- 5 years ago
- Wedding: April 2013
This is long and I understand if no one can go through it and read it all but I’m desperate right now.
This project is worth 15% of my grade!
As posted before I’m in my first legal class. My advisor put me in this class (I’m studying to be a paralegal desperate to get all As in hopes to eventually be accepted into law school) and I guess she didn’t realize the prerequsites for the class and I was supposed to be in other law classes before this one. So this project is worth 15% of my grade and we have to edit and put in information that wasn’t included in a premarital agreement.
Here’s the assignment (and she doesn’t want check lists, instead we are to put the correct option into a sentence):
Using the form Premarital Agreement online as a guide, modify the form to draft a premarital agreement with specific changes so that it can be used in the following situation.
You have interviewed Blushing Bride and Dog Groomer who plan to be married in 2 months. They both say that they want to sign an premarital agreement.
Blushing is 35 and was married for a period of 8 years to Casper Ghost. She has 2 children from her previous marriage, which was terminated by the death ofCasperin an automobile accident 2 years ago.
Casperdied intestate, and as his wife she inherited ½ of his estate and her children inherited ½ (1/4 each)
She inherited approximately $200,000 and her children inherited $100,000 each which is held in trust for them until they reach age 18. Blushing deposited all of her inheritance in Bucks Bank and has lived on her earnings. She is also working as a legal assistant earning approximately $35,000 per year. She would like to go to law school, but has not had the time; she is also concerned about spending money for her own education since she has 2 children to raise. Blushing and the children live in the house that they shared withCasperprior to his death. A realtor assessed the value of the house at $200,000. There is a mortgage of $50,000 on the property that is held by Bucks Bank. Blushing owns a .5 karat diamond engagement ring, given to her byCasper. She also owns a car worth about $10,000, and a .75 karat diamond that was a gift to her from her mother prior to her mother’s death 7 years ago. Blushings main objective is to protect her childrens interests.
Dog was divorced from Kitty 3 years ago. He is 45 years old and has 3 children, all over 18 years of age. He works as a police officer and has received regular promotions. His current salary is $45,000 per year. Although it is not required by his divorce and support settlement, he is currently, and wants to continue, paying the University tuition for his children. All 3 are in University, 1 is in the first year, 1 in the third year and 1 in the final year. His ex-wife received the house in the settlement and Dog currently lives in an apartment. He does not pay alimony or child support now that the children are over 18, other than the tuition, and has no remaining debts from the previous marriage. He does not own any real property. He does own a pick-up truck worth approximately $10,000 and a Porsche sports car worth about $20,000. He does not have any debts. His personal expenses are covered by his salary and he has been able to save about $5000 per year in a retirement account. There is currently about $75,000 in the retirement account. This is the only savings account that he has. Bobs objective is to continue to provide for the University education of his children. He would also like to protect their interests should he die.
Both Blushing and Dog expect that their marriage will continue until death; however, they are aware that divorce is common and want to assure that should this unforeseen event occur with them, or in the event of their deaths, their children will inherit what was due to them prior to the marriage.
Blushing and Dog plan on keeping separate bank accounts and Blushing has agreed to contribute $750 per month for household expenses. Dog has agreed to contribute $1200 per month for household expenses.
And my edited version of the agreement :please help correct anything that needs to be):
READ BEFORE SIGNING: IMPORTANT NOTICE: EACH PARTY TO THIS AGREEMENT AGREES THAT THEY HAVE HAD AN OPPORTUNITY TO CONSULT WITH A SEPERATE ATTORNEY OF THEIR CHOICE LICENSED TO PRACTICE LAW IN SOUTH CAROLINA AND THAT HAVE FULLY READ, UNDERSTAND AND AGREE TO THE TERMS OF THIS AGREEMENT. EACH PARTY FURTHER AGREES THAT THEY ARE NOT ACTING UNDER DURESS OR UNDUE INFLUENCE IN EXECUTING THIS AGREEMENT AND THAT EXECUTION OF SAME IS DONE FREELY AND VOLUNTARILY.
THIS AGREEMENT, made this first day of February, 2013, between
Blushing Bride, of 1234 First Street Beaufort, South Carolina as the Wife, and Dog Groomer, of 5678 Second Street Beaufort, South Carolina as the Husband,
WHEREAS, Husband has previously been married and has since terminated the marriage in divorce having three children over the age of eighteen.
Wife has previously been married and the marriage has since terminated due to the death of her past Husband Casper Ghost. Wife has two children under the age of eighteen
The parties desire to enter into this agreement prior to their contemplated marriage.
