Prenuptial Contracts: Pratfalls, Pitfalls and Pitbulls

APPENDIX A

A Proposed Prenuptial Agreement


I. INTRODUCTORY CLAUSE

Section 1.1.
 
 

THIS AGREEMENT is between ("husband"), and ("wife"), alternatively referred to as the "Parties" to this Agreement.
 
 


II. WHEREAS CLAUSES



Section 2.1.
 
 

WHEREAS, the Parties to this Agreement intend to marry one another and are making this Agreement in contemplation of becoming husband and wife; and,
 
 

-or-



WHEREAS, the Parties to this Agreement were married to one another on and are currently husband and wife and are making this Agreement with the intention of maintaining and furthering their marital relationship; and,
 
 
 
 

Section 2.2.
 
 

WHEREAS, both parties are individually possessed of certain Separate Property, and both acknowledge that they played no role in the accumulation of the other's Separate Property; and,
 
 
 
 

Section 2.3.
 
 

WHEREAS, each party has previously been married to another, and each party has (a) child(ren) by that previous marriage who is/are his/her presumptive heir(s) - at - law; and
 
 

-or-



WHEREAS, has previously been married to another, and he has (a) child(ren) by that previous marriage who is/are his presumptive heir(s)-at-law; and
 
 
 
 

Section 2.4.
 
 

WHEREAS, the Parties desire to contract with each other concerning matters of financial management during the term of their marriage; and,
 
 
 
 

Section 2.5.
 
 

WHEREAS, the Parties desire to contract with each other concerning matters of the disposition of their Separate Property in the event of their death.
 
 

-or-



WHEREAS, the Parties desire to contract with each other concerning matters of the disposition of their Separate Property in the event of their death or divorce.
 
 


III. NOW THEREFORE CLAUSE



Section 3.1.
 
 

NOW, THEREFORE, for valuable consideration, and with the express intention on the part of both Parties that this Agreement be legally binding, the Parties stipulate and agree as follows:
 
 


IV. CONSIDERATION



Section 4.1.
 
 

The sole consideration for this Agreement shall be as follows:
 
 

(1) The (contemplated) marriage between the Parties; and
 
 

(2) The mutual promises and covenants contained in this Agreement; (and)
 
 

-or-
 
  (3) The sum of DOLLARS ($ ), to be paid by (husband/wife) to (wife/husband) in the manner following:
 
 
 
  -or-
 
 
 
  (3) The transfer by (husband/wife) to (husband/wife) of the following described property:
 
 
 
 
V. FINANCIAL DISCLOSURE



Section 5.1.
 
 

Both Parties affirm that they have, in negotiating this Agreement, fully disclosed to the other all their respective incomes, assets, debts, and liabilities, and each further represents that he/she is satisfied that full disclosure has been made, and that he/she enters into this Agreement with full knowledge of the financial affairs of the other.
 
 

Both parties have attached to this Agreement a simple balance sheet of their assets and liabilities. While neither Party represents his/her respective balance sheet to be a precise statement of his/her assets and liabilities, it constitutes a reasonable approximation of such assets and liabilities.
 
 


VI. DEFINITION OF SEPARATE PROPERTY



Section 6.1.
 
 

Each Party agrees that the property described hereafter shall remain the Separate Property of the other Party:
 
 

(1) All property, whether real or personal, belonging to the other Party (at the commencement of their marriage) (at the time of the signing of this Agreement); and,
 
 

(2) All property acquired by the other Party by gift, devise, bequest or inheritance, including gifts from one Party to the other; and,
 
 

(3) All property acquired by the other Party in his/her separate name while living together outside the marital relationship; and,
 
 

(4) A recovery or claim for pain and suffering arising from a personal injury suffered by the other Party; and,
 
 

(5) All interest, dividends, rents, profits or other income acquired from the aforestated Separate Property, or acquired from property purchased with Separate Property; and,
 
 

-or-
 
  (5) All interest, dividends, rents, profits or other income acquired from the aforestated Separate Property shall not be considered Separate Property subject to the terms of this Agreement; and,
 
 

(6) All appreciation in value of the aforestated Separate Property, whether attributable to market conditions or to the skills and efforts of the owner thereof; and
 
 

-or-
 
  (6) All appreciation in value of the aforestated Separate Property shall not be considered Separate Property subject to the terms of this Agreement.
 
