10 01 ANTENUPTIAL AGREEMENT

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

10-01 ANTENUPTIAL AGREEMENT

PREMARITAL AGREEMENT

This Premarital Agreement (the "Agreement") is made and entered into on this ___ day of __________, 20___, by and between [Husband Name], presently of [County] County, Arkansas (also hereinafter referred to as "HUSBAND"), and [Wife Name], presently of [County] County, Arkansas (also hereinafter referred to as "WIFE"), both parties being adults of sound mind and free from coercion or duress:

W-I-T-N-E-S-S-E-T-H

WHEREAS, the parties contemplate marriage in the near future; and

WHEREAS, each party has acquired all of his or her separate property independently of and without the joinder, help or assistance of the other; and

[OPTIONAL: WHEREAS, one or both parties have children from a prior marriage, and it is the desire of both parties hereto that the separate nonmarital property, both real and personal, of each of them now owned or hereafter acquired, and all increases accruing thereto and all income derived therefrom, insofar as such income is not expended by each party during their lifetimes for the support of the marital household, be preserved for and transmitted to his and/or her children or to their descendants, or to others as each party may choose, unaffected by the marriage of the parties hereto except as this Agreement may provide; and]

WHEREAS, each party seeking to be bound by this Agreement acknowledges that it is fair and equitable toward them; and

WHEREAS, the parties desire to fix, limit and determine by this Agreement, the interests, rights and claims that will accrue to each of them in the property and estate of the other because of their marriage to each other and to accept the provisions of this Agreement instead of and in full discharge, settlement and satisfaction of any and all interests, rights and claims that otherwise each might or could have, under the law, in and to the property and estate of the other, both before and after the other's death; and

WHEREAS, both parties are entering into this Agreement with the intention that it meets all of the requirements of the Arkansas Premarital Agreement Act (Ark. Code Ann. §§ 9-11-401 et seq.) and to this end wish any court of competent jurisdiction to accept this Agreement rather than any other proceeding, adjudication or decision. The parties contemplate, in order to ensure privacy, that this Agreement will not be filed of record;

NOW, THEREFORE, for and in consideration of the marriage contemplated by the parties and the promises and mutual covenants herein contained and of other good and valuable considerations, the receipt of which are hereby acknowledged, the parties covenant and agree as follows:

ARTICLE I DECLARATION AS TO PROPERTY RIGHTS DURING MARRIAGE

1.01 Family Expenses. So long as HUSBAND and WIFE shall live together as a married couple, they shall jointly pay such amounts as are reasonably necessary for the support of the family household. Should the parties elect to create a joint checking account for the purpose of paying family expenses, then, upon the death of one of the parties, any funds remaining in the joint checking account shall belong outright and absolutely to the survivor.

1.02 Income Taxes. During the marriage of the parties, they may file joint or separate income tax returns as they may determine. If either elects to file separately, they shall each be responsible for paying their own income tax liability. If they should elect to file jointly, each of them shall pay a percentage of the tax due, equal to the percentage that their taxable income shall bear to the total taxable income of both parties for the reporting period, less withholdings and estimated payments made by such party. This provision shall apply to both federal and state income tax. This Agreement shall be effective with income tax returns to be filed for the year of the marriage. Each of the parties shall be separately responsible for any income tax for years prior to the year of their marriage.

1.03 Medical Expenses. Neither party shall be legally responsible for the medical or dental expenses of the other party in excess of insurance benefits provided by both of them. Additionally, neither party shall place the other in a nursing home or similar facility without the express written consent of the adult children or other power of attorney of the party for whom such care is being considered.

ARTICLE II SEPARATE PROPERTY AND JOINTLY HELD PROPERTY

2.01 Definition of Separate Property. For all purposes of this Agreement, the term "Separate Property" shall mean all of a party's right, title and interest (legal and beneficial) in and to any and all property and interest in property, real, personal or mixed, wherever situated and whenever acquired. The parties agree that all property acquired in any manner by either spouse before or after the marriage shall be "separate property" and not "marital property" as those terms are defined in Ark. Code Ann. § 9-12-315 or any other jurisdiction unless such property is expressly acquired as joint property with right of survivorship.

For example, but not by way of limitation, the parties agree that each party's earnings for personal services, or income from property owned by that party before the marriage, shall be the separate property of that party. By way of further example, and not by way of limitation, each party agrees that all reinvestments and successive mutations from property owned by that party before the marriage and all income from, and increases in value of, such property shall be the separate property of that party. By way of further example, and not by way of limitation, each party's separate property shall include, but shall not be limited to, the enhancement in the value of the separate property of the party that occurs during the marriage, including, but not limited to, such enhancement as is attributable to the expenditure of time, talent, and labor during the marriage by a party hereto, and it is further agreed that any such expenditure of time, talent, and labor during the marriage which enhances the value of the separate property of a party shall not be the basis of an equitable claim by the other party for reimbursement...