WHEREAS, the parties hereto have accumulated separate estates; and
WHEREAS, the parties are about to contract marriage and execute this agreement in contemplation of marriage to be effective upon their marriage in accordance with the laws of the State of South Carolina.
WHEREAS, the parties desire to enter into an agreement regarding certain properties, responsibilities, duties and obligations including but not limited to any interest, present or future, legal or equitable, vested or contingent, in real or personal property, including income and earnings; and
WHEREAS, the parties have furnished each other with a financial statement which each party acknowledges is a full and complete disclosure of substantially all of the real and personal property now owned by him or her and agree that the values are an estimate by him or her of the approximate present value of the property. All property listed is now and shall continue to be separate properties of the respective parties. Originals or copies of said financial statements are attached hereto as Exhibits “A” and “B”; and
WHEREAS, the parties desire to express in writing their agreement that, except as hereinafter specifically provided, their marriage shall not in any way change their rights, or the rights of their heirs (exclusive of the parties) or of their heirs or beneficiaries, in the real and personal property owned or hereafter acquired by each of the parties and that said rights shall be governed by the terms of this agreement; and
NOW, THEREFORE, in consideration of the parties and of their mutual promises and agreements, they agree one with the other as follows:
(1) Each of the parties shall have full control of his or her own separate property, real, personal and mixed, wherever the property is located. Each of the parties shall have and hereby is given the right to lease, sell, convey, mortgage or otherwise dispose of their separate property and receive all monies, rents, issues, income and profits thereof without any restrictions whatever and without interference from the other party. Each of the parties shall pay his or her own debts whenever contracted and in no case shall either party be held liable for the debts of the other parties in any way.
(2) Except as otherwise expressly provided, each of the parties hereby waives, relinquishes, conveys, quitclaims, bars, discharges, surrenders and releases, and hereby agrees to waive, relinquish, convey, quitclaim, bar, discharge, surrender and release, to the other all of the following:
(a) Any and all of his or her right, title and interest of every kind and description, which he or she may have, acquire, enjoy or be seized by reason of, on or after, their marriage, as the wife, husband, widow or widower of the other party, in the separate property of the other party, whether real, personal and mixed and wherever located; and
(b) Any and all rights to any property of the other party titled in that other parties sole name, whether before or after the marriage; and
(c) Any and all property acquired by the other party by inheritance or other means; and
(d) Any and all rights, if any, to all or a portion of the property of the other party whether by way of enforced share, homestead, statutory share or provision, descent, succession or otherwise;
(e) His or her right, if any, granted to or vested in him or her, by statute or otherwise, to renounce, or to elect to take against, the provisions of the other party’s will or any codicil thereto; and
(f) His or her right, if any, granted to or vested in him or her by statute or otherwise to act as executor or administrator of the other party’s estate.
Except as otherwise expressly provided, it is the intent of the parties that this paragraph shall be construed so that each party may deal with his or her property and any trust in which he or she may have an interest as if their marriage had not taken place, and on the death of either party his or her estate and any trust in which he or she may have an interest will be administered, descend and be distributed in exactly the same way and to the same heirs, next of kin, heirs or beneficiaries as if the other party had predeceased the party so dying. Nothing contained in this paragraph or in this agreement, however, is intended to preclude either party from voluntarily making provision for, or granting powers or rights to, the other party in and by the formers last will, a codicil thereto or otherwise.
(3) The parties shall not change their existing Will, if any, or make a new Will at this time, but any new Will executed shall be in conformance with the provisions of this
(4) The fact that either party (without being obligated to do so) may give, devise or bequeath to the other party property or an interest therein, or otherwise confer rights or powers on the other party, in trust or by gift or will, shall not be construed as a waiver of any provision hereof or as evidence that there is or was an agreement or understanding between the parties other than as specifically expressed herein.
(5) Each party agrees, on behalf of himself or herself and of his or her heirs, executors, administrators and assigns, that he, she or they, at the request of the other party or the latter’s heirs, executors, administrators and assigns (but at the cost of the other party or his or her heirs, executors, administrators, and assigns), will make, do, execute, acknowledge and deliver any and all such further or other acts, deeds and instruments as shall be appropriate, necessary or desirable to carry in effect the intent, purpose and provisions of this agreement without question or delay, except that neither party shall be obliged to sign any mortgage, note, bond or other instrument which may subject him or her, or his or her estate and property, to personal liability.
(6) In selling, assigning, granting, releasing, conveying or otherwise dealing with the property of either party, the party whose property is being so dealt with shall be and hereby is constituted the other party’s attorney-in-fact and as such shall have full power in the name of such other party or in the joint names of both parties to join in the contemplated transaction and execute documents to effect it on behalf of such other party, independently and without the consent or privity of such other party, to the same extent and as fully as if their marriage had not taken place.
