Fillable Printable Premarital Agreement

Premarital Agreement

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STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG PREMARITAL AGREEMENT

This PREMARITAL AGREEMENT is made this ____ day of _________,

200__, by and between _____, a resident of _____ County, North Carolina (hereinafter

"____"), and _____, a resident of _____ County, North Carolina (hereinafter "____").

RECITALS

1. _____ and _____ contemplate marriage to each other within a reasonable

period after the date of this Agreement, specifically during the month of _______,

200__.

2. The parties have reflected on their marriage and have engaged in lengthy

discussions about it.

3. Each expects that each party will abide by the terms of this Agreement

during the ongoing relationship to help insure a healthy marriage.

4. Neither contemplates that the impending marriage will fail, and neither

intends for this Agreement to facilitate a divorce. Nevertheless, the parties agree in this

writing in advance of their marriage to certain matters and further agree that these

provisions will bind them, regardless of the success or failure of their marriage.

5. _____ and _____ both and have children of a former marriage to whom

each party wishes to leave a portion of her or his estate upon death. Each party agrees

that it is just and fair that the children of the other party should participate in the estate of

the other party as though this marriage had not taken place.

6. Except as specifically agreed herein and provided for herein, each of the

parties has assets and earnings, or earnings potential, sufficient to provide for her or his

own maintenance and support in a proper and acceptable standard of living without the

necessity of financial contributions by the other, and each of the parties is aware of the

hazards and the risks of the continuation of earnings and of the changes in assets and

liabilities of each party and of the possibility of the substantially changed financial

circumstances of each party with the result that the earnings, or net worth, or both, of one

party is or may be substantially different from those of the other party.

7. Each has made an adequate disclosure of all relevant financial information

to the other of her or his financial worth, assets, liabilities, and income, as attached to this

Agreement.

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8. Each party voluntarily and expressly waives any rights to disclosure of the

property or financial obligations of the other party beyond the disclosure provided.

9. Each party desires to retain as her or his separate property all property that

she or he may own at the time of their contemplated marriage. Each party also desires to

retain as her of his separate property certain property acquired after marriage as defined

in more detail herein. The parties have expansively defined "separate property" and

intend for that definition to control wherever the term appears in this Agreement. The

parties understand that the definition of marital property is more narrow than provided in

North Carolina law and the definition of separate property is broader than provided in

North Carolina law.

10. The parties intend by entering into this Agreement to determine what

property, now and in the future, shall be her or his own separate property and that, except

as provided in th is Agreement, all of the property of each, however acquired or held, shall

be free from any consideration as marital property, community property, quasi-

community property or any other form of marital or community property, as those terms

are used and understood in any jurisdiction, including but not limited to the state of North

Carolina.

11. Each party desires to accept the provisions of this Agreement in full

discharge and satisfaction of all rights which she or he might or could have by reason of

their marriage, in the property or income which the other party now has or may hereafter

acquire and in the estate of the other party upon the death of the other party. Each party

clearly understands that by virtue of this Agreement, she or he will not be entitled to

share in the estate of the other in the event of the death of the other party.

12. Each party seeking to be bound by this Agreement, has read the Agreement

carefully and has consulted with, or been advised of the right to consult with, independent

counsel about its provisions and acknowledges that it is fair and equitable.

The parties therefore agree as follows:

ARTICLE I

1. CONSIDERATION. The mutual waivers and stipulations in this

Agreement and the marriage itself shall constitute consideration for this Agreement.

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ARTICLE II

2. DEFINITIONS. For purposes of all Articles of this Agreement:

(a) "Marital Property" includes the following:

(i) all personal property which does not have title, wherever

situated, acquired by the parties during the course of the marriage by checks

drawn against a bank account in the names of both spouses;

(ii) for items of personal property which have instruments of title,

all personal property, wherever situated, titled in the joint names of the

parties.

(iii) all real property, wherever situated, acquired by the parties

during the course of the marriage and titled in the name of parties as tenants

by the entireties.

(b) "Separate Property" includes the following:

(i) all property - real, personal or mixed - wherever situated,

acquired by either party before marriage.

