Prenuptial Agreement (Rev. 1339FFD)
Any increase in the value relating to the separate property will also remain as the non-marital,
separate and individual property of Penny. Penny has the full right and authority to manage, sell,
gift, transfer or otherwise dispose of Penny’s separate property.
7. Property Acquired During Marriage. With respect to property acquired during marriage:
a. All assets, real property, and personal property earned, acquired and given
to Johnny and Penny individually during marriage and earned and acquired by both parties
through their joint efforts or given to both parties will be treated as marital property and owned
by Johnny and Penny or as otherwise designated in a writing signed by both parties.
b. In the event the marriage is terminated, the marital property is subject to division
as determined by the jurisdiction whose law governs the construction of this Agreement.
8. Ownership of Business. With respect to ownership of business:
b. Any business acquired by both parties through their joint efforts or given to both parties will
be treated as marital property and jointly owned by both parties. In the event the marriage is
terminated, ownership of the business and any appreciation in the value of the jointly owned
business during the course of the marriage will be shared equally, or as otherwise designated in
writing signed by both parties.
9. Waiver of Rights. With respect to each party’s waiver of rights:
a. Johnny waives and releases any claims that he or she may acquire in the assets and
property of Penny as a result of the marriage for those assets and property owned prior to the
marriage.
b. Penny waives and releases any claims that he or she may acquire in the assets and
property of Johnny as a result of the marriage for those assets and property owned prior to the
marriage.
c. This waiver applies regardless of whether the property is considered marital or community
property by the jurisdiction whose law governs the construction of this Agreement.
10. Premarital Debts. With respect to premarital debts:
a. All of Johnny’s pre-existing debts or obligations listed in Exhibit A that is Johnny’s sole
responsibility prior to the marriage and all of Penny’s pre-existing debts or obligations listed in
Exhibit B that is Penny’s sole responsibility to the marriage will be considered marital debt of
both Johnny and Penny.
b. In the event the marriage is terminated, the marital debt is subject to division
as determined by the jurisdiction whose law governs the construction of this Agreement.
11. Debts Acquired During Marriage. With respect to debts acquired during marriage:
a. All debts incurred by Johnny and Penny individually during marriage and all debts incurred
jointly under both Johnny and Penny will be treated as marital debt and owned equally
by Johnny and Penny or as otherwise designated in writing signed by both parties.
b. In the event the marriage is terminated, the marital debt is subject to division determined
by the jurisdiction whose law governs the construction of this Agreement.
12. Taxes. With respect to taxes:
a. This Agreement does not waive either party’s right to report their income for federal or
state income tax purposes as spouses.
b. Federal gift tax laws and federal estate tax laws impacting the rights of spouses shall
continue to apply independent of this Agreement.
c. During their marriage, the parties may elect to jointly file federal and state income tax
returns, but this election shall not create any community property or any other rights or interests
unless otherwise intended by the provisions of this Agreement.
d. During their marriage, the parties may elect to file a joint income tax return, but each party
will continue to be liable for any and all taxes associated with their separate property.