North Carolina Marital Property Agreement with Dependent Minor Child(ren)

Marital Property Agreement With Dependent Minor Child(ren)

STATE OF NORTH CAROLINA

COUNTY OF

NOTICE: THIS IS AN IMPORTANT LEGAL AGREEMENT AND HAS SUBSTANTIAL LEGAL CONSEQUENCES ON YOU, YOUR RIGHTS AND OBLIGATIONS. YOU ARE ADVISED TO CONSULT AN ATTORNEY FOR INDEPENDENT LEGAL ADVICE PRIOR TO EXECUTION OF THIS AGREEMENT.

Husband Initials: Wife Initials:

WHEREAS, , hereinafter referred to as "Wife", and , hereinafter referred to as "Husband", are now married, having been married on the day of , , in County, ;

WHEREAS, the parties were separated on or about the day of , 20, while residing in County, , and since that date have been living separate and apart;

WHEREAS, irreconcilable differences have arisen in the marriage of the parties which has resulted in the parties living separate and apart without cohabitation for 1 year and there is no chance of staying together. The parties make this Agreement to settle once and for all that the parties owe to each other and what the parties can expect to receive from each other;

WHEREAS, the parties desire to make a mutually acceptable settlement of their rights, liabilities, obligations and property rights arising out of and during the course of their marital relationship. No reconciliation is contemplated;

WHEREAS, the parties agree to execute and exchange any papers that might be needed to complete this Agreement, including deeds, title certificates, bills of sale, etc.;

WHEREAS, the parties intend that this Agreement shall be binding on them from and after the date and time of execution, if permitted, and that this Agreement may be incorporated into a final judgment of divorce at some future time.

NOW THEREFORE, FOR AND IN CONSIDERATION of the mutual benefits and advantages accruing to each party, the undersigned do hereby solemnly covenant, agree and contract as set forth above and below and being sworn, certify that the all statements contained herein are true and correct:

SECTION 1. SEPARATION; RELINQUISHMENT OF MARITAL RIGHTS

The parties shall continue to live separate and apart, free from interference, authority and control by the other, as if each were sole and unmarried...

SECTION 2. FINANCIAL DISCLOSURES

By execution of this instrument, each party warrants and represents to the other party that he or she has fully disclosed their financial status, including their assets and liabilities of all types and agree that the terms of this Agreement are fair, just, and equitable after consideration of the financial status of the parties.

SECTION 3. ASSETS

A. In General. Husband and Wife are in possession of all personal property belonging to each, and neither makes any claim to any personal property in the possession of the other except as otherwise stated in this Agreement.

B. Wife shall receive as her own and Husband shall have no further rights or responsibilities regarding these assets:

Total Assets to Wife: $

C. Husband shall receive as his own and Wife shall have no further rights or responsibilities regarding these assets:

Total Assets to Husband: $

D. Contingent Assets and Liabilities shall be divided as follows:

E. Additional Retirement Account Provisions:

F. Additional Life Insurance Provisions:

G. Additional Household Furnishing and Effects Provisions:

The household furnishings and effects of the parties have been mutually divided by the parties and neither makes claim to any such property in the possession of the other except as provided above.

Wife agrees that the Husband shall retain all of the household furnishings and effects presently located on the premises at .

Husband agrees that the Wife shall retain all of the household furnishings and effects presently located on the premises at .

H. Additional Marital Home Provisions:

The marital home of the parties shall be:

Occupied by Husband Wife.

Titled in the name of Husband Wife.

Mortgage payments paid by Wife Husband until

Utilities and upkeep paid by Wife Husband until

Taxes, insurance and assessments paid by Wife Husband until

I. Additional Provisions or explanations:

SECTION 4. DEBTS, LIABILITIES AND EXPENSES

A. Except as otherwise provided herein each party agrees to pay their respective individual debts.

B. Division of Liabilities/Debts - Wife shall pay:

Total Debts to Be Paid by Wife: $

C. Husband shall pay:

Total Debts to Be Paid by Husband: $

SECTION 5. FUTURE EARNINGS AND ACQUISITIONS

All income, earnings, or other property received or acquired by either party to this Agreement on or after the date of execution of this Agreement shall be the sole and separate property of the receiving or acquiring party.

