceed in g i n volv in g e ith er p arty b efo re t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( j) All m oneta ry a w ard s o r s e ttle m en ts r e su ltin g f ro m a la w su it o r o th er le g al - 3 - pro ceed in g i n vo lv in g e ith er p arty a fte r t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( k ) All m oneta ry a w ard s o r s e ttle m en ts r e su ltin g f ro m a la w su it o r o th er le g al pr o ceed in g i n volv in g b oth p artie s b efo re t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( l) All m oneta ry a w ard o r s e ttle m en ts re su ltin g fro m a la w su it o r o th er le g al pr o ceed in g i n volv in g b oth p artie s a fte r t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( m ) All in su ra n ce p ro ceed s re ceiv ed b y e ith er p arty b efo re e x ecu tio n o f th is ag re em en t: s e p ara te o r j o in t; ( n ) All in su ra n ce p ro ceed s re ceiv ed b y eith er p arty afte r ex ecu tio n o f th is ag re em en t: s e p ara te o r j o in t; ( o ) All in su ra n ce p ro ceed s re ceiv ed b y b oth p artie s b efo re e x ecu tio n o f th is ag re em en t: s e p ara te o r j o in t; ( p ) All in su ra n ce p ro ceed s re ceiv ed b y b oth p artie s afte r ex ecu tio n o f th is ag re em en t: s e p ara te o r j o in t; ( q ) All g am blin g o r lo tte ry w in nin gs r e ceiv ed b y e ith er p arty b efo re e x ecu tio n of t h is a g re em en t: s e p ara te o r j o in t; ( r) All g am blin g o r l o tte ry w in nin gs r e ceiv ed b y e ith er p arty a fte r e x ecu tio n o f th is a g re e m en t: s e p ara te o r j o in t; ( s ) All e a rn in gs, s a la ry , w ag es, b onuse s, c o m mis sio ns o r d iv id en ds o f e ith er pa rty r e c eiv ed o r e arn ed b efo re t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; ( t) All e arn in gs, s a la ry , w ag es, b onuse s, c o m mis sio ns o r d iv id en ds o f e ith er pa rty r e c eiv ed o r e arn ed a fte r t h e e x ecu tio n o f t h is a g re em en t: s e p ara te o r j o in t; a n d (u ) Oth er: __ _____ ________ _________ ____________ _______________ _____________________________ _______ ________ _________ ________ s e p ara te o r j o in t N ot a p plic ab le o r T he p artie s f u rth er a g re e th at in th e e v en t o f s e p ara tio n o r d iv orc e, th e fo llo w in g ad ditio nal pro vis io ns sh all ap ply notw ith sta n din g th e oth er pro vis io ns of th is ag re em en t: ( a ) The W if e s h all b e e n title d t o r e ceiv e p ro perty o f H usb an d d esc rib ed a s f o llo w s:[n one o r l is t p ro perty ] _ _____ (b ) The H usb an d s h all b e e n title d to r e ceiv e p ro perty o f W if e d esc rib ed a s f o llo w s: [n one o r l is t p ro perty ] (c ) The fo llo w in g p ro perty sh all b e so ld a n d th e p ro ceed s, le ss e x pen se s, d iv id ed eq ually b etw een t h e p artie s: [ n one o r l is t p ro perty ] (d ) The m arita l d om ic ile s h all b e [ o ccu pie d b y W if e u ntil h er d eath o r o ccu pie d b y Husb an d u ntil h is d eath o r s o ld a n d t h e p ro ceed s d iv id ed e q ually b etw een H usb an d a n d W if e .] - 4 -SE C TIO N 4 D EBTS A ND L IA BIL IT IE S The p artie s a g re e th at e a ch p arty sh all p ay th e d eb ts a n d lia b ilitie s in cu rre d p rio r to execu tio n o f th is a g re em en t in th at p arty ’s n am e a s s e p ara te p ro perty , a n d in n o c ase s h all e ith er pa rty b e h eld l ia b le f o r t h e d eb ts a n d l ia b ilitie s i n cu rre d i n t h e o th er p arty ’s n am e p rio r t o e x ecu tio n of th is a g re em en t, b ut th at th e p artie s s h all jo in tly p ay f o r th e d eb ts a n d lia b ilitie s in cu rre d in b oth partie s’ n am es p rio r to th e e x ecu tio n o f th is a g re em en t a s jo in t p ro perty ; o r th e p artie s s h all jo in tly p ay th e d eb ts a n d lia b ilitie s in cu rre d p rio r to th e e x ecu tio n o f th is a g re em en t in o ne o r b oth party ’s n am e a s j o in t p ro perty . T he p artie s f u rth er a g re e th at e ach p arty s h all p ay th e d eb ts a n d lia b ilitie s in cu rre d a fte r th e e x ecu tio n o f t h is a g re em en t i n t h at p arty ’s n am