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Prenuptial agreement

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A prenuptial or pre-marriage agreement is a contract signed by the to be married couple and witnessed by friends and family. Being a contract, the prenuptial agreement, popularly known as the prenup, is governed by the Indian Contract Act, 1872. It lays down the liabilities, distribution of assets and custody of children, if any, of the parties in the event of a dissolution of marriage through divorce. Such a contract would normally include a clause relating to separate property, shared property, amount of alimony, maintenance issues, custody of children, so and so forth.

Source: www.lawfultalks.com

Published in: Law
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Prenuptial agreement

  1. 1. Prenuptial Agreement This premarital agreement, dated ________ by and between _________ and _________ (each a ‘party’ and together ‘parties’) Whereas, the parties intend to marry under the _______ (relevant law governing the marriage); and Whereas, the parties intend that this document will come into force upon solemnization of their marriage; and Whereas, the parties wish to enter into this agreement to establish ownership and division of property between them, including any future propertythat may be acquired by either or both of them, in the event of divorce, death or other circumstances that results in the termination of their marriage; and Whereas, the parties wish to determine the individual and joint property rights and liabilities that may arise from their marriage; and Whereas, the parties wish to determine the custody of their children, if any, in the event of divorce or any other circumstances that results in the termination of their marriage; and Whereas, the parties wish to determine spousal maintenance, both temporary and permanent, in the event of divorce or other circumstances that result in the termination of their marriage; The parties have disclosed their financial assets and liabilities, to each other, under Exhibit A and Exhibit B of this contract. Except as otherwise provided below, the parties waive the following rights: 1. To a share in each other’s estate upon their death 2. To spousal maintenance, both temporary and permanent 3. To share in the increase in value during the marriage of the separate property of the parties
  2. 2. 4. To share in pension, profit-sharing, or other retirement accounts of the other 5. To division of separate property of the parties, whether currently held or hereafter acquired. 6. To any claims based on the period of cohabitation of the parties [Any other additional provisions such as those relating to the custody of children] Both the parties are represented by separate and independent legal counsel of their choice. Both the parties have separate income and assets to independently provide for their respective financial needs. This agreement constitutes the entire agreement between the parties and may be modified only in writing executed by both the parties. In the event it is determined that a provision of this agreement is invalid because it is contrary to applicable law of India, that provision is deemed separable from the rest of the agreement, such that the remainder of the agreement remains valid and enforceable. --X-- Exhibit A Assets Apartments, Villas, Bunglows... etc Moto Vehicles Companies, Corporations, Societies, Partnership... etc Gold Jewellery ....
  3. 3. Liabilities Loans Mortgage ... --X-- Exhibit B On the same line as Exhibit A --X-- I HAVE READ THE ABOVE AGREEMENT. I HAVE TAKEN TIME TO CONSIDER ITS IMPLICATIONS AND HAVE AFTER SUCH CONSIDERATION, COME TO UNDERSTAND ALL THE ASPECTS OF THIS AGREEMENT. I AGREE TO ITS TERMS AND OF OWN FREE VOLITION, SUBMIT TO ITS EXECUTION. SIGNED ___________ PROSPECTIVE HUSBAND ___________ PROSPECTIVE WIFE --XXX--

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