 
 
 
VII. EARNINGS


Section 7.1. Earnings During Marriage - Separate Property.
 
  The Parties agree that all the earnings and accumulations resulting from personal services, skills, efforts and work, together with all property acquired or income derived therefrom, shall be the Separate Property of the Party to whom the earnings and income are attributable.
 
 

Notwithstanding the foregoing paragraph, the Parties agree to contribute equally to the payment of all common household expenses such as mortgage payments, property taxes on residences, property owners' insurance, maintenance expenses on residences, food, joint travel expenses, and all other reasonable and necessary expenses for the joint maintenance of the Parties. (The Parties agree that "all other reasonable and necessary expenses" shall include clothing, medical expenses, entertainment, and automobile expenses.)
 
 

-or-
 
  Section 7.1. Earnings During Marriage - Separate Property with Joint Bank Account.
 
  The Parties agree that all the earnings and accumulations resulting from personal services, skills, efforts and work, together with all property acquired or income derived therefrom, shall be the Separate Property of the Party to whom the earnings and income are attributable.
 
 

Notwithstanding the foregoing paragraph, the Parties agree to contribute mutually to a joint bank account from which common living expenses shall be paid. The husband shall contribute percent to the account and the wife shall contribute percent to the account. From the joint account, the Parties shall pay all common household expenses such as mortgage payments, property taxes on residences, property owners' insurance, maintenance expenses, food, entertainment, joint travel expenses, and all other reasonable and necessary expenses for the joint maintenance of the Parties. (The Parties agree that "all other reasonable and necessary expenses" shall include clothing, medical expenses, entertainment, and automobile expenses.)
 
 

-or-
 
  Section 7.1. Earnings During Marriage - Not Separate Property.
 
  In recognition of the economic value of homemaking and child care services, and in furtherance of their intention and desire to be equal partners in their marital relationship, the Parties agree that the earnings of either, together with all assets purchased with said earnings, shall be owned equally by both Parties and shall be subject to equal division in the event of divorce or the death of either, except that joint tenants property shall retain the right of survivorship, and except as otherwise agreed in writing by the Parties.
 
 

The Parties acknowledge that they appreciate the potential complexity in determining matters of property ownership which this section may engender. Accordingly, the Parties agree to maintain accurate and detailed records of their respective earnings and the disposition thereof.

Any federal or state tax, interest or penalties, which may accrue as a result of this provision shall be borne equally by the Parties.
 
 


VIII. GENERAL WAIVER OF RIGHTS IN SEPARATE PROPERTY



Section 8.1.
 
 

Each Party has the sole and exclusive right at all times to manage and control his/her Separate Property, the same as if he/she were unmarried.
 
 

Each Party has the sole and exclusive right at all times to dispose of any part of his/her Separate Property by deed, will, or otherwise, on his/her sole signature, without any involvement or control by the other Party, and the other Party hereby ratifies and consents on his/her part to any such disposition.
 
 

Each party acknowledges that the right of the other to retain, manage and control his/her Separate Property as granted above extends not merely for the duration of the marriage, but additionally at divorce or at the death of either party. Each part specifically waives, relinquishes, renounces and gives up any claim that he/she might otherwise have made to the Separate Property of the other pursuant to RCW 26.16.120, or any other statue.
 
 


IX. PAYMENT OF DEBTS AND LIABILITIES



Section 9.1.
 
 

Each Party shall bear and pay out of his/her Separate Property, without any obligation or liability on the part of the other therefore, the following liabilities:
 
 

(a) All of his/her debts and other obligations, secured or unsecured, existing at the date of the marriage;
 
 

(b) All debts, obligations, taxes, assessments and expenses at any time incurred, arising, existing or relating to the acquisition, holding, disposition, operation, management or administration or his/her Separate Property; and
 
 

(c) All expenditures for his/her gifts and contributions.
 
 
 
 

 Section 9.2.
 
 

Notwithstanding the foregoing paragraph, either Party may voluntarily contribute toward the payment of the separate liabilities of the other. However, such payment shall not constitute an assumption of the said liabilities by the contributing Party, nor shall such payment constitute an admission of liability therefore by the contributing Party.
 
