Fill and Sign the Prenuptial Property Agreement Minnesota Form

PRE-NUPTIAL PROPERTY AGREEMENT THIS AGREEMENT, executed in duplicate, is between _______________ (" _______________ ") and _______________ (" _______________ "), alternatively referred to as the "parties" to this Agreement. RECITATIONS: The parties to this Agreement intend to marry on _______________ , Year and desire to classify the status of property presently owned by them and of property they may acquire in the future. _______________ is presently _______________ (       ) years of age (and has previously been married and has children by his previous marriage who are his presumptive heirs-at-law); and _______________ is presently _______________ (       ) years of age and has not previously been married. The parties desire to contract with each other concerning matters of financial management during the term of their marriage and concerning matters of the disposition of their individual property in the event of their death or divorce. It is the intention of both parties that their respective rights in each other's property and estate accruing by law or otherwise upon the termination of their marriage by the death of one or both of the parties hereto or by divorce, annulment or legal separation shall be determined and fixed by this Agreement; It is the intent of the parties to negate the applicability of Chapter       of the       Statutes, originally created by the       Marital Property Act, Citation , as amended (hereinafter, the "Act") with respect to property classified herein as individual property; NOW, THEREFORE, for valuable consideration and with the express intention on the part of both parties that this Agreement be legally binding, the parties stipulate and agree as follows: 1. CONSIDERATION The consideration for the Agreement is the mutual promises contained in the Agreement. 2. FINANCIAL DISCLOSURE Both parties affirm that they have, in negotiating this Agreement, fully disclosed to the other all their respective incomes, assets, debts and liabilities, and each further represents that he/she is satisfied that full disclosure has been made and that he/she enters into this Agreement with full knowledge of the financial affairs of the other. Each of the parties have reviewed and herewith disclose to each other the nature and value of the assets owned by the other party as set forth on Exhibits A and B attached hereto and - 1 - incorporated herein by reference. While neither party represents his/her respective balance sheet to be a precise statement of his/her assets and liabilities, it constitutes a reasonable approximation of such assets and liabilities. 3. DEFINITION AND MAINTENANCE OF INDIVIDUAL PROPERTY Except as provided in paragraphs 4 and 5 of this agreement the property presently owned or hereafter acquired by each of the parties, including but not limited to any property titled or registered in the individual name of a party, shall be and remain the individual property of a party. Except as otherwise provided in paragraphs 4 and 5 the individual property of each party shall include all of the following: (a) All real or personal property, tangible or intangible, titled in or otherwise held by a party in his/her own name, now or in the future, together with any rights associated therewith, including but not limited to, life insurance and employee benefit plans and rights associated therewith, regardless of the source of money or property used in the future to pay premiums or to make contributions. (b) All property acquired by a party by gift, devise, bequest or inheritance, including all gifts from the other party; provided such acquired property is titled, held by or owned by a party in his/her own name. (c) A recovery or claim for pain and suffering arising from a personal injury suffered by a party; provided such recovery or claim is titled, held by or owned by a party in his/her one name. (d) All earnings resulting from his/her employment, services and efforts of a party, including deferred employment benefits. (e) All interest, dividends, rents, profits or other income and benefits of any kind or nature acquired from such individual property or acquired from property purchased with individual property. (f) All appreciation in value of such individual property whether attributable to market conditions or to the skills and efforts of either party. (g) All replacements and/or reinvestments of any individual property shall be individual property, regardless of the source of money or property given in consideration of the replacement property. 4. EXCEPTION OF CERTAIN HOUSEHOLD PROPERTY For the purpose of this Agreement, household property is defined as works of art, statuary, oriental rugs, porcelain collections, antiques, household furniture, fixtures, appliances, utensils and other similar tangible personal property used in the home, and any motor vehicles. Household property shall be individual property of each respective party who is the owner of such property at the time of the parties' marriage to each other, except to the extent items of household property are acquired by the parties subsequent to their marriage which subsequently purchased items (except - 2 - additions to already existing collections) shall be survivorship marital property. The source of the consideration paid for the acquisition of household property shall not affect its classification or definition. 