Common use of Separate debt Clause in Contracts

Separate debt. With respect to debts incurred prior to the marriage, each Party’s pre-existing debts or obligations listed in Exhibit A and Exhibit B will remain as the respective Party’s sole responsibility during and after the marriage, except for the following debts, which will be considered the marital debt of both Parties: _________________________________________________________________________ ___________________________________________________________________________ (Optional). Except for the debts stated above, any increase in the value of the pre-existing debts or obligations will also remain the sole responsibility of the respective Party. Each Party will indemnify the other Party and be responsible for all related expenses including attorney’s fees if a debt or obligation is asserted as a claim or demand against the other Party’s property.