A prenuptial agreement, also known as a prenup, is a legal agreement made between two individuals prior to marriage. This agreement outlines the division of assets and property in the event of divorce, and can also address issues such as spousal support and debt.
In Tennessee, prenuptial agreements are governed by state law and must meet certain requirements to be considered valid. It is important to consult with a legal professional when creating a prenuptial agreement to ensure that it complies with all necessary guidelines and protects your best interests.
To give you an idea of what a Tennessee prenuptial agreement might look like, here is a sample agreement:
Prenuptial Agreement
This Prenuptial Agreement (the “Agreement”) is made and entered into on this ____ day of ____, 20__, by and between (Name of Party A), residing at (Address of Party A), and (Name of Party B), residing at (Address of Party B), hereinafter referred to collectively as the “Parties.”
WHEREAS, the parties intend to marry on the ____ day of ____, 20__ and wish to establish their respective rights and obligations in the event of a divorce or legal separation;
WHEREAS, the parties acknowledge that they have each obtained independent legal counsel and have had an opportunity to review this Agreement with their attorneys;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
1. Property Rights
(a) The parties agree that any property owned by them individually prior to the marriage shall remain the separate property of the owner and shall not be subject to division in the event of a divorce or legal separation.
(b) Any property acquired by the parties jointly or individually during the marriage shall be considered marital property and subject to division in the event of a divorce or legal separation.
(c) In the event of a divorce or legal separation, the parties agree that they will each retain their separate property and divide any marital property in a manner that is fair and equitable, taking into account factors such as the duration of the marriage, the earning capacity of each party, and other relevant factors.
2. Spousal Support
(a) The parties acknowledge that neither of them shall be entitled to spousal support in the event of a divorce or legal separation.
(b) In the event that a court determines that spousal support is necessary, the parties agree that any such support shall be limited in duration and amount, and shall not exceed the federal tax guidelines for spousal support.
3. Debts and Liabilities
(a) Each party shall be responsible for any debts or liabilities incurred by them individually prior to the marriage.
(b) Any debts or liabilities incurred by the parties jointly or individually during the marriage shall be considered marital debts and subject to division in the event of a divorce or legal separation.
(c) In the event of a divorce or legal separation, the parties agree that they will each be responsible for the debts or liabilities that they have incurred individually, and will divide any marital debts or liabilities in a manner that is fair and equitable, taking into account the same factors used to determine the division of property.
4. Termination
This Agreement shall terminate upon the death of either party or upon the dissolution of the marriage.
5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Tennessee.
IN WITNESS WHEREOF, the parties have executed this Prenuptial Agreement on the date and year first above written.
Party A: ____________________________
Party B: ____________________________
As you can see, a prenuptial agreement can be customized to suit the needs and preferences of the parties involved. If you are considering a prenuptial agreement, it is important to seek the guidance of an experienced legal professional who can help you navigate the process and ensure that your rights and interests are protected.