Research on Divorce Essay

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Carl Simpson
FCWR-151-W04
The Research Paper
April 25, 2012

The Prenuptial Agreement The prenuptial agreement as defined by the Free Online Law Dictionary is, “a written contract between two people who are about to marry, setting out the terms of possession of assets, treatment of future earnings, control of the property of each, and potential division if the marriage is later dissolved”. We find it necessary to investigate it because; a lot of unmarried or even married people require clarity on a topic that is most definitely to come up in their lives, and having knowledge of this contract within the marriage contract takes them out of an awkward situation and puts them into an area of comfort on the rise of the topic. Based on information drawn from all corners of information on the prenuptial agreement, this research will help one to understand what actual is a prenuptial contract or, if previous knowledge had been acquired, it will reinforced attitudes, values and belief about the prenuptial agreement or change them. This research paper will clearly define what a prenuptial agreement is, what is included in a prenuptial agreement, reasons why and why not people do get a prenuptial agreement and an example of a prenuptial contract. As stated before, the prenuptial agreement is a contract. It is referred to many times as the inner contract in marriages, reason being; a prenuptial agreement is for people who are about to sign a marriage contract or those people who are already in a marriage contract, therefore, when compare to the importance of that of a marriage contract, it is less significant and would be the inner contract. The prenuptial agreement consists of several components. The following is a t able of these components and a brief definition: Table 1. Component | Definition | * Title and Opening Statement | This is where the name of the two persons entering the contract is listed and the date the contract is being entered and the location of the parties. | * The Witnesseth | Section where WHEREAS’ are listed, means the conditions under which the agreement is signed. | * Effective Date of Agreement | The date the agreement will take effect. | * Separate Property | Simply means all rights and interests in property of any kind, including contingent interests, owned by each party on the effective date of this agreement | * Alimony | This section states the decision whether parties will be protected from any alimony fees or not. | * Waiver of Rights Upon Death | This section makes it clear that if any of the parties die, none of them may claim the other’s assets. | * Waiver of Right to Independent Legal Counsel | Parties must state that they have spoke with a legal counsel, and that they are sure of this decision. | * 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. | * 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. | * Child Support | If the parties have children the must come to an agreement the nature of the support each will give the children. | * Final Disclosure | This suggests that the parties have attached their financial information and is given a chance to view the each other’s. | * Binding on Successors | This means that the terms agreed to will still be binding even if a signatory to the agreement dies or sells or assigns his or her interest in the agreement, and that the person who thus receives that interest will be bound by the agreement. | * Severability | Should the contract be deemed void, this section will state what should take place. | * Modification | Whether of not the contract can be modified. | * Acknowledgement | Each party states that
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