Agreements

Question 1

Premarital Agreements

Answer 1

Can alter CP principles

Must be: (1) in writng and (2) signed by both parties

Does not require consideration

Question 2

Premarital Agreements Cannot

Answer 2

Include child support OR promote divorce

Question 3

Defenses to Enforceability for Premarital Agreements

Answer 3

Not voluntarily executed and/or unconscionable when executed

Question 4

Not voluntarily executed

Answer 4

Presumed involuntary unless proponent can show:

(1) Party was represented by independent counsel or waived counsel
(2) Party had at least 7 days to sign the agreement
(3) If party did not have counsel, party was fully informed of terms and legal effect of agreement
(4) Agreement was not signed under fraud, duress, or undue influencce

Question 5

Unconscionable When Executed

Answer 5

(1) Lack of fair, reasonable, and full disclosure of the assets and liabilities of other spouse
(2) Disclosures were not waived in writing
(3) Could not reasonably obtain knolwedge of other spouse’s obligations

Question 6

Transmutations

Answer 6

Changes character of property from CP to SP, SP to CP, or SP of one spouse to SP of other spouse

Must be in writing and contain an express declaration of adversely affected spouse that ownership has been changed

Exception: Personal gifts between spouses not of substantial value

Question 7

Separation Agreements

Answer 7

Can settle property rights, custody, and spousal support

Cannot alter marital status

Grounds to set aside separation agreements = fraud, mistake, beach of fiduciary duty, or failure to disclose