 

-or-
 
  Notwithstanding the foregoing paragraph (husband/wife) will bear and pay all necessary expenses of operating and maintaining the residence occupied by the parties and their marital home, including, thereon, taxes, insurance (including insurance on personal fuel, electricity, upkeep, repairs, maintenance, food, drink, entertainment, household furnishings and equipment normally acquisition, maintenance, operation and replacement of family automobiles. During their marriage, (husband/wife) will also bear and pay all normal necessary and proper expenses for the support, medical care and maintenance of (husband/wife) including all normal clothing and other usual and normal living expenses.
 
 


X. DISPOSITION OF PROPERTY TO OTHER PARTY



Section 10.1.
 
 

Notwithstanding any other provision of this Agreement, either Party may, by appropriate written instrument, transfer, gift, convey, devise or bequeath any property to the other. Neither Party intends by this Agreement to limit or restrict the right to receive any such transfer, gift, conveyance, devise or bequest from the other.
 
 


XI. DISPOSITION OF PROPERTY IN EVENT OF DEATH



Section 11.1.
 
 

In the event of the death of either Party, the Parties agree as follows:
 
 

(1) The Parties are aware that RCW 11.86.060 provides that the rights of the surviving spouse to elect against a will may be barred by the terms of a written Agreement signed by both spouses. The Parties understand that this Agreement constitutes a written Agreement under RCW 26.16.120, regardless of any amendments, revisions or repeal of that statute which may occur in the future.
 
 

(2) The Parties further waive all other family rights otherwise provided by RCW 11.52, including any allowance to the other during the period of administration, as provided by RCW 11.52.040, and the award in lien of homestead by the surviving spouse as provided by RCW 11.52.010.
 
 

(3) (Wife/Husband) shall receive the sum of DOLLARS

($ ). This said sum shall be paid to the surviving (wife/husband) by the estate of the deceased (husband/wife).
 
 

-or-
 
  (3) (Wife/Husband shall receive the sum of DOLLARS ($ ). To guarantee the payment of this amount, the (husband/wife) shall purchase a life insurance policy on (his/her) life in the amount of DOLLARS ($ ) with the (wife/husband) named as the sole and irrevocable beneficiary thereof. The beneficiary shall receive the full amount of the insurance policy benefits, including any accrued interest and dividends thereon. In the event the life insurance is insufficient to fully satisfy the aforesaid sum, then (husband/wife) shall have a claim against the estate of the deceased (husband/wife) for the difference.
 
  -or-
 
  (3) The surviving spouse shall have a life estate in all Separate Property of the deceased spouse. The life estate shall entitle the surviving spouse to hold, use and receive the income from the said Separate Property until his/her death. Upon the death of the surviving spouse, the remainder interest in the said Separate Property shall pass to the heirs of distributees of the granting spouse, as directed by the granting spouse's Will or the Law of Intestacy of the State of Washington in effect at the time of death of the said surviving spouse.
 
  -or-
 
  (3) (Husband/Wife) shall have a life estate in that portion of the deceased (wife's/husband's) Separate Property as is listed on the schedule attached hereto. The life estate shall entitle the surviving spouse to hold, use and receive the income from the said Separate Property until (his/her) death. Upon the death of the surviving spouse, the remainder interest in the said Separate Property shall pass to the heirs or distributees of the granting spouse, as directed by the granting spouse's will or the Law of Intestacy of the State of Washington in effect at the time of the death of the said surviving spouse.
 
  -or-
 
  (3) A. (Husband/Wife) shall be entitled to receive all of the deceased (husband/wife's) household furniture and furnishings and other articles intended for utilitarian or ornamental household use, which are located in the principal residence occupied by the parties at the time of the death of (husband/wife); and (husband/wife) shall be allowed to continue occupying said principal residence for a period of six months, utilities to be the obligation of the deceased (husband/wife's) estate.
 
 

B. In addition (husband/wife) shall be left a bequest of

($ ,000.00) which shall be paid to her/him not later than sixty days after the date of death of (husband/wife).
 
 

C. If (husband/wife) survives (husband/wife), (husband/wife) will provide in his/her last Will and Testament and/or other estate planning documents for a trust which will pay the following amounts to the surviving spouse:
 
 

(1) On or about the first day of each calendar month (commencing on or about the first day of the calendar of ($ ) per month shall be paid to the surviving spouse. In addition to the foregoing monthly payments, the further and additional amount of Hundred Dollars ($ ) per month shall be paid to the surviving spouse for each increment of five (5) years, or any portion thereof, during which he/she shall have survived the other, all in accordance with the schedule of payments to be made to the surviving spouse as set out on Exhibit C hereto.
 
