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ARIZONA Prenuptial Agreement Form BE IT KNOWN, this agreement is entered into on the ________________ day of ________________, 20____, between ________________________________ and ________________________________. Whereas, the parties contemplate legal marriage under the laws of the State of Arizona, and it is their mutual desire to enter into this agreement so that they will continue to own and control their own property. WITNESSETH:
WHEREAS, the parties are presently unmarried and intend to be married to each other within the next year and, in anticipation of such marriage, the parties desire to fix and determine various financial relationships that will apply during their marriage and upon the termination of their marriage whether by death, divorce or otherwise;
WHEREAS, information
about each of the parties'
assets, liabilities and approximate
current income has been exchanged prior to entering into this
agreement and summations of said information for each party is
contained herein as Schedule A;
WHEREAS, each party has had the opportunity to fully examine the financial disclosures of the other party as summarized in Schedule A;
WHEREAS, neither party
has consulted with an attorney concerning this agreement prior
to entering into it; WHEREAS, each party enters into this
agreement freely and under no duress or undue influence upon his
or her
The premises being considered, upon consideration of the mutual promises hereinafter set forth and for other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
I. Effective Date of Agreement. This Agreement shall take effect only upon the lawful the marriage of the parties to one another. Further, the effective date of this Agreement is the date upon which the parties are legally married.
II. Separate Property.
A. Definition of "Separate Property". As used in this agreement, the term "Separate Property" means all rights and interests in property of any kind, including contingent interests, owned by each party on the effective date of this agreement. The term "Separate Property", as used in this agreement, is further defined below. B. Earnings After Effective Date of Agreement Also Separate Property. 1. Earnings During Marriage--Passive Income. Passive income derived from property of any type shall have the same character for purposes of this agreement as the property from which it is derived. Thus, passive income from Separate Property earned or accruing after the effective date of this agreement shall be the Separate Property of the owner of that asset. Likewise, passive income from marital or community property shall have that character once earned or accrued. a. The term "passive income" means dividends, capital gains, interest, rents, royalties, disruptions and other income accrued from property of a party and obtained after the effective date of this agreement. b. The term "passive income" also includes accrued but unrecognized appreciation in the value of capital assets classified as separate property.
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c. In the case of ownership of interests in corporations as separate property, all dividends therefrom are to be considered passive. d. In the case of ownership of interests in trusts and partnerships which do not operate a business enterprise, all distributions and income allocations therefrom to a party are to be considered passive. e. In the case of ownership of interests in trusts, partnerships, limited liability companies (LLCs) and like business entities which operate a business enterprise, all distributions and income allocations therefrom to a party are to be considered passive unless a party materially participates in the business. Where a party materially participates in a business operated by a trust, partnership, LLC, or like business entity, all income and distributions from said entity are to be treated as earned income. f. Income not falling within the definition of "passive income" is to be considered earned income and treated as set forth in the next section entitled, "Earnings During Marriage--Earned Income". g. The term "materially participates" has the same meaning as given under the tax laws of the United States (Title 26, USC) for determining when a partner materially participates in a partnership. 2. Earnings During Marriage--Earned Income. a. None of the earned income of the parties during the marriage shall be considered the Separate Property of either party during the marriage. b. The term "earned income" means any income obtained by a party after the effective date of his agreement that does not meet the definition of passive income as set forth in the previous section. Types of earned income include, but are not limited to, salary and bonus from employment, earnings derived from the performance of services as an independent contractor, and income derived from a business run as a sole proprietorship. 3. Common Living Expenses. a. Common Living Expenses incurred during the marriage shall be paid first from the liquid assets of the parties NOT classified as Separate Property under this agreement (i.e., from marital property, community property, or quasi-community property). b. Those Common Living Expenses which cannot be paid from said liquid assets of the parties are to be paid from the Separate Property of the parties in the following percentages: __% by _______ and __% by _________. c. The term "common living expenses" means common expenses incurred by the couple in daily life such as food, home rental fees, condo fees, medical insurance, medical expenses, travel, entertainment, and home utility expenses. For any home which the parties either jointly owner or is otherwise NOT defined as Separate Property under this agreement, then the term "common living expenses" shall include taxes, insurance, property fees, and maintenance expenses related to that home. d. The term "liquid assets" means cash, savings accounts, checking accounts, money market funds, brokerage accounts, cash equivalents, and other marketable securities.