5. EXCEPTION FOR CERTAIN ACCOUNTS The parties may each keep such accounts for the deposit and withdrawal of funds in his/her own name, with any financial organization, forming part of his or her individual property including but not limited to those accounts set forth in Exhibits A and B, free from any right or interest in or right of withdrawal by the other as he or she in his or her sole discretion may determine. In addition, the parties may open one or more accounts with any financial organization in both their names subject to the right of withdrawals by either of them. Such accounts as the parties have in both their names shall be survivorship marital property. 6. MANAGEMENT AND CONTROL OF PROPERTY DURING MARRIAGE (a) Each party has the sole and exclusive right at all times to manage, control, or dispose of any part or all of his/her individual property without any involvement or control by the other party and the other party hereby ratifies and consents on his/her part to any such disposition. Each party relinquishes all rights that he/she may have to the individual property of the other party. (b) Each party shall have the sole right to manage, control or dispose of the household marital property described in paragraph 4 herein or any account in both parties' names described in paragraph 5 herein, without any involvement by the other party. 7. PAYMENT OF DEBTS AND LIABILITIES Each party shall assume and pay out of his/her individual property without any obligation or liability on the part of the other therefor the following liabilities: (a) All of his/her debts and other obligations, secured or unsecured, existing at the date of their marriage; (b) Except as provided in paragraph 12, all debts, obligations, taxes, assessments and expenses at any time incurred, arising, existing or relating to the acquisition, holding, disposition, operation, management or administration of his/her individual property; (c) All expenditures for his/her gifts; and (d) All expenditures for his/her charitable donations. Notwithstanding the foregoing paragraph, either party may voluntarily contribute toward the payment of the individual liabilities of the other and such payment shall not constitute an assumption of the said liabilities by the contributing party, nor shall such payment constitute an admission of liability therefor by the contributing party. - 3 - 8. DISPOSITION OF PROPERTY TO OTHER PARTY Notwithstanding any other provision of this Agreement, either party may by appropriate written instrument or by actual delivery thereof transfer, gift, convey, devise or bequeath any property to the other. Neither party intends by this Agreement to limit or restrict the right to receive any such transfer, gift, conveyance, devise or bequest from the other. 9. DISPOSITION OF PROPERTY IN EVENT OF DEATH AND SUPPORT PROVISION FOR " " In the event of death of either party, the parties agree as follows: (a) The parties are aware that the Statutes presently provide that the right of a surviving spouse to elect against a will may be barred by the terms of a written agreement signed by both spouses. The parties understand that this Agreement constitutes such a written agreement. The parties agree to be bound by this Agreement regardless of any future amendments, revisions or repeal of the statutes. (b) The parties mutually release and waive any and all right, title and interest accruing by operation of law, or under any statute now or hereafter to be in force, or otherwise, either under the laws of or of any other state to participate in the separate estates and property of each other, whether such property be real or personal and wheresoever located, and whether acquired before or subsequent to their marriage, or before or subsequent to the date hereof, including any right or election to take against any Will of the other, or to take any intestate or elective share in the estate of the other, or to take an interest in property which passes as a result of the death of the other party under present law or under future changes in the law including, but not limited to, the provisions of the Act. (c) The parties further waive all other family rights otherwise provided by Chapter 861 as presently existing or as amended by the Act, including any allowance to the other during the period of administration, as presently provided by Statutes §861.31, the selection of personality by the surviving spouse as provided by Statutes §861.33, and the special allowances for support of a surviving spouse as provided in the Act. (d) Except to the extent that the agreement expressed in subparagraph (e) of this paragraph may be similar to rules of marital property to community property, the parties do not intend to acquire or hold any property as community property or marital property or to have any of their property divided pursuant to the principles of quasi-community property or deferred marital property. If at the death of either spouse any individual property is determined to be community property or marital property or subject to division pursuant to the quasi-community property or deferred marital property rules, then the surviving spouse agrees to transfer the entire property interest to the estate of the deceased spouse. (e) On the death of one of the parties to this Agreement, the surviving party - 4 - shall acquire full ownership of all household marital property (as described in paragraph 4) and accounts held in both of the parties' names (as described in paragraph 5). In the event that it is convenient for the estate of the deceased party or the surviving party to treat household property as joint tenancy, or survivorship marital