(ii) all property - real, personal or mixed - wherever situated,

acquired by either party after marriage in one of the following ways:

(1) by one of the spouses by gift or inheritance after

marriage. If one spouse receives a gift from the other spouse, that

property shall be considered the separate property of the spouse

receiving it;

(2) by a check drawn on a bank account in the name of one

spouse only, unless the acquiring party places the property in the

name of both spouses;

(3) in exchange for separate property.

Thus, if one asset acquired before marriage by

either of the parties or acquired after marriage in a way

listed in Article II.2.(b) is sold, transferred or

exchanged for a new piece of property, then that new

piece of property shall remain the separate property of

the party whose original property was sold, transferred,

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or exchanged, even if the action followed the marriage.

Separate property shall also include any and all

businesses or assets which are successors to separate

property or the income or increase in value of the

above, whether activ e or passive.

(4) the income from or increase in value, whether active or

passive, of property listed in Article II.2.(b);

(5) a bank account in the na me of one spous e only, regardless

of the source of the deposits, and any business account maintained

by either party in her or his separate name, regardless of the source

of the deposits;

(6) vested or nonvested pension or retirement rights and the

expectation of non-vested pension or retirement rights;

(7) earnings or earning potential of one of the spouses,

together with all property acquired or income derived from those

earnings or earning potential, unless such earnings are deposited in a

joint bank account, in which event, upon deposit, they become

marital property.

(8) property that, in the absence of the existence and

applicability of this contract, will qualify, under N.C.G.S. § 50-

20(b)(4) as “divisible property”, or would otherwise qualify as

“divisible property” in any future amended form of the General

Statutes of North Carolina.

separate property.

The parties acknowledge that the term “marital property” as defined in this

Agreement is narrower than the definition of marital, community property or

quasi-community property under the laws of North Carolina and most states.

They acknowledge that the term "separate property" as defined in this Agreement

is broader than the definition of separate or non-marital property under the laws of

North Carolina and most states.

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ARTICLE III

FULL DISCLOSURE; WAIVER OF ADDITIONAL DISCLOSURE;

INDEPENDENT LEGAL ADVICE

3.1 FULL DISCLOSURE OF FINANCIAL INFORMATION. The parties

agree that each party to this Agreement: (a) has made a full and fair disclosure to the

other of his or her financial worth, assets, liabilities, and income, as attached to this

Agreement as Schedules A and B; (b) has prior to the execution of this Agreement

reviewed these Schedules and, therefore, is acquainted with the financial circumstances

of the other; (c) has weighed all the facts likely to influence his or her judgment in all

relevant matters; and (d) has given due consideration to all such matters and clearly

understands all the provisions of the Agreement. Each party is willing to accept the

provisions of this Agreement in lieu of all other rights that each might have under the law

and wishes a court of competent jurisdiction to accept the provisions contained in this

Agreement in full settlement of the respective rights of each.

Each party is satisfied with the disclosure made. Each party voluntarily and

expressly waives any right to disclosure of the property or financial obligations of the

other party beyond the disclosure provided. Each acknowledges that this waiver is made

with the full benefit of legal counsel and knowledge of its legal consequences. Neither

party will subsequently assert that this Agreement should be avoided for lack of financial

disclosure.

3.2 ADVICE OF INDEPENDENT COUNSEL. Each party hereby

acknowledges receipt of specific advice pertaining to this Agreement by separate and

independent counsel, who advised and discussed fully the current law concerning

divorce, alimony, post separation support, and division of property, including equitable

distribution, and the alternatives available to each in the event of a marriage and a

subsequent divorce without any premarital agreement.

ARTICLE IV

SEPARATE AND MARITAL PROPERTY

4.1 RETENTION OF SEPARATE PROPERTY. Each party shall: (a) retain

the sole ownership of all of her or his separate property; (b) have the exclusive right to

dispose of such separate property, by inter vivos or testamentary transfer, or by any and

all other dispositions; and (c) have the exclusive right to encumber or pledge the

property, in such manner as shall be determined at the sole discretion of the owner of the

separate property, as if the forthcoming marriage had not taken place. Each party shall,

at the request of the other, sign any deeds or other documents which may be necessary to

enable the other party to deal with her or his separate property in the manner described in

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this provision. To illustrate, either party shall, at the request of the other, execute such

documents as may be necessary to waive her or his interest, either actual or contingent, in

any pension, profit sharing, or retirement plan that is maintained in the name of the other

party.