  (2) Any other provision notwithstanding, any and all such payments herein provided shall cease with the monthly which had been due for the month immediately preceding the death of the surviving spouse, and any and all liability with respect to the payments required by this paragraph (A) (3) shall be thereby fully and completely satisfied and terminated.
 
 

(3) The payments provided and required by this paragraph shall be made by the Personal Representatives of the deceased (husband/wife's) administration of the estate, and shall thereafter be made by the Trustees of the trust or trusts provided and required to be established by the terms of this paragraph (A) (3) to fund the payments herein provided for the surviving spouse.
 
 

(4) The terms and provisions of this paragraph (A) (3) shall be binding upon the parties hereto, the Personal Representatives of their respective estates, the trustees of the trust or trusts to be established under their Wills, and all their respective successors and assigns in interest.
 
 

 D. (Husband/wife) will provide in his/her last Will and Testament or other estate planning documents that all property passing to the surviving spouse pursuant to the subparagraphs (1), (2) and (3) above shall pass to her/him free and clear of any United States or foreign or state death taxes and that the surviving spouse shall not be charged with any such taxes nor required to contribute towards any such taxes; but the surviving spouse shall be responsible for any and all income taxes (state and federal) which may be applicable to any and all such payments and provisions.
 
 
 
 
XII. DISPOSITION OF PROPERTY IN EVENT OF DIVORCE



Section 12.1.
 
 

In the event of the divorce of the Parties, the Parties agree as follows:
 
 

(1) The Parties are aware that RCW 26.09.070 provides that written Agreements as to property division are binding upon the Parties at the time of any divorce. The Parties understand that this Agreement constitutes a written Agreement under RCW 26.09.070. The Parties agree to be bound by this Agreement as provided in RCW 26.09.070, regardless of any amendments, revisions, or repeal of that statute which may occur in the future.
 
 

(2) (Husband/Wife) will pay to (wife/husband) the sum of DOLLARS ($ ) in the manner following:
 
 
 
 
XIII. JOINT TENANCY PROPERTY



Section 13.1.
 
 

The parties may, from time to time, own certain property as joint tenants with right of survivorship. Except as specifically provided herein, it is the express intention of the Parties that their joint tenancy property shall not be subject to the provisions and limitations of this Agreement.
 
 


XIV. OPTIONAL CLAUSES


Section 14.1 Support. The parties agree that each is physically, emotionally and financially capable of providing for his/her own support at an appropriate standard of living. Accordingly, each party accepts full responsibility for his/her own support, and agrees that he/she is not entitled to be supported by the other, except in the event of disability. For purposes of this paragraph, "support" means expenditures for food, clothing, shelter, medical care, and other necessities.
 
 
 
  Section 14.2. Disability.
 
  Upon the physical or mental disability of either Party, the other shall assume complete responsibility to the extent of his/her earnings and assets for the care of the disabled Party.
 
  -or-
 
  Upon the physical or mental disability of either Party, his/her separate property shall be spent for that Party's maintenance until such property is exhausted, at which time the other Party shall assume responsibility to the extent of his/her earnings and assets for the care and maintenance of the disabled Party.
 
  Section 14.3. Preparation and Filing of Tax Returns.
 
  (1) The Parties agree that they will file joint income tax returns during their marriage. (Husband/Wife) will pay the entire tax due on each joint Federal and State declaration of estimated tax and each joint Federal and State tax return filed by the Parties under this Agreement. However, before the filing date on which each declaration of estimated tax and each return is due, (wife/husband) shall pay to (husband/wife) an amount equal to a fraction of the total tax due on the declaration or return, the numerator of which is the amount of tax (wife/husband) would have been required to pay if (she/he) had filed a separate declaration or separate return and the denominator of which is the sum of the taxes that the Parties would have been required to pay if each had filed a separate declaration or return, provided, however, that (wife/husband) may deduct from any payment due (husband/wife) the amount, if any, withheld from any earnings (she/he) may have had, and (husband/wife) may take a credit on the declaration or return equal to the amount withheld.
 
 

(2) The Parties shall share all expenses incurred in preparing the joint Federal and State declarations and returns in the same proportion as the tax payments are allocated between them.
 