property or other similar term which procedurally on death will result in the acquisition of full ownership to the property by the surviving party without having such property subject to claims and allowances on death, either may be so treated. (f) Notwithstanding the above, _______________ shall make the following provisions for _______________ in his/her Last Will and Testament: _______________ shall have the right to live in _______________ residence located at _______________ _______________ , and to use all of the furniture and furnishings normally used in connection therewith for _______________ convenience until she shall move elsewhere but not to last for a period of greater than two (2) years after _______________ death. During such time, _______________ 's estate shall pay for all expenses in connection with the normal operation of said residence, including but not limited to utilities, real estate taxes, repairs, lawn care, snow removal, and general maintenance during the time that _______________ resides in said residence. 10. DISPOSITION OF PROPERTY IN EVENT OF DIVORCE In the event of the divorce or legal separation of the parties while both parties are living, the parties agree as follows: (a) The parties are aware that Statutes presently provide that written agreements as to property division are binding upon the parties at the time of any divorce. The parties understand that this Agreement constitutes such a written agreement. The parties agree to be bound by this Agreement regardless of any amendments, revisions, or repeal of that statute which may occur in the future. (b) Each party will retain his or her individual property including income and all of the legal and equitable interests in any property presently owned by either of the parties including, but not limited to, all of the property described on Exhibits A and B hereof, which exhibits are hereby incorporated by reference with the same full force and effect as though fully set forth herein. (c) The parties do not intend to acquire or hold any property, whether or not evidenced by a title document or other document, as community property or marital property or to have any of their property divided pursuant to the principles of quasi- community property or deferred marital property. If any asset other than household marital property or accounts described in paragraphs 4 and 5 herein is determined to be community property or martial property or subject to division pursuant to the quasi-community property or deferred marital property rules, then each spouse agrees to transfer that spouse's entire property interest of the spouse in whose name the asset is titled. (d) With respect to property other than household marital property, (defined in - 5 - paragraph 4) or accounts held in both names, (described in paragraph 5), neither party shall have or acquire any right, title, claim or interest in or to the real or personal property or income of the other, or his/her interest therein, and each shall hold all real or personal property which he or she may now or may hereafter own in his or her sole name and shall receive all income which he or she may now or hereafter be entitled to free from any claim or right by or of the other as though no marriage had ever taken place between them. (e) Both parties hereby mutually release and waive any and all right to receive alimony, support, or maintenance payments, of any kind, whether temporary or permanent, from the other and any property division resulting from such an annulment, legal separation or divorce shall be made in accordance with the terms of this Agreement. (f) On termination of the marriage of the parties for reasons other than death, the parties agree to divide household marital property in kind and accounts held in both parties' names in a manner so that each party receives approximately 50% of the total value of all such household property and accounts held in both names. (g) In addition to the above, in order to provide to _______________ funds with which to resettle, and as a full and complete property settlement, and in lieu of maintenance and support, _______________ shall pay to _______________ the sum of forty-eight thousand dollars ($48,000.00) payable without interest at the rate of $ _______________ per month commencing on the first day of the month following the month in which the physical separation of the parties residential quarters occurs and ending 24 months later. 11. SUPPORT The parties agree that each is physically, emotionally and financially capable of providing for his/her own support at an appropriate standard of living. Neither party shall bear any responsibility for the support of the other except to the extent otherwise stated by paragraph 7 of this Agreement during the parties' marriage. Nothing in this paragraph shall be construed to prohibit any voluntary contribution by either party to the other from time to time. 12. PREPARATION AND FILING OF TAX RETURNS The parties will file a joint federal and state income tax return for each year in which filing such a joint return will result in less aggregate federal and/or state income tax obligations than would result from their filing separate returns. Unless otherwise agreed to by the parties, from time to time the federal and state income tax liability due with respect to any such joint return shall be allocated between the parties and born by each of them out of his or her individual property in a manner such that the amount paid out by each, including withholding, shall bear the same ratio to the total federal and state tax payable with respect to such joint return as the federal and state gross income, respectively, of each bears to the parties combined total federal and state gross income, respectively; provided, however, in no event shall _______________ 's obligation under this paragraph exceed what she would have paid had she filed as an unmarried individual and assuming she reported only income from her individual property. - 6 - The parties hereto may, but shall not be obligated to, join in gifts made by their spouse for federal or state gift taxation reporting purposes. 