Premarital contracts

Question 1

What is required for a premarital contract to be enforceable?

Answer 1

Most states will enforce a premarital agreement as a valid contract if it is:

1. In writing and signed by both parties;
2. Executed after full disclosure of the property and financial obligations of both parties; AND
3. Voluntary

Question 2

To determine whether a premarital agreement was voluntary, what four factors will they look at?

Answer 2

The presence of independent legal counsel;

The length of time between the agreement and the marriage;

the sophistication of the parties; AND

The presence of other pressing reasons to proceed with the marriage (e.g., pregnancy)

Question 3

Under the Uniform Premarital Agreement Act (UPAA), what must the party, against whom enforcement is sought, prove to void it?

Answer 3

The party must prove that the agreement was valid by showing:

1. The agreement was NOT voluntary; OR
2. Unconscionable when it was executed AND that he or she did not receive or waive fair and reasonable disclosure AND did not have, or reasonably could not have had an adequate knowledge of the other’s assets and obligations.