 

 (3) Any refund arising out of the joint Federal and State declarations and returns shall, after reimbursement of expenses, be apportioned between the Parties in the same proportion as their respective contributions to the tax payments.
 
 

(4) The Parties agree to consult and cooperate in obtaining any refund to which they may be entitled. They also agree to share the reasonable expenses of obtaining the refund in the same proportion as their respective contributions to the tax payments.
 
 
 
 

Section 14.4. Purchase of Residence.
 
  (1) The Parties contemplate that they will, in the future, purchase a residence. The Parties shall contribute the down payment to the said residence in the following percentages:
 
  Husband: %
 
  Wife: %
 
  The Parties shall hold title to the residence as tenants in common in the same proportions as they contributed to the down payment.
 
  -or-
 
  (1) The Parties contemplate that they will, in the future, purchase a residence. The Parties shall hold title to the residence as equal tenants in common.
 
 

(2) The Parties shall have an obligation to pay all mortgage (principal and interest), taxes, utilities, insurance and maintenance in the same proportion as they contributed to the down payment.
 
 

-or-
 
  (2) The Parties shall have an obligation to pay all mortgage (principal and interest), taxes, utilities, insurance and maintenance in the following percentages:
 
  Husband: %
 
  Wife: %
 
  (3) The Parties shall have equal rights to the control, management and use of the residence.
 
 

(4) In the event of the dissolution of the marriage by death or divorce, or in the event of the sale of the residence for any reason, each of the Parties to this Agreement shall have a right of first refusal to purchase the residence at the then current market price. In the event a dispute arises as to the then current market price of the residence, the Parties shall mutually designate an appraiser who shall determine the price and said price shall be the purchase price. Either Party shall have the option to buy or sell at the purchase price. The terms of such sale shall be cash.
 
 
 
 
 
 

 Section 14.5. Purchase of Other Property.
 
  (Husband/Wife) agrees to purchase for (wife/husband) the following described property:
 
 
 
 
 
 

(Husband/Wife) agrees to pay any installment obligations which may become due and hold (wife/husband) fully harmless with respect thereto. (Wife/Husband) shall own such property as (her/his) Separate Property and shall be solely liable for all maintenance and upkeep thereon.
 
 
 
 

Section 14.6. Termination of Agreement.
 
  This Agreement shall continue in effect until years from the date hereof. Thereafter, this Agreement shall automatically terminate. It is contemplated that the Parties will negotiate a new Agreement at that time. If no new Agreement is entered into, the laws of the State of Washington shall govern the relationship of the Parties, but as to the assets acquired during the effective period of this Agreement, this Agreement shall control.
 
  -or-
 
  This Agreement shall continue in effect until the first of the following occurrences:
 
  (1) A child is born of this marriage;
 
 

(2) Either Party becomes disabled so as to be unable to maintain gainful employment; or
 
 

(3) years from the date of this Agreement.
 
 

 Thereafter, this Agreement shall automatically terminate. It is contemplated that the Parties will negotiate a new Agreement at that time. If no new Agreement is entered into, the laws of the State of Washington shall govern the relationship of the Parties, but as to the assets acquired during the effective period of this Agreement, this Agreement shall control.
 
 


XV. MISCELLANEOUS CLAUSES


Section 15.1. Fiduciary Duty.
 
  Each of the Parties promises to act in good faith and to deal fairly toward the other pursuant to this Agreement.
 
 
 
  Section 15.2. Binding Effect.
 
  This Agreement shall be binding upon and enure to the benefit of the Parties and their respective heirs, executors, personal representatives, successors and assigns.
 
 
 
  Section 15.3. Voluntariness.
 
  Each of the Parties acknowledges that he/she has voluntarily executed this Agreement, with full knowledge and information, and that no coercion or undue influence has been used by or against either Party in making this Agreement.
 
 
 
  Section 15.4. Amendment.
 
  This Agreement shall be amended only by a written Agreement signed by both Parties.
 
 
 
  Section 15.5. Governing Law.
 
  This Agreement shall be interpreted in accordance with the laws of the State of Washington, said State being the State in which both of the Parties now reside and are domiciled and in which this Agreement is executed.
 
 
 
  Section 15.6. Entire Agreement.
 