13. COMMUNITY OR MARITAL PROPERTY RULES If the parties shall become domiciled in another jurisdiction, including in a community property or marital property jurisdiction, or shall otherwise become subject to any community property or marital property laws, they hereby agree to continue to be bound by the terms of this Agreement, and each party will re-execute this Agreement or any other documents in conformity with the requirements of any such community property or marital property laws if required for the enforceability of any of the provisions hereof. 14. DUTY OF GOOD FAITH Each of the parties promises to act in good faith and to deal fairly toward the other pursuant to this Agreement. 15. BINDING EFFECT This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and assigns. 16. VOLUNTARINESS Each of the parties acknowledges that he/she has voluntarily executed this Agreement, with full knowledge and information, and that no coercion or undue influence has been used by or against either party in making this Agreement. 17. AMENDMENT This Agreement shall be amended only by a written agreement signed by both parties. 18. GOVERNING LAW This Agreement shall be interpreted in accordance with the laws of the State of _______________ where both of the parties now reside and are domiciled and in which this Agreement is executed. 19. ENTIRE AGREEMENT This Agreement represents the entire Agreement of the parties with regard to the subject matter hereof. All agreements, representations and warranties, express or implied, oral or written, of the parties with regard to the subject matter hereof are contained herein. No other agreements, representations or warranties, express or implied, oral or written, have been made by either party to the other with respect to the subject matter of this Agreement. All prior and contemporaneous conversations, negotiations, possible and alleged agreements and representations, and warranties with respect to the subject matter hereof are waived, merged herein and superseded hereby. - 7 - 20. INTERPRETATION No provision of this Agreement shall be interpreted for or against any party because that party or that party's legal representative drafted this Agreement. 21. SEVERABILITY In the event any of the provisions of this Agreement are deemed to be invalid or unenforceable, the same shall be severed from the remainder of this Agreement and shall not cause the invalidity or unenforceability of the remainder of this Agreement. If such provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope or breadth permitted by law. 22. EXECUTION OF DOCUMENTS Each party shall, upon the request of the other or of the other's personal representative, execute, acknowledge, and deliver any appropriate or necessary instruments to effectuate the intent and provisions of this Agreement. 23. CONSULTATION WITH ATTORNEY _______________ acknowledges and represents that he has been fully informed by his independent counsel, _______________ , as to the legal rights and claims that he would have in the absence of this Agreement in and to and against the property and estate of _______________ during the existence of the marriage, and in the event of an annulment, legal separation or divorce, and against _______________ estate in the event he survives her. _______________ acknowledges and represents that she has been fully informed by her independent counsel, _______________ , as to the legal rights and claims that she would have in the absence of this Agreement in and to and against the property and estate of _______________ during the existence of the marriage, and in the event of an annulment, legal separation or divorce, and against the estate of _______________ in the event she survives him. 24. EFFECTIVE DATE This Agreement shall become effective on the date of execution hereof, or the date of the parties' marriage, whichever is later, except as otherwise set forth herein. IN WITNESS WHEREOF, the parties hereto have subscribed and sealed this instrument this _______________ day of _______________ in the presence of the undersigned witness. WITNESS: ____________________________ ________________________________ - 8 - STATE OF COUNTY OF Personally came before me this day day of Month , Year , the above-named , to me known to me known to be the person who executed the foregoing instrument and acknowledged the same. __________________________________ Notary Public, ________ County, _______________ My Commission: ____________________ WITNESS: ________________________________ ______________________________ - 9 - STATE OF COUNTY OF Personally came before me this day day of Month , Year , the above-named , to me known to me known to be the person who executed the foregoing instrument and acknowledged the same. __________________________________ Notary Public, ________ County, _______________ My Commission: ____________________ WITNESS: ________________________________ ______________________________