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beneficiary under a valid last will executed by said deceased spouse, nor does this paragraphwaive the right of surviving spouse to make a claim against the estate of deceased spouse as a creditor, a claimant for breach of contract, a tort claimant, or to dispute the ownership of property also claimed by the estate. V. Waiver of Right to Independent Legal Counsel. Both parties affirm that they have had an adequate opportunity to consult with an independent legal counsel regarding this agreement prior to its execution. To the extent either party has not consulted with independent legal counsel, the parties hereby expressly and voluntarily waive the opportunity to consult with independent legal counsel before entering into this agreement. VI. Cohabitation. Each party waives any and all claims, including contingent claims, against the party deriving from periods of cohabitation, if any, prior to their marriage. VII. Debts. Each party shall pay and be responsible for all debts incurred by the party prior to solemnization of the marriage from that party's Separate Property. Further, each party agrees to indemnify the other for any damages or losses incurred by the other party relative to his or her pre-marriage debts that were not paid pursuant to this agreement. VIII. Child Support. Nothing in this agreement shall be construed as relieving either party of an obligation to support his or her minor children. IX. Financial Disclosure. Each party has submitted summary financial information attached hereto as Schedule A. Each party acknowledges an opportunity to view said financial information prior to execution of this document and to inquire further as to the financial information provided by the other; however, the signing of this agreement does not in any way constitute a waiver of the right of full disclosure regarding the other party's financial position. X. Integration. This Agreement sets forth the entire agreement between the parties with regard to the subject matter hereof. All prior agreements, and covenants, express or implied, oral or written, with respect to the subject matter hereof, are contained herein and are hereby superseded by this agreement. The term "subject matter hereof", as used in this paragraph, expressly includes (among other things) matters of alimony, property settlement, spousal support, and promises by one party to transfer money, property or an asset of any kind to the other party in the future. This is an integrated agreement. XI. Binding on Successors. Each and every provision hereof shall inure to the benefit of and shall be binding upon the heirs, assigns, personal representatives, and all successors in the interest of the parties. XII. Severability. In the event any provision of this Agreement is deemed to be void, invalid, or unenforceable, that provision shall be severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability of the remainder of this Agreement. All remaining provisions of this Agreement shall then continue in full force and effect. If any provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by law. XIII. Modification. This Agreement may be modified, superseded, or voided only upon the written agreement of the parties. Further, the physical destruction or loss of this Agreement shall not be construed as a modification. XIV. Acknowledgements. Each party acknowledges that he or she has had an adequate opportunity to read and study this Agreement, to consider it, to consult with attorneys if he or she has so desired, without any form of coercion, duress or pressure. XV. State Law. It is intended that this Agreement be valid and enforceable under the laws of the state of Arizona, and that the laws of this state shall govern the agreement's interpretation.