e a s s e p ara te p ro perty , a n d i n n o c ase s h all e ith er pa rty b e h eld l ia b le f o r t h e d eb ts a n d l ia b ilitie s i n cu rre d i n t h e o th er p arty ’s n am e a fte r t h e e x ecu tio n of th is a g re em en t, b ut th at th e p artie s s h all jo in tly p ay f o r th e d eb ts a n d lia b ilitie s in cu rre d in b oth partie s’ n am es a fte r th e e x ecu tio n o f th is a g re em en t a s jo in t p ro perty ; o r th e p artie s s h all jo in tly pay f o r th e d eb ts a n d lia b ilitie s in cu rre d a fte r th e e x ecu tio n o f th is a g re em en t in e ith er o ne o r b oth partie s’ n am es a s j o in t p ro perty . S E C TIO N 5 W AIV ER O F M ARIT A L R IG HTS T O E ST A TE Not applicable or E ach o f t h e p artie s h ere b y w aiv es a n d r e le ase s t o t h e o th er a n y a n d all o f h is o r h er r ig ht, t itle a n d i n te re st o f e v ery k in d a n d d esc rip tio n i n a n y a n d a ll p ro perty a cq uir e d by t h e o th er p arty b y i n herit a n ce o r o th er m ean s a n d to all or a portion of the property of the other party whic h h e o r s h e m ay h av e, a cq uir e , e n jo y o r b e s e iz ed b y r e aso n o f, o r d urin g o r a fte r, th eir ma rria g e, a s th e w if e , h usb an d, w id ow o r w id ow er o f th e o th er p arty , whether by way of dower, courtesy, homestead, widow's allowance, statutory share or provision, descent, community property inheritance, succession or otherwise. SE C TIO N 6 V O LU NTA RY G IF T S N oth in g c o nta in ed in th is a g re em en t is in te n ded to p re clu de e ith er p arty fro m v olu nta rily mak in g p ro vis io n f o r, o r g ra n tin g p ow ers o r r ig hts to , th e o th er p arty in a n d b y th e p arty ’s la st w ill an d t e sta m en t, a c o dic il t h ere to o r o th erw is e . S E C TIO N 7 W AIV ER O F R IG HTS T O P E N SIO N/R ETIR EM EN T F U NDS Not applicable or E ach p arty a g re es th at h e o r s h e s h all r e ta in a ll o f th e r ig hts , title s an d in te re sts in th e p en sio n o r o th er r e tir e m en t p la n o r a cco unt in h is o r h er n am e p rio r to a n d a fte r ex ecu tio n o f th is a g re em en t, in clu d in g a n y in co m e a ccru in g o r a ccru ed f ro m s u ch p la n o r a cco unt an d a n y in cre ase s in th e v alu e o f s u ch p la n o r a cco un t th at r e su lt f ro m d ep ositin g s e p ara te a sse ts o r in co m e. T he p artie s a g re e th at r e g ard le ss o f th e s o urc e o f f u nds u se d in a n y p en sio n, r e tir e m en t o r oth er d efe rre d c o m pen sa tio n p la n s o r a cco unts , e ach p arty m ay m ain ta in a n d c o ntin ue s u ch p la n s o r - 5 - ac co unts a n d e ach p arty w aiv es a n y r ig hts , t itle s a n d i n te re sts i n t h e o th er’s p la n s o r a cco unts . SECTION 8 ADDITIONAL OR FURTHER DOCUMENTS; COOPERATION Each party agrees that he or she will sign and execute any further or additional 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 agreement shall control such designation. SE C TIO N 9 E N TIR E A G REEM EN T This A gre em en t c o nstitu te s t h e e n tir e a g re em en t b etw een t h e p artie s p erta in in g t o i ts s u bje ct ma tte r a n d it s u pers e d es a ll p rio r c o n te m pora n eo us a g re em en ts , r e p re se n ta tio ns a n d u nders ta n din gs of th e p artie s. N o su pple m en t, m odif ic atio n o r a m en dm en t o f th is A gre em en t sh all b e b in din g unle ss e x ecu te d i n w ritin g b y a ll p artie s. S E C TIO N 1 0 A M EN DM EN T O R R EV O CATIO N The p artie s a g re e to re se rv e th e rig ht to a m en d o r re v oke th is a g re em en t d urin g th e jo in t liv es o f th e p artie s a n d th e p artie s’ m arria g e b y a w ritte n a m en dm en t o r r e v ocatio n s ig ned b y b oth partie s. SECTION 11 ABSENCE OF DURESS OR UNDUE INFLUENCE The parties agree and state that each has freely and voluntarily entered into this agreement. This agreement was executed free of any duress, coercion, collusion, or undue influence, and the terms of this agreement are not unconscionable, but are fair, just, and equitable. Both p artie s w ere p ro vid ed p rio