  This Agreement represents the entire Agreement of the Parties with regard to the subject matter hereof. All agreements, covenants, representations and warranties, express or implied, oral or written, of the Parties with regard to the subject matter hereof are contained herein. No other Agreements, covenants, representations or warranties, express or implied, oral or written, have been made by either Party to the other with respect to the subject matter of this Agreement. All prior and contemporaneous conversations, negotiations, possible and alleged agreements and representations, covenants and warranties with respect to the subject matter hereof are waived, merged herein and superseded hereby.
 
 
 
  Section 15.7. Interpretation.
 
  No provision of this Agreement shall be interpreted for or against any Party because that Party or that Party's legal representative drafted this Agreement.
 
 
 
  Section 15.8. Severability.
 
  In the event any of the provisions of this Agreement are deemed to be invalid or unenforceable, the same shall be severed from the remainder of this Agreement and shall not cause the invalidity or unenforceability of the remainder of this Agreement. If such provision shall be deemed invalid due to its scope or breadth, such provision shall be deemed valid to the extent of the scope or breadth permitted by law.
 
 
 
  Section 15.9. Execution in Counterpart.
 
  Each party shall, upon the request of the other or of the other's personal representative, execute, acknowledge, and deliver any instruments, appropriate or necessary to effectuate the intent and provisions of this Agreement. (Specifically, the following documents shall be executed: INSERT LIST OF DOCUMENTS).
 
 
 
  Section 15.11. Community Property Rules.
 
  In the event the Parties move to a common law property state, the terms of this Agreement shall govern and the laws of the common law property state shall not govern.
 
 
 
  Section 15.12. Consultation With Attorney.
 
  Prior to signing this Agreement, each party consulted with an attorney of his/her choice. Each party has received from such attorney a full explanation of the terms and legal significance of this Agreement and the effect which it has upon any interest which each Party might accrue in the property of the other. Each Party acknowledges that he/she fully understands the Agreement and its legal effect and he/she is signing the same freely and voluntarily; neither Party has any reason to believe that the other did not understand fully the terms and effects of the Agreement and that he/she did not freely and voluntarily execute said Agreement.
 
  -or-
 
  Prior to signing this Agreement, each Party had the opportunity to consult with an attorney of his/her choice. To the extent that either Party has chosen not to consult with such attorney, he/she has knowingly and voluntarily waived the right to do so with respect to the advisability of entering into this Agreement. (Husband/Wife) acknowledges that (specify attorney or law firm) has represented only (Wife/Husband) in the negotiation and preparation of this Agreement.
 
 
 
  Section 15.13. Mediation, Arbitration.
 
  In the event of any dispute hereunder, such dispute shall be resolved by first submitting the matter to mediation. If mediation fails, then the matter shall be submitted to binding arbitration in accordance with the rules of the American Arbitration Association.
 
 


XVI. SIGNATURE CLAUSE



Section 16.1.
 
 

IN WITNESS WHEREOF, this Agreement is signed on the day of , 19 .
 
 
 
 
 
 
 
 

  (Name of Husband)
 
 
 
  (Name of Wife)
 
 
 
 
 
 
XVII. CERTIFICATION CLAUSES



Section 17.1.
 
 

The undersigned hereby certifies that he/she is an attorney, duly licensed to practice in the State of Washington; that he/she has been employed by (husband/wife), one of the Parties to the foregoing Agreement; that he/she has advised and consulted with that said Party with respect to his/her rights and has fully explained to him/her the legal significance of the foregoing Agreement and the effect which it has upon his/her rights otherwise obtained as a matter of law; that said Party, after being fully advised by the undersigned, acknowledged to the undersigned that he/she understood fully the terms of the said Agreement and the legal effect thereof, and that he/she has executed the same freely and voluntarily; and that the undersigned has no reason to believe that the said Party did not fully understand such terms and effects and that he/she did not freely and voluntarily execute said Agreement, such execution being in the undersigned's presence.
 
 

DATED: this day of , 19 .
 
 
 
  Attorney at Law
 
  -or-
 
  Section 17.1.
 
 

The undersigned hereby certify that they have subscribed their names as witnesses to this Agreement; that each Party acknowledged to the undersigned that he/she understood fully the terms of the said Agreement and the legal effect thereof, and that he/she has executed the same freely and voluntarily; and that the undersigned have no reason to believe that the said Parties did not fully understand such terms and effects and did not freely and voluntarily execute said Agreement, such execution being in the undersigned's presence.
 
 
 
 

 

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