4.2 OWNERSHIP AND DIVISION OF MARITAL PROPERTY. Any

marital property shall be jointly owned, and if there is no other designation, shall be

presumed to be held equally by the parties with such survivor rights (if any) as may be

specifically designated by the title ownership or as may be implied or be derived by

operation of law, other than by the operation of the equitable distribution law or

community property or any similar law of any jurisdiction involving marital property,

community property, quasi-community property or any other form of marital or

community property. In the event the parties should separate and not live together as

husband and wife, all of the marital property belonging to the parties shall, upon

separation, be divided by value equally between them.

4.3 WAIVER. Each of the parties hereto hereby waives any right or claim of

any kind which either may have or shall have in the separate property of the other under

any present or future law of this State and any other state, except as otherwise specifically

provided in this Agreement.

The parties intend by this Agreement to enter into a contract in accordance with

G.S. § 50-20(d) and to distribute their marital and separate property as defined by this

Agreement. Because this Agreement provides for the distribution of all property owned

by the parties and hereafter acquired, the parties also waive the rights to institute any

form of legal action for a division of property except for an action to enforce this

Agreement as written.

4.4 BANK ACCOUNTS. During the marriage, ___ shall open and maintain

her own separate bank accounts in the bank or banks of her choice on which only she,

and not ___ , may draw checks. During the marriage, ___ shall open and maintain his

own separate bank accounts in the bank or banks of his choice on which he, and not ___,

may draw checks. During the marriage, the parties shall open and maintain joint

account(s) upon which both parties shall be entitled separately to draw checks

(hereinafter "joint bank account").

4.5 USE OF JOINT BANK ACCOUNTS. ___ and ___ agree to contribute

to one or more joint bank accounts from time to time. From one or more joint bank

accounts, the parties shall pay all common household expenses, food, entertainment, joint

travel expenses, and all other reasonable expenses for their joint maintenance. In

addition, the parties shall use one or more joint bank accounts to acquire marital property.

The determination as to the exact amounts to be contributed by each party to one or more

joint bank accounts will vary from time to time as the parties in their sole discretion may

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determine. The parties contemplate that ___ ( OR ) by reason of ___ (HER OR HIS)

superior economic position, shall make substantial contributions to one or more of these

accounts during the time the parties live together. In the event of a later separation,

neither party shall have any obligation thereafter to make contributions to any joint bank

accounts.

4.6 TRANSMUTATION. Except as otherwise provided in this Agreement,

property or beneficial interests now owned or hereafter acquired by the parties, which by

the terms of this Agreement are classified as the separate property of one of them, can

only become the separate property of the other or the parties' marital property by a

written instrument executed by the party whose separate property is thereby reclassified.

ARTICLE V

ALIMONY OR SPOUSAL SUPPORT

5.1 EXCLUSIVE ALIMONY OR SPOUSAL SUPPORT BY

AGREEMENT IN LIEU OF OTHER RELIEF. While the parties contemplate a long

and lasting marriage, terminated only by the death of one of the parties, they also

recognize the possibility that their marriage may be terminated by divorce. In the event

of divorce, regardless of which party is at fault, or initiates such action, and regardless of

the jurisdiction, venue, or location of such action, the parties specifically agree that this

Agreement shall serve as a bar or estoppel of either to receive from the other any alimony

or spousal support, whether temporary, post separation support, or permanent, except as

set forth below. The parties recognize that these provisions differ from the rights

provided by law and further recognize that at the time of enforcement, there might be a

substantial difference between a spouse's rights under this Agreement and what might be

awarded by a court in derogation of this Agree ment. Any award made by a court in

derogation of this Agreement or until the validity of this Agreement is established, shall

be deducted from the amount due under the Agreement.

___ shall pay to ___ for each full year the parties are married until such time as

there is a separation between the parties, the sum of $_______________ per year. Thus,

if the parties are married for three years, ___ shall pay ___ three years spousal support at

$__________ for each year. Each fraction of a year thereafter shall result in an equal

fraction of the spousal support payment.

The payment of spousal support shall begin one week after physical separation.

The yearly aggregate sums shall be payable in equal monthly installments, without

interest. All such obligations of and payments by ___ shall terminate conclusively and

forever upon the first occurrence of the death of either ___ or ___ or ___'s remarriage as

remarriage is defined in this Agreement.

