Post-Nuptial Agreements

Post-Nuptial Agreements

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This post-nuptial agreement has been entered into between ABC and DEF who have been married for 5 years. ABC shall now be known as the husband and DEF shall be known as the wife. This agreement is dated dd/mm.yyyy .
1.    Definitions and Purpose
1.1    Both parties have been married for 5 years and residing at the same address for the duration of the marriage.
1.2    Both parties wish to outline in this post-nuptial agreement how their wealth shall be divided in the event of divorce, separation or death.
1.3    As is customary with post-nuptial agreements, both parties confirm that they are entering into this contract at their own free will and are under no form of duress or coercion.
2.    Definition and Division of Separate Property and Debt
Both parties wish to define what shall comprise of separate property in the post-nuptial agreement. It has now been agreed as follows:
2.1    As is customary with post-nuptial agreements, both parties agree that all assets and wealth they owned prior to entering into the marriage shall be deemed as separate property.
2.2    This post-nuptial agreement provides that any debts that occurred prior to the marriage shall be considered as separate debts. The onus to repay the debt shall remain with the individual who entered into the debt agreement originally.
2.3    Full disclosure of the list of assets and debt are contained in Exhibit A of the annexure to this post-nuptial agreement.
2.4    In the event of divorce, death or separation, neither party shall make any claim for the other’s separate property.
2.5    According to post-nuptial agreements, in the event of divorce or separation, neither party shall make any demand of the other to share in the repayment of any component of the separate debt.
3.    Definitions and Division of Joint Property and Debt
As per post-nuptial agreements, both parties shall agree on the constitution of joint property and debt.
3.1    This post-nuptial agreement provides that any property purchased after the marriage shall be considered joint property.
3.2    Joint property excludes any purchases made utilising funds from the assets that have been classified as separate property.
3.3    According to post-nuptial agreements, any debt or loan obtained after the marriage was solemnized shall be considered as joint debt with liability resting on both parties.
3.4    This post-nuptial agreement provides that joint property shall be shared equally between both parties in the event of divorce or separation. In the event of death of either party, the surviving party shall obtain full ownership of joint property.
3.5    As is customary with post-nuptial agreements, in the event of divorce or separation, liability for joint debt shall be shared equally between both parties. In the case of death, the liability for joint debt shall be borne solely by the surviving party.
3.6    If both parties are not able to agree on the division of joint property and debt, they may enlist the services of an arbitrator who shall perform the division for them.
4.    Financial Support
As per post-nuptial agreements, both parties are required to agree on whether financial support shall be provided in the event of divorce or separation. Both parties have hitherto agreed on the following:
4.1    The husband shall be the chief income provider and shall provide spousal support to the wife.
4.2    Spousal support shall be in the form of a single lump sum amount of $XXXX which shall be paid prior to the divorce agreement being finalized.
4.3    The post-nuptial agreement provides that the wife shall make no further claim of spousal support once this payment has been made.
Both parties understand and agree to all the terms contained in this post-nuptial agreement. They confirm that they have entered into this agreement at their own free will and are under no form of coercion or duress to sign it.
_____________
Husband
_____________
Wife

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