The word premarital refers to actions that are done before a couple weds and makes their vows. Since the couple is specifically single before the day of the matrimonial ceremony, it is significant for them to sign agreement forms and contracts for protecting their properties and owned businesses. This is when a premarital or prenuptial contract is useful for couples who are property owners and heirs of their family’s thrones.
Premarital Agreement Contract Form
What Is a Premarital Contract Form?
A premarital contract form is a type of agreement that is created for couples who own properties as individuals before entering a marital union. The form must have the list of properties that the couple individually acquired along with the description such as the property’s price, size, and location. The couple must then affix their signatures on the form to certify that the agreement occurred prior to their marriage.
How to Create an Effective Premarital Contract Form
Creating a premarital contract form is not an easy task especially if one of the parties own a lot of properties. Nonetheless, to create this contract, the steps must be followed below to assure efficiency and effectivity of the document:
1. Identify the names of the couple or the parties involved. The full legal names of the couple along with the date of when the sample contract agreement was made should be included as well as their preferred nicknames or alternative names.
2. State the purpose of the agreement and the couple’s current status. This serves as the guidelines regarding what terms must be included and the specific topics to be discussed unto the agreement. The current status should indicate the individual addresses of the couple along with their future location that they will plan to live in after marriage. Additionally, the date when the agreement’s terms will be held effective must also be written in this section. You may also like sample contractor contract forms.
3. Write a disclosure statement. This refers to a paragraph concerning the obligations of the couple to disclose their financial information and property descriptions. The types of legal forms that are enclosed with the contract agreement must be enlisted with this statement as pieces of evidence or exhibits for the court.
4. Indicate the names of the couple’s legal representatives. The couple must have two separate attorneys to represent them and deal with the legal matters of the court. With this, the names of the attorneys and their firm’s addresses must be disclosed along with an acknowledgment statement from the couple indicating that they have chosen their own representatives willfully. You may also see sample construction contract forms.
5. Enlist the regulations and rules pertaining to the couple’s individually owned properties and debts. One of the most common rules for individually owned properties is demanding that the properties will remain separately owned by the couple. This suggests that regardless of the situations that will arise during their marriage, the title of the property will not be changed and the other party will not be able to claim any part unless given to him/her prior to their separation or divorce. Additionally, businesses and companies that are owned individually must also be included to assure that the enterprise is protected by the terms and conditions governing the contract. You may also see construction contract forms.
6. State the rules regarding properties and debts that are owned during the couple’s marriage. Once a property is bought by the husband and the wife during their matrimony, then the property must be declared as a marital property and not be owned individually by any of the parties. This means that sharing of assets and division of ownership must be conducted to the property in an unlikely event of divorce and other marital issues. You may also like transportation contract forms.
7. Incorporate a marital waiver. The waiver is incorporated to indicate the limitations of the couple with regards to property statement of claims and ownership.
8. Enlist tax obligations with household arrangements and expenses. This is where the couple will be informed about their responsibilities in paying the federal tax regardless of their change of status. Details about the couple’s household arrangements and expected expenses are also necessary for an effective marriage, which allows the couple to determine their shares and how much they must allocate to sustain their family.
9. Complete the form with the following statements: binding, severability, governing law, dispute resolution, and amendment of the agreement. The binding statement is essential for mandating that the parties involved in the contract are bound to fulfill the contract’s terms and conditions regardless of the situation of the marriage of the couple. The severability statement, on the other hand, is intended for enforcing all the unaffected rules of the contract agreement in the event that one part of the contract is held invalid. The governing law indicates that the sample contract agreement must be supported by the state’s laws regarding pre-matrimonial agreements. Dispute resolutions refer to a mediation procedure if the couple arrives at an indisputable argument that they themselves could not create a solution to amend the situation. Lastly, the amendment statement is to secure that any of the parties will submit a written amendment to validate the changes and mandate the updates.
10. Have a section for the signatures of the couple and a notary acknowledgment area for their individual notaries or attorneys. With the signatures of the parties, the contract is validated and will take effect on the date stated in the agreement. You may also see contact form template.
Prenuptial Agreement Contract Form in DOC
The Benefits of Having a Prenuptial or Premarital Contract
Although one of the expectations when two lovebirds get married is that they will be sharing their assets and bonds to one another, there are always exceptions regarding properties, which are accompanied with large sums of money and ownership. With this, a premarital contract assures that the properties are secured and will not be given to the spouse who, in the end, will just leave the marital union. However, one of the common benefits of having a premarital contract is that it builds trust regarding financial security and disclosure between the couples. This is due to the need for the individuals to declare their properties and inform one another about their financial statuses. You may also like sample maintenance contract forms.
Another benefit is that the married couple will be protected against paying debts that are not their own. This means that if one of the couples owes large debts, he/she will be obligated to provide the payment and not rely on the spouse for clearing his/her debt records. You may also see marriage contract forms.
Lastly, divorce will be a rather easier phase than those who do not have signed premarital contract forms. Although a divorce is not an option to be thought of when getting hitched, it is the responsibility of the property owner to assure that his/her finances and owned assets will be retained to him/her. Not only will the couple be rest assured that their properties will not be at risk due to their divorce, but also the attorneys since they will be able to conduct the divorce with lesser hassle due to the stated division of properties and the mandatory ownership retaining in the contract agreement.
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