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5.1A. CONDITIONAL WAIVER OF ALIMONY OR SPOUSAL SUPPORT.

While the parties contemplate a long and lasting marriage, terminated only by the death

of one of the parties, they also recognize the possibility that their marriage might be

terminated by divorce. In the event of divorce, regardless of which party is at fault, or

initiates such action, and regardless of the jurisdiction, venue, or location of such action,

the parties specifically agree that this Agreement shall serve as a bar or estoppel of either

to receive from the other any alimony or spousal support, whether temporary or

permanent, except as set forth below. The parties recognize that these provisions differ

from the rights provided by law and further recognize that, at the time of enforcement,

there might be a substantial difference between a spouse's rights under this Agreement

and what might be awarded by a court if the parties had not entered into this agreement.

Any award made by a court in derogation of this Agreement or until the validity of this

Agreement is established shall be deducted from the amount due under the Agreement.

Prior to the execution of this Agreement, the parties were capable of providing the

necessary support required of herself or himself without the need for contribution by the

other. The parties anticipate that each shall remain gainfully employed outside the

marital home. In the event the parties' marriage terminates by divorce, each waives any

right she or he may have to the other of alimony or spousal support, whether temporary

or permanent, unless at least one of the following circumstances apply: (a) either of the

spouses has not worked outside the home for significant periods because of family

responsibilities; (b) either of the spouses has reduced work outside the home for

significant periods because of family responsibilities; (c) because of family

responsibilities, either of the spouses has worked for a significant period in employment

which earns less income than the other spouse; (d) because of family responsibilities,

either of the spouses at the time of divorce works in employment which earns less income

than the other spouse, or (e) either spouse has encountered serious health problems

affecting her or his ability to earn income. [The parties further agree that any potential

obligation to provide the other alimony or spousal support, whether temporary or

permanent, is contingent upon the receiving spouse not being materially at fault in the

breakup of the parties' marriage.]

5.1B. WAIVER OF ALIMONY OR SPOUSAL SUPPORT. While the parties

contemplate a long and lasting marriage, terminated only by the death of one of the

parties, they also recognize the possibility that their marriage might be terminated by

divorce. In the event of divorce, regardless of which party is at fault, or initiates such

action, and regardless of the jurisdiction, venue, or location of such action, each party

hereby waives any right to alimony or spousal support, either temporary or permanent, at

any time for any reason, and further waives the right to make a claim against the other for

such payments. The parties recognize that these provisions differ from the rights

provided by law and further recognize that at the time of enforcement of this Agreement,

a substantial difference might exist between a spouse's rights under this Agreement and

what might be awarded by a court if the parties had not entered into this Agreement.

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The parties acknowledge that, although the Uniform Premarital Agreement Act

appears to authorize this waiver, the North Carolina courts have not interpreted the

provision. In the event a waiver of alimony or spousal support may hereafter be allowed

in North Carolina, each party hereby waives any right to alimony or spousal support,

whether temporary or permanent, and waives the right to make a claim against the other

for such payments.

5.2 MARRIAGE OF THE PARTIES AND REMARRIAGE. The time

during which ___ and ___ are married, or the period of the marriage of the parties, as

used everywhere in this Agreement, shall constitute the period of time commencing with

the ceremonial marriage of the parties to each other and continuing until the earliest

happening of any of the following event: (i) the commencement of an action for divorce,

alimony, or post separation support, or any similar action or proceeding in any other

jurisdiction; (ii) the divorce or legal separation (by decree or judgment or by agreement)

of the parties, or (iii) the physical separation of the parties wherein either or both of the

parties have commenced to live separate and apart from the other with the intent not

thereafter to live together, regardless of whether that intent is expressed in writing, orally

or otherwise, or (iv) the death of either party.

"Remarriage" as used everywhere in this Agreement shall be deemed a remarriage,

regardless of whether the remarriage shall be void or voidable or terminated by divorce or

annulment or otherwise and shall also be deemed to include circumstances whereby one

party shall live with an unrelated person in a husband-wife relationship (regardless of

whether they hold themselves out as such) for a continuous period of _______________.

5.3 PAYMENTS ARE ALIMONY FOR FEDERAL INCOME TAX

PURPOSES. The parties agree that any payments to be made pursuant to the provisions

of [Paragraphs 5.1 or 5.1A] shall, for federal income tax purposes, be deemed and

considered as payments of alimony or payments in lieu of alimony.