SECTION 6. SPOUSAL SUPPORT (ALIMONY)

1. The parties mutually waive any and all claim or right to temporary or permanent alimony, maintenance or support.

2. Husband Wife agrees to pay spousal support in the amount of $ every week other week month, beginning and continuing until

Explain type of alimony and any other specifics:

Life insurance in the amount of $ to secure the above support, will be provided by the obligor.

SECTION 7. CHILD CUSTODY, PARENTAL RESPONSIBILITY, AND VISITATION

A. The following child(ren) have been born to the marriage of the parties:

B. Parental Responsibility - Child Custody

Husband shall have primary parental responsibility and custody.

Wife shall have primary parental responsibility and custody.

Husband and Wife shall have joint primary parental responsibility and custody.

C. Secondary Parental Responsibility, Visitation, or Time Sharing - General Provisions.

D. Secondary Parental Responsibility, Visitation, or Time Sharing - Schedule.

E. Secondary Parental Responsibility, Visitation, or Time Sharing - Additional Provisions.

F. Other Provisions.

SECTION 8. CHILD SUPPORT, HEALTH INSURANCE, DENTAL INSURANCE

A. Amount and Person to Pay. Husband Wife will pay child support to Wife Husband in the amount of $ per child, every week other week month, beginning .

B. Child Support Arrearage.

C. Health Insurance. Husband Wife will maintain health insurance coverage for the parties’ minor child(ren).

Health insurance is not reasonably available at this time.

Uninsured/unreimbursed medical costs:

Shared equally by both parents.

Prorated according to the child support guideline percentages.

Other:

D. Dental Insurance. Husband Wife will maintain dental insurance coverage for the parties’ minor child(ren).

Dental insurance is not reasonably available at this time.

Uninsured/unreimbursed dental costs:

Shared equally by both parents.

Prorated according to the child support guideline percentages.

Other:

E. Life Insurance. Husband Wife shall be required to maintain life insurance coverage for the benefit of the parties’ minor child(ren) in the amount of $ .

F. IRS Income Tax Deduction(s).

G. Other provisions relating to child support:

SECTION 9. MUTUAL INDEMNITY

The parties agree in regard to the payment of debts and other liabilities as stated in this Agreement that each shall indemnify and hold harmless the other for the payment of same.

SECTION 10. INCOME TAXES

With respect to any earlier year in which the parties filed joint Federal and State Income Tax Returns, each party agrees to indemnify the other for any income tax liability, penalty or deficiency associated with his or her income and shall hold the other party harmless therefor.

The parties shall file separately for the year and each year thereafter.

SECTION 11. 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 hereof.

SECTION 12. DIVORCE

SECTION 13. MODIFICATION

This Agreement may be amended or revoked only by a later marital property Agreement.

SECTION 14. ABSENCE OF DURESS OR UNDUE INFLUENCE

The parties agree and state that each has freely and voluntarily entered into this Agreement.

SECTION 15. RELEASE, WAIVER, BINDING EFFECT, AND ESTATES

SECTION 16. ENFORCEMENT

This Agreement may be enforced by actions and proceedings for Contempt of Court, or attachment and garnishment, for specific performance, or any other remedy legally available.

SECTION 17. BANKRUPTCY

SECTION 18. ENTIRE AGREEMENT

This Agreement constitutes the entire Agreement between the parties.

SECTION 19. FULLY READ AND UNDERSTAND; INFORMED CONSENT

The parties acknowledge they have fully read and understood this Agreement.

SECTION 20. SEVERABILITY

If any portion of the Agreement shall be held void, voidable or unenforceable, the remaining portions shall remain in effect.

SECTION 21. CONTROLLING LAW

This Agreement shall be governed by the laws of the State of North Carolina.

SECTION 22. HEIRS AND ASSIGNS

This Agreement shall be binding upon their legal representatives, successor, heirs and assigns.

EXECUTED AND AGREED ON THE DATES SET FORTH BELOW.

NOTARY ACKNOWLEDGMENTS