When it comes to marriage, some couples may consider drawing up a marital agreement, also known as a prenuptial agreement. A marital agreement is a legal document that outlines how assets and liabilities will be divided in the event of a divorce or separation. It can also address other issues such as alimony, inheritance rights, and debt distribution.
Having a marital agreement in place can provide peace of mind and help facilitate a smoother divorce process if the marriage does end. However, it is important to note that marital agreements are not necessary or appropriate for all couples. They are typically recommended for those with significant assets, inheritances, or a business.
If you are considering a marital agreement, it is important to seek legal counsel and have a clear understanding of your state`s laws regarding marital agreements. You will also want to ensure that the agreement is fair and reasonable for both parties involved.
To help you get started on your marital agreement, here is a sample template:
Marital Agreement Sample
[PARTY 1] and [PARTY 2], hereafter known as “the parties,” have entered into this marital agreement on [DATE]. This agreement is intended to govern the division of property and other matters in the event of a divorce or separation.
1. Property
All property owned by each party prior to the marriage, including any property acquired during the marriage through inheritance or gift, shall remain the separate property of that party. Any property acquired during the marriage shall be considered marital property and shall be divided equally between the parties in the event of a divorce or separation.
2. Alimony
In the event of a divorce, neither party shall be entitled to alimony from the other, unless agreed upon in writing at the time of the divorce.
3. Inheritance
Each party shall be entitled to inherit from the other party`s estate according to the laws of [STATE]. However, if one party inherits property during the marriage, that property shall remain the separate property of the inheriting party.
4. Debt
Each party shall be responsible for the debt that they incur during the marriage. Any debt incurred jointly shall be divided equally between the parties in the event of a divorce or separation.
5. Termination of Agreement
This agreement shall remain in effect for the duration of the marriage. It may be terminated at any time by both parties in writing.
The parties acknowledge that they have read and understood this agreement and have entered into it voluntarily and without coercion. They agree that this agreement represents the entire understanding between them and supersedes all prior negotiations and agreements.
In conclusion, a marital agreement can provide peace of mind and help facilitate a smoother divorce process if the marriage does end. If you are considering a marital agreement, it is important to seek legal counsel and have a clear understanding of your state`s laws regarding marital agreements. Use this sample template as a starting point, but ensure that the agreement is fair and reasonable for both parties involved.