Prenuptial Agreement
This Prenuptial Agreement ("The Agreement") is made and entered into on , at and executed
BETWEEN:
, having permanent residential address at , bearing aadhar no. , (hereinafter referred to as the "Prospective Wife" , which expression shall unless it be repugnant to the context or meaning thereof means and includes heirs, executors, administrator, legal representative and his or her assigns/ its successors and assigns of the ONE PART.
AND:
, having permanent residential address at , bearing aadhar no. , (hereinafter referred to as the "Prospective Husband" , which expression shall unless it be repugnant to the context or meaning thereof means and includes heirs, executors, administrator, legal representative and his or her assigns/ its successors and assigns of the OTHER PART.
WHEREAS, The Prospective Wife and the Prospective Husband wherever the context so permits shall collectively be referred to as “Parties” and individually as ‘Party”.
WHEREAS, the Parties are to be married under the specific marriage laws and provisions provided under Indian laws, and it is their mutual desire to enter into this Agreement so that they will continue to own and control their own property described in Schedules, attached hereto, and are getting married with mutual consent because of their love for each other and do not desire that their present respective financial interests be changed upon the union created by their marriage.
WHEREAS , the Parties agree that this Agreement will become effective upon their marriage pursuant to the marriage laws of India.
WHEREAS, the parties intend for this Agreement to provide guidance on the status, ownership and division of property between them including current property owned or acquired by either Party and future property owned or acquired by either Party during the course of the marriage.
WHEREAS each party is duly authorized and capable of entering into this Agreement.
NOW, THEREFORE, in consideration of the above recitals, the Parties hereby agree as follows:
1. Definitions:
1.1
"Assets" - Anything of significant value including real property, real estate, investments, income sources, earnings, deposits, stock options, savings, jewellery, valuable collections, automobiles or other vehicles, business ownership, inheritance, gifts or any other item owned that has significant monetary value.
1.2
"Separate Property" - Assets that were acquired before the marriage was entered into between the Parties. Separate property shall denote assets that will be retained by the Party who acquired such property in the event of the death of either Party or the dissolution of marriage. Separate property shall not be subject to division in the event of a dissolution of the marriage.
1.3
"Marital Property" - Assets that were acquired during the course of the marriage that are the property of both Parties. Upon dissolution of the marriage between the Parties, the Marital Property shall be split between each Party according to the percentage denoted in each section of this Agreement.
2. Establishment of Rights:
The Parties agree to enter the holy union of marriage under several marriage laws and provisions in the country of India. The parties agree and wish to establish their respective rights and responsibilities regarding each other's income, property and the assets that may be acquired, either separately or together during the marriage.
3. Financial Information:
3.1
Parties agree that financial information, including net worth, assets, income, holdings, liabilities and debts have been provided by the Prospective Wife is attached as Annexure 1 and the above-mentioned information provided by the Prospective Husband is attached as Annexure 2 .
3.2
Parties agree that the financial information provided is truthful and accurate as of the Effective date of this Agreement.
4. Property:
4.1
Separate Property:
4.1.1
The parties agree that all property and other assets included within Annexure 1 shall serve as the Prospective Wife's separate property and all property and assets included within Annexure 2 shall serve as the Prospective Husband's separate property.
4.1.2
The parties agree that all earnings, salaries, pensions or employment benefits accrued in the lifetime shall be considered as each party's Separate Property.
4.1.3
Both Parties agree that any and all inheritance, gifts, or other assets acquired by each Party as the result of the death of a family member, executed through gift feed or inherited from any other related individual shall constitute Separate property.
4.2
Marital Property:
4.2.1
Both parties agree that any assets acquired during the course of the marriage are considered Marital Property.
4.2.2
Upon the death of one Party or in the event of a divorce in the course of the marriage, all Marital Property shall be split between the Parties under the following distribution:
A. Prospective Wife shall receive % of Marital Property
B. Prospective Husband shall receive % of Marital Property.
5. Debts:
5.1
Both parties agree that the existing debts of each party are laid down in Annexure 1 and Annexure 2. Both parties agree that it shall be considered Separate property and is the sole responsibility of the Party who incurred the debts before the marriage.
5.2
The parties agree that any debts incurred during the marriage shall be considered Marital Property and evenly distributed between the Parties if they file for divorce.
6. Taxes:
Both parties agree that they shall be separately responsible for their income tax filings.
7. Custody of Children:
7.1
Prospect Wife is a parent to the following children or child from a previous relationship: .
Prospective Husband is a parent to the following children or child from a previous relationship: .
Parties have the following children together: .
7.2
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7.3
Both parties agree that in the event parties divorce, each Party shall retain sole physical and legal custody of their child from a previous marriage.
7.4
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8. Business Ownership:
8.1
The parties agree that any business that is separately owned by either Party prior to the marriage shall remain as Separate property for the purposes of this Agreement. Any income from the business or appreciation in the business's value will also be considered Separate Property.
8.2
The parties agree that any business acquired by either Party, including income from the business, during the marriage shall be treated as marital property.
8.3
Both parties agree that in the event of dissolution of marriage, the ownership of the Marital Property business and its income or appreciated value shall be split between the Parties accordingly:
A. Prospectve Wife shall receive % of the business.
B. Prospective Husband shall receive % of the business.
9. Maintenance:
Both parties mutually agree that in the event parties intend to dissolve their marriage by mutual consent or if one or the other party initiates legal proceedings from divorce, the parties agree that Prospective Wife and Prospective Husband shall provide maintenance amount on the day of each month to either party as per the final decision by the court. Any adjustments to the potential maintenance amount shall only be considered with the addendum of a decree or order by the Court of law that has been agreed upon by both Parties.
10. Death:
10.1
Both parties agree that if either of the Party survives the death of the other, the surviving Party shall have the right to continue dwelling in the Parties' marital residence for the surviving Party's lifetime or until such a time that is specified in the deceased Party's Living Will and Testament.
10.2
The parties agree that all marital property shall be distributed according to the deceased Party's Will and Testament.
10.3
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11. Amendments:
Any amendment to this Agreement shall be made in writing and signed by the Parties hereto. Each and every amendment to this document must be made with the mutual consent of both parties.
12. Enforceability:
If any provision of this Agreement shall be invalid or unenforceable, in whole or in part, then such provision shall be deemed to be modified or restricted to the extent and in the manner necessary to render the same valid and enforceable. All non-enforceable or invalid parts of this document must be rectified through mutual consent by the parties.
13. Construction:
This Agreement shall be construed and interpreted in accordance with the internal laws of India.
14. Declaration:
Each Party to this Agreement acknowledges and declares that he or she, respectively:
A. is fully and completely informed as to the facts relating to the subject matter of this Agreement and as to the rights and liabilities of both Parties;
B. enters into this Agreement voluntarily;
C. has been provided with a fair and reasonable disclosure of the property and financial obligations of the other and has voluntarily waived any right to disclosure beyond the disclosure provided;
D. has given careful and mature thought to the making of this Agreement;
E. has carefully read each provision of this Agreement;
F. fully and completely understands each provision of this Agreement, both as to the subject matter and legal effect.
This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all other agreements, whether written or oral, between the parties.
IN WITNESS WHEREOF the parties have duly affixed their signatures under hand and seal on this
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Prospective Wife
Authorized Signature
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Prospective Husband
Authorized Signature
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Witness 1
Witness 2 |
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Annexure 1
Annexure 2