(7) During the course of the marriage, all property acquired by each party in their own name shall be deemed to be part of their separate estate and by the terms hereof, each party hereby waives and relinquishes all claim to the separate estate of the other. Likewise, all property acquired during the marriage in the joint name of both parties shall be deemed to be part of their joint estates and thereby evidence their intent to grant the powers and rights to the parties as to said jointly owned property as is provided to spouses by operation of law.
(8) The parties agree that each party shall provide for the payment of their individual health care, convalescence and funeral expenses out of their separate estate so as not to be a financial burden on each other.
(9) Despite any other provisions of this instrument, this agreement shall not affect in any way the parties’ rights, titles, powers, duties, discretions, immunities and interest in any property owned in joint tenancy or entirety with rights of survivorship, which they may hereafter acquire.
(10) To the extent permitted by law, this agreement shall govern the rights and obligations of the parties in the event of death of either or both parties, separation or divorce.
In the event of divorce, the parties agree this agreement shall be binding on both parties and shall be incorporated into any divorce decree.
(11) The parties agree to contribute and divide the marital responsibilities as follows:
(a) The children of the Wife shall live in the home with both parties and shall be provided for equally by both parties.
(b) The Wife will contribute seven hundred fifty dollars every month toward bills for the home and other daily living expenses
(c) The Husband will continue to pay college tuition for his children a total of 14 semesters for his three children.
(d) The husband will continue to contribute five thousand dollars of his own money into a retirement account in his name.
(e) The husband will contribute one thousand two hundred dollars every month toward bills for the home and other daily expenses
(12) The parties further agree that in the event of divorce (?or death of one or both of the parties?), the following additional provisions shall apply notwithstanding the other provisions of this agreement:
(a) The children of the Husband shall be entitled to all separate property owned by the husband and any and all debts, insurances, retirement funds and all (way to word money owned by the husband, cars and any other property owned by the husband)
(b) (or worded like this?) The wife shall be entitled to all separate property owned by the wife previous to the marriage.
(c) Any property accrued by both the husband and the wife during the marriage shall be sold and the monies collected shall be divided evenly between both parties
(d) (leave out and replace elsewhere?) The marital domicile shall be occupied by Wife until her death or occupied by Husband for six months following the death of the wife.
(e) Both parties waive the right to alimony and property settlement, except as otherwise provided herein.
(13) (Not sure how this goes)The parties further agree that in the event of death of one or both of the parties, the following additional provisions shall apply not withstanding the other provisions of this agreement:
(a)(above replaced here?)In the event of the Wife’s death, the Husband shall be permitted to continue residency at the marital domicile for six months following the death of the Wife.
(b)In the event of the Wife’s death all separate property owned by the wife including but not limited to the marital domicile, retirement funds, savings accounts and all personal assets shall be divided between her children unless otherwise stated.
(c) In the event of the Husbands death all separate property owned by the husband including but not limited to retirement funds, savings account and all personal assets and property shall be divided between his children unless otherwise stated.
(13) This agreement shall be controlled, construed and given effect by and under the laws of the State of South Carolina. It is the intent of the parties that the Agreement be enforced to the fullest extent permissible under applicable laws and public policies. The invalidity, illegality, or unenforceability of any particular provision of this Agreement shall not affect the other provisions, and this Agreement shall be construed in all respects as if such invalid, illegal, or unenforceable provision had been omitted.
(13) This Agreement constitutes the entire agreement between the parties pertaining to its subject matter and it supersedes all prior contemporaneous agreements, representations and understandings of the parties. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by all parties.
(14) No waiver of any provision of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver.
(15) This Agreement may be executed in any number of copies, each of which shall be deemed an original and no other copy need be produced. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the person or persons may require.
(16) This Agreement shall be binding upon the parties hereto and upon their respective executors, administrators, legal representatives, successors, and assigns.
(17) This agreement may only be amended or revoked by written amendment signed by both parties.
(18) Each party further agrees and affirms as follows:
(a) That the party did execute the agreement voluntarily; and
(b) That this agreement is not unconscionable when it was executed; and
(c) Both parties were provided prior to execution of this agreement a fair and reasonable disclosure of the property or financial obligations of the other party;
(d) That he and she did have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
The parties hereby execute this agreement in several counterparts, any executed copy of which shall be considered for all purposes as an original, on the day and year above written.
I know it’s a lot and don’t expect any help on here, but I’m desperate and trying every bit of help I can get.