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Pre-nuptial Agreement on financial arrangement favouring financially stronger party.
This is a prenuptial agreement on financial arrangement after marriage breakdown favouring financially stronger party. The weaker party shall have no claim to the matrimonial home and also alimony/ maintenance from the stronger party.
The first few parts of this agreement specify the definitions of the terms used in this agreement for clear understanding, the parties' acknowledgement of the independent legal advice upon the terms and effect of this Deed and the acknowledgement of duty to have full and frank disclosure. Following that, the parties agree that the pre-marital and post-marital property shall be a party's separate property, so that the other party will not have any right or interest in it.
The body of the agreement covers the arrangements of the matrimonial home, financial assets and custody, in case the parties' marriage breaks down. The parties agree that while Party 1 shall own the share and interest in the matrimonial home, Party 2 shall not have any title or interest in it and shall return any interests in the properties to Party 1, but alternate accommodation will be provided to Party 2. Besides, both parties agree to waive any right to seek or receive any maintenance, spousal support or periodical payments against the other. As for the custody of children, the parties decide that they will have joint custody, or one of them will have the sole custody and the other party shall make proper financial provision for their children.
Finally, terms on other details such as exception of gifts, costs arrangement and the legal force of this agreement are also spelled out. Appendix A of this agreement lists out the means and resources of each party.
This document is Pre-nuptial Agreement on financial arrangement favoring financially weaker party in spite of not sharing equally. This is in favour to the financially stronger party.
This document should be carefully read by the marrying parties.
This Prenuptial Agreement may be used by the marrying parties upon their wish to have a prenuptial agreement in a neutral form to prepare for a marriage breakdown / divorce.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.