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beneficiary under a valid last will executed by said deceased spouse, nor does this paragraphwaive the right of surviving spouse to make a claim against the estate of deceased spouse as a creditor, a claimant for breach of contract, a tort claimant, or to dispute the ownership of property also claimed by the estate. V. Waiver of Right to Independent Legal Counsel. Both parties affirm that they have had an adequate opportunity to consult with an independent legal counsel regarding this agreement prior to its execution. To the extent either party has not consulted with independent legal counsel, the parties hereby expressly and voluntarily waive the opportunity to consult with independent legal counsel before entering into this agreement. VI. Cohabitation. Each party waives any and all claims, including contingent claims, against the party deriving from periods of cohabitation, if any, prior to their marriage. VII. Debts. Each party shall pay and be responsible for all debts incurred by the party prior to solemnization of the marriage from that party's Separate Property. Further, each party agrees to indemnify the other for any damages or losses incurred by the other party relative to his or her pre-marriage debts that were not paid pursuant to this agreement. VIII. Child Support. Nothing in this agreement shall be construed as relieving either party of an obligation to support his or her minor children. IX. Financial Disclosure. Each party has submitted summary financial information attached hereto as Schedule A. Each party acknowledges an opportunity to view said financial information prior to execution of this document and to inquire further as to the financial information provided by the other; however, the signing of this agreement does not in any way constitute a waiver of the right of full disclosure regarding the other party's financial position. X. Integration. This Agreement sets forth the entire agreement between the parties with regard to the subject matter hereof. All prior agreements, and covenants, express or implied, oral or written, with respect to the subject matter hereof, are contained herein and are hereby superseded by this agreement. The term "subject matter hereof", as used in this paragraph, expressly includes (among other things) matters of alimony, property settlement, spousal support, and promises by one party to transfer money, property or an asset of any kind to the other party in the future. This is an integrated agreement. XI. Binding on Successors. Each and every provision hereof shall inure to the benefit of and shall be binding upon the heirs, assigns, personal representatives, and all successors in the interest of the parties. XII. Severability. In the event any provision of this Agreement is deemed to be void, invalid, or unenforceable, that provision shall be severed from the remainder of this Agreement so as not to cause the invalidity or unenforceability of the remainder of this Agreement. All remaining provisions of this Agreement shall then continue in full force and effect. If any provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope and breadth permitted by law. XIII. Modification. This Agreement may be modified, superseded, or voided only upon the written agreement of the parties. Further, the physical destruction or loss of this Agreement shall not be construed as a modification. XIV. Acknowledgements. Each party acknowledges that he or she has had an adequate opportunity to read and study this Agreement, to consider it, to consult with attorneys if he or she has so desired, without any form of coercion, duress or pressure. XV. State Law. It is intended that this Agreement be valid and enforceable under the laws of the state of Arizona, and that the laws of this state shall govern the agreement's interpretation.
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Definition of Terms Applicable to this Agreement
As used in this agreement, the following terms shall the designated definition:
A. "Consulted with an attorney" means an instance of a party having shown the prenuptial agreement to an individual licensed to practice law in any state of the United States (or the District of Columbia) and having received comments of any kind from said attorney regarding the prenuptial agreement prior to the time the agreement was signed by said party. B. "Debts" means all liabilities and claims of a monetary nature that any party may possess against you such as a bank loan, credit card debt, tax debts including contingent debts. The term "debts", in our agreement forms, encompasses "contingent" claims for which fault or a value have not, as yet, been determined. C. "Intestate succession laws" means the probate laws of the applicable jurisdiction that control distribution of the assets of an estate for a decedent dying without a valid last will. D. "Omitted spouse" means a surviving spouse who has been omitted from the last will of the decedent and seeks to receive a forced share of the decedent's probate estate under applicable probate law. The term "omitted spouse" also includes a surviving spouse named as a beneficiary in the last will of the decedent but whose bequest under said last will is less than otherwise obtainable as a forced share under applicable probate law. E. "Retirement Plans and Accounts" means any employer sponsored pension, profit-sharing, stock bonus or other retirement plan and 401(k), IRA, and other tax deferred accounts that qualify for special federal income tax treatment under Internal Revenue Code Sections 401, 403, or 408 (or equivalent statutes).
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Schedule A
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No waiver of full disclosure nor agreement to financial representations of other party. The values placed in above table are the representation of the party designated only. The signing of this agreement does not in any way constitute an agreement to the above financial representations of the other party nor act as a waiver of the right to full disclosure regarding the other party's financial position.
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