A premarital, or prenuptial agreement, is an agreement between a man and woman before they are married. The prenuptial agreement lists the assets and debts for both the man and the woman, and any agreement that they both make as to their rights and duties if they later separate or divorce.

• Prenuptial agreements cannot do away with or reduce a parent’s obligation to support their minor children.
  
• Prenuptial agreements go into effect when the man and woman are married.

Requirements for Prenuptial Agreements

A prenuptial agreement must:

• Be in writing;
  
• Contain a statement of assets of both the husband and wife; and
  
• Be signed by both the husband and wife.

Contents of Prenuptial Agreements

A prenuptial agreement can contain the following information:

• The rights and obligations of the man and woman for all property acquired by either or both of them at any time, including the right to buy, sell, manage and control property;
  
• The method of dividing up property and assets upon separation, divorce, death or any other agreed upon event;
  
• The modification or complete elimination of alimony;
  
• The writing of a will, trust or other legal document to carry out the provisions of the agreement;
  
• Ownership and distribution of any life insurance monies upon death of either the man or woman;
  
• Which state law will control the legal interpretation of the agreement; and
  
• Any other matters including personal rights and obligations that can legally be addressed by the parties.

Amendment or Modification of Prenuptial agreements

A prenuptial agreement can only be amended, changed or canceled if:

• The addition, change or cancellation is written; and
  
• It is signed by both the man and the woman.

Enforcement of Prenuptial agreements

Generally, the Court will enforce a prenuptial agreement unless it can be proved that:

• Either the husband or wife did not sign the agreement voluntarily; Or
  
• The agreement is unconscionable at the present time; Or
  
• Before executing the agreement either the man or woman:
  
  • Was not given a full and complete disclosure of all assets, income and financial obligations of the other party;
    
  • Did not voluntarily and in writing waive his or her right to receive full and complete financial disclosure from the other spouse;
    
  • Did not have and reasonably couldn’t have had knowledge of the other party’s financial assets, income and obligations;
    
  • Did not consult with an independent lawyer or did not voluntarily in writing give up their right to consult with an independent lawyer concerning the contents of the agreement.