Common use of Current Circumstances Clause in Contracts

Current Circumstances. With respect to current circumstances: _________________________ (name1) presently lives at: ________________________ (address, including city, county and State). Name1 has [no children/_____ child whose name and is age _____/children whose name and ages are __________]. _______________________________ (name2) presently lives at: __________________ (address, including city, county and State). Name2 has [no children/_____ child whose name and is age _____/children whose name and ages are __________]. The Parties wish to establish their respective rights and responsibilities regarding each other's income and property, as well as any income and property that may be acquired, either separately or together, during the period of cohabitation. The Parties intend for the distribution and characterization of any property that either or both of them may own or acquire during the period of cohabitation shall be governed by the terms of this Agreement, and this Agreement alone, upon the event of dissolution, whether by choice or by death.