5.4 EARNINGS AND EARNING POTENTIAL. Each party acknowledges

that all earnings and earning potential and property acquired with those earnings or

earning potential shall be the separate property of the party to whom the earnings or

earning potential are attributable, unle ss such earnings are deposited in the joint account,

in which event, upon deposit, they become marital property.

ARTICLE VI

ESTATE BENEFITS

6.1 UNCONDITIONAL ESTATE WAIVER. Each party unconditionally

waives any of the following rights: rights of dower and courtesy, rights of setoff, rights to

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statutory or distributive shares, rights to dissent from the will or testamentary writing of

the other spouse, and rights of election, as may now be provided under the laws of North

Carolina and any prior existing, or subsequent similar provisions of law of this or of any

other jurisdiction. Except as provided in paragraph 6.2, nothing in this Agreement shall

prevent or limit either party from hereafter making enforceable provisions for the other

party by will or testamentary writing, in which event the provisions thus made shall

control.

6.2 WAIVER OF ESTATE BENEFITS IN THE EVENT OF

SEPARATION OR DIVORCE. While the parties contemplate a long and lasting

marriage, terminated only by the death of one of the parties, they also recognize the

possibility of physical separation with the intent by at least one of the parties not

thereafter to live together and the possibility that their marriage might be terminated by

divorce. In the event of physical separation with the intent by at least one of the parties

not thereafter to live together and in the event of termination by divorce, the parties agree

to waive the rights in this provision in addition to the provisions of paragraph 6.1: rights

to take under any will or testamentary writing of the other spouse, now or hereafter in

existence; and rights to act as executor or executrix, administrator or administratrix, or

trustee or in any other fiduciary capacity for any reason whatsoever with respect to the

other party's estate.

6.3 ACKNOWLEDGEMENT OF EFFECT OF ESTATE WAIVERS.

Each understands and acknowledges that, by signing this Agreement, that party may

receive, in the event of the other's death, a sum which may be substantially less than that

which she or he would otherwise be entitled to receive under the laws of North Carolina

or other states.

ARTICLE VIA

MARRIAGE CONTRACT

6A.1 The parties agree to retain and use the given and family names of [insert

name].

6A.2 Any children born to the parties shall bear ______'s family name.

6A.3 The parties agree that each will provide affection and companionship to the

other and will be available for intimate sharing and for sexual relations.

6A.4 The parties agree to maintain sexual fidelity to each other.

6A.5 The parties presently intend to have two children and agree that the timing

of their birth shall be decided deliberately and by mutual consent.

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6A.6 The responsibility for birth control shall be shared by the parties: _____

until the time of the birth of the second child, ______ shall be primarily responsible for

birth control and after the birth of the second child, _______ shall be primarily

responsible for birth control.

6A.7 The parties agree that child rearing shall be a mutual privilege and

responsibility. In allocating time and duties, the parties shall take into account (a)

demands of respective careers; (b) individual needs to establish, maintain, and cultivate

social and business contacts; (c) individual desires and skills; and (d) best interest of the

children.

6A.8 The parties agree that, should a career opportunity arise for one of them in

another city, the decision to move shall be mutual. _________ hereby waives his right

solely to determine the legal domicile of the parties.

6A.9 The factors to be considered in deciding to move shall include: (a) overall

advantage to be won in pursuing the career opportunity weighed against the

disadvantages, economic and otherwise, to be incurred by the other; (b) personal

preferences as well as inherent advantages and disadvantages of climate and location of

the new job opportunity.

6A.10 The parties agree that either may live separate from the other, outside the

city of the marital domicile, for a reasonable period of time, if educational or career

opportunities are presented to one at a time when the other for similar reasons must

remain at the current domicile; and such a temporary separation shall in no way alter the

marriage relationship and shall not constitute a ground for separation or divorce under the

laws of North Carolina or any other state.

6A.11 The parties agree that decisions about living space in the home shall be

mutually made without regard to the parties' financial interest in the ownership or rental

of the home and that each party shall have an individual area within the home in an equal

amount, insofar as space is available.

6A.12 The parties agree to share equally in the performance of all household

tasks, taking into consideration individual schedules and preferences and rejecting the

concept that housework belongs to the wife and home maintenance and repair to the

husband.