THE GENEROUS CONTRACT "What's mine is yours," in writing. From "The Marriage Contract" (sample draft). This is a starting point for discussion, not a finished legal document and not legal advice. Each spouse needs an independent lawyer licensed in their state. [Bracketed] numbers are placeholders for you to decide. Words in [[double brackets]] hand a decision to a judge or arbitrator: they are the "luck of the draw" terms. ABOUT THIS CONTRACT The idea. Most prenups exist to keep things apart. This one exists to put them together. It makes nearly everything shared, including what each of you brought in. It sets support for the lower earner at a level above what most courts would order. And it promises that if the law ever becomes more generous than the agreement, the law wins. Who it suits. Couples early in life with little premarital property. Couples where one person expects to carry the caregiving. Anyone who finds the ordinary prenup's purpose distasteful and would prefer to put generosity on paper. What it costs. Generosity comes out of somebody's pocket. If either of you has children from an earlier relationship, family money with strings attached, or business partners, sharing everything may give away things that aren't entirely yours to give. Article 2 provides a place to list exceptions, and you should use it. Be aware too that you're being generous to the spouse you have today, on behalf of the person you'll be at the end. THE ARTICLES Article 1. Purpose. The Spouses intend to share fully in each other's fortunes. This Agreement shall be construed to favor sharing over separation and, in any case of doubt, to favor the Spouse with the lower income or the greater responsibility for the care of children or family members (the "Supported Spouse"). In English: When in doubt, share, and lean toward the one who earns less or does more of the caregiving. Article 2. All property is shared. All property of either Spouse, whenever and however acquired, including property owned before the marriage and property received by gift or inheritance, is marital property owned equally, except the items listed on Schedule C (such as heirlooms, or property held for a child of a prior relationship). No tracing of contributions shall be required or permitted. In English: Everything is ours, including what each of us brought in and anything either of us inherits. The only exceptions are the ones we list on Schedule C. Nobody ever has to dig up old bank statements. Article 3. Division. Upon dissolution, marital property shall be divided equally by value. The Supported Spouse may elect to receive the family home as part of his or her share, and if that share is insufficient, may defer payment of the difference for up to [five] years at [the applicable federal rate]. In English: We split everything down the middle. Whoever needs the house more can keep it, and can take up to five years to pay the other one off. Article 4. Debts. All debts incurred by either Spouse before separation are shared equally, except debts incurred to conceal or carry on an extramarital relationship, or for gambling, which belong to the Spouse who incurred them. In English: All debts are shared, except money spent on an affair or at the casino. Article 5. Support. Upon dissolution, the Spouse with the higher income shall pay the other [35] percent of the difference between their gross incomes, recalculated annually. Support continues for a period equal to the length of the marriage or, if the marriage lasted [fifteen] years or more, until the payer reaches full Social Security retirement age. Support ends on the recipient's remarriage or either Spouse's death. It shall not be reduced on account of marital misconduct by either Spouse or the recipient's cohabitation. In English: The higher earner pays 35% of the income gap. It runs for as long as the marriage did, or until retirement age if the marriage lasted 15 years or more. There are no fault penalties. Article 6. Starting over. In addition to support, the Supported Spouse shall receive from marital property, before division, an amount equal to [two] years of tuition and fees at the public university of the governing state, for education or retraining. In English: The one who stepped back from a career gets a retraining fund off the top. Article 7. Death. Neither Spouse waives any right in the other's estate. Each Spouse shall maintain a will leaving not less than [three-quarters] of his or her estate to the survivor, shall name the survivor as primary beneficiary of all retirement accounts and life insurance, and shall maintain life insurance of not less than [five] times annual income while any child is a minor. In English: We each leave the other nearly everything. We keep the beneficiary forms pointed at each other and carry real life insurance while the kids are young. Article 8. Most-favored spouse. If, at the time of enforcement, the law of the governing state would provide the Supported Spouse with a larger share of property or greater support than this Agreement does, the law shall control to that extent. In English: If the law ever turns out to be more generous than this agreement, the law wins. Article 9. Fees and process. The Spouses shall mediate for not less than [sixty] days before either files any contested motion, except where safety requires otherwise. The reasonable fees of both Spouses' lawyers and of the mediator shall be paid from marital property before division. If liquid marital property is insufficient, the higher-income Spouse shall advance both Spouses' fees. In English: We try mediation first. Both lawyers get paid from the joint pot, so neither of us can outspend the other. Article 10. Review. The Spouses shall review this Agreement at every [fifth] anniversary and upon the birth or adoption of a child, a move to another state, or the receipt of an inheritance. Failure to review does not affect validity. In English: We reread it every five years and at every big life event.