Prenups

Question 1

Requirements for prenup agreement

Answer 1

1. Entered into voluntary
2. Must have adequate financial disclosure

Question 2

Premartial agreements are presumed valid in PA

Answer 2

The party challenging validity has the burden to prove by clear and convincing evidence that the agreement is invalid

Question 3

Contract elements that are required

Answer 3

1. Consideration:
   
   1. Mutual promise to marry
   2. Waiver of statutory spousal rights upon divorce or death
2. They must be entered into freely by competent persons
3. Subject to contract defenses: fraud, misrepresentation, or duress
   
   1. If the claim is successful, the contract will be held invalid
4. Disclsure
   
   1. There must be full and fair disclosure of financial circumstances of both parties in order to make a valid agreement

Question 4

What is “full and fair” disclosure?

Answer 4

1. disclosure of all financial circumstances that materially bear on the agreement AND
2. circumstances of the parties must be disclosed

Presumption

• 1) If there is a clause in the contract stating that there has been a full and fair disclosure and the parties waive any further disclosure, then that clause will be presumptively valid and there is a presumption that there was a full and fair disclosure.

Question 5

Disclosure Requirement

Answer 5

1. Pennsylvania requires that the person challenging the prenuptial agreement must have executed it voluntarily and that there was a lack of financial disclosure

Question 6

Challenging party must demonstrate:

Answer 6

1. She was not provided a fair and resaonable disclosure of the property or financial disclosure of the other paryt;
2. Challenger did not voluntarily and expresssly waive (in writing) any right to disclsoure of the property of the other party;
3. Person did not have adequate knolwedge of the party or financial obligations of the other party