r to e x ecu tio n o f th is a g re em en t a fa ir a n d re aso nab le dis c lo su re o f th e p ro perty an d fin an cia l o blig atio ns o f th e o th er p arty an d each p arty h ad , o r re aso nab ly c o uld h av e h ad , a n a d eq u ate k now le d ge o f th e p ro perty a n d f in an cia l o blig atio ns o f th e oth er p arty . SECTION 12 SEVERABILITY If any portion of the agreement shall be held to be invalid or unenforceable for any reason, then all the remaining parts or portions shall be construed, implemented and administered - 6 - in full force and effect as if such invalid or unenforceable portion did not appear herein. SE C TIO N 1 3 C O NTR O LLIN G L A W This a g re em en t s h all b e c o ntr o lle d , c o nstr u ed a n d g iv en e ffe ct b y a n d u nder th e la w s o f th e Sta te o f M in neso ta . I t i s t h e i n te n t o f t h e p artie s t h at t h e A gre em en t b e e n fo rc ed t o t h e f u lle st e x te n t pe rm is sib le u nder a p plic ab le l a w s a n d p ublic p olic ie s. S E C TIO N 1 4 S U CCESSO RS A ND A SSIG NS This A gre em en t s h all b e b in d in g u pon a n d i n ure t o t h e b en efit o f t h e p artie s h ere to a n d t h eir re sp ectiv e s u ccesso rs , a ssig ns, e x ecu to rs , a d m in is tr a to rs , a n d l e g al r e p re se n ta tiv es. S E C TIO N 1 5 M IS C ELLA NEO US C LA USE S _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ ___________________________________________________ _________ _________ ___________ __________________________________________________ IN W IT N ESS W HER EO F, th e p artie s h av e e x ecu te d th is a g re em en t o n th e d ay a n d y ear fir s t a b ov e w ritte n . _____________________________ __________________________________ FIRST PARTY “WIFE”Witness__________________________________ Witness - 7 - _____________________________ __________________________________ SECOND PARTY “HUSBAND”Witness__________________________________ WitnessAppro ved :A tto rn ey f o r F ir s t P arty : _ __ ________________________________ A tto rn ey f o r S eco nd P arty : _ ______________________ __________ N ote : T his a g re em en t m ust b e e x ecu te d b efo re a n ota ry p ublic . STATE OF MINNESOTACOUNTY OF ______________The foregoing instrument was acknowledged before me this ___ day of ___________, 20____ by ________________________. ____________________________________ (Signature of Notary Public or other Official) My C om mis sio n E xpir e s:_ _ _____ _______________ __ STATE OF MINNESOTACOUNTY OF ______________The foregoing instrument was acknowledged before me this ___ day of ___________, 20____ by ________________________. ____________________________________ (Signature of Notary Public or other Official) My C om mis sio n E xpir e s:_ _ _____ _______________ __ 1 EXHIBIT A FINANCIAL STATEMENT DISCLOSURE OF WIFE I.Assets (Describe all assets considered separate property of Wife, 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.Debts (Describe all debts and liabilities, including all notes payable, mortgages, loans, etc.) _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ ____________________________________________________________________________ 2 III.Annual Income (including salary, bonus, commissions, dividends, etc.) (Attach copy of Federal Income Tax Return and most recent paycheck stub.) _______________________________________________________________________________ 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.) _________________________________________________________________________________ _________________________________________________________________________________ 3 _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ _________________________________________________________________________________ ____________________________________________________________________________ _________________________________________________________________________________III.Annual Income (including salary, bonus, commissions, dividends, etc.) (Attach copy of Federal Income Tax Return and most recent paycheck stub as proof of income.) _______________________________________________________________________________