Arkansas Prenuptial Premarital Agreement with Financial Statements
Sometimes there are areas of law about which Uniform Acts
are written and adopted by the various states. Premarital Agreements
is such as area of law. The NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM
STATE LAWS adopted the final version of the Uniform Premarital Agreement
Act in 1983. Since that date, the act, as modified by the various
states, has been adopted in the following states: Arizona, Arkansas, California,
Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Illinois, Indiana,
Iowa, Kansas, Maine, Montana, Nebraska, Nevada, New Jersey, New Mexico,
North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Texas,
Utah and Virginia. At the heart of the act is the provision which
provides that such an agreement is generally valid if in writing and sets
forth the factors to consider if the agreement is challenged.
(a) A premarital agreement is not enforceable
if the party against whom enforcement is sought proves that:
(1) The party did not
execute the agreement voluntarily; or
(2) The agreement was
unconscionable when it was executed and, before execution of the agreement,
(i) Was not provided a fair and reasonable disclosure of the property or
financial obligations of the other party;
(ii) Did not voluntarily and expressly waive after consulting with legal
counsel, in writing, any right to disclosure of the property or
financial obligations of the other party beyond the disclosure
(iii) Did not have, or reasonably could not have had, an adequate knowledge
of the property or financial obligations of the other party.
(b) If a provision of a premarital agreement
modifies or eliminates spousal support and that modification or elimination
causes one party to the agreement to be eligible for support under a program
of public assistance at the time of separation or marital dissolution,
a court, notwithstanding the terms of the agreement, may require the other
party to provide support to the extent necessary to avoid that eligibility.
(c) An issue of unconscionability of a premarital
agreement shall be decided by the courts as a matter of law. History. Acts
1987, No. 715, 6. 9-11-406
Content: (a) Parties to a premarital agreement
may contract with respect to:
(1) The rights and obligations
of each of the parties in any of the property of either or both of
them whenever and wherever acquired or located;
(2) The right to buy, sell, use, transfer, exchange, abandon, lease,
consume, expend, assign, create a security interest in, mortgage, encumber,
dispose of, or otherwise manage and control property;
(3) The disposition of property upon separation, marital dissolution,
death, or the occurrence or nonoccurrence of any other event;
(4) The modification or elimination of spousal support;
(5) The making of a will, trust, or other arrangement to carry
out the provisions of the agreement;
(6) The ownership rights in and disposition of the death benefit
from a life insurance policy;
(7) The choice of law governing the construction of the agreement;
(8) Any other matter, including their personal rights and obligations,
not in violation of public policy or a statute imposing a criminal penalty.
(b) The right of a child to support may not be adversely affected
by a premarital agreement. History. Acts 1987, No. 715, 3. 9-11-403.
Time of taking effect: This subchapter
takes effect July 20, 1987, and applies to any premarital agreement executed
on or after that date. History. Acts 1987, No. 715, 12. 9-11-412.
Short title: This subchapter may
be cited as the "Arkansas Premarital Agreement Act." History. Acts 1987,
No. 715, 10. 9-11-410.
Limitations of actions: Any statute of
limitations applicable to an action asserting a claim for relief under
a premarital agreement is tolled during the marriage of the parties
to the agreement. However, equitable defenses limiting the time for enforcement,
including laches and estoppel, are available to either party. History.
Acts 1987, No. 715, 8. 9-11-408.
Enforcement: Void marriage: If a marriage
is determined to be void, an agreement that would otherwise
have been a premarital agreement is enforceable only to the extent
necessary to avoid an inequitable result. History. Acts 1987, No. 715,
Amendment, revocation: After marriage,
a premarital agreement may be amended or revoked only by
a written agreement signed by the parties. The amended agreement
or the revocation is enforceable without consideration. History. Acts 1987,
No. 715, 5. 9-11-405.
Effect of marriage: A premarital agreement
becomes effective upon marriage. History. Acts 1987, No. 715, 4. 9-11-404.
Formalities: A premarital agreement must
be in writing and signed and acknowledged by both parties. It is enforceable
without consideration. History. Acts 1987, No. 715, 2. 9-11-402.
Definitions: As used in this subchapter:
(1) "Premarital agreement" means an agreement between prospective spouses
made in contemplation of marriage and to be effective upon marriage;
(2) "Property" means an interest, present or future, legal or equitable,
vested or contingent, in real or personal property, including income and
earnings. History. Acts 1987, No. 715, 1. 9-11-401.
Advantages of premarital agreements for both parties:
Avoiding Litigation Costs
Protecting against Fears of Family Members
Protecting Family Assets
Protecting Business Assets
Protection Against Creditors
Child Custody and Support Guidlines
Predetermined Disposition of Property
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Disclaimer: This law summary is not legal advice.
If you are not an attorney, you should consult an attorney about serious