Financial Statements only in Connection with Prenuptial Premarital Agreement
Sometimes there are areas of law about which Uniform Acts
are written and adopted by the various states. Premarital Agreements
is such an 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.
Definitions: In this subchapter:
(1) "Premarital agreement" means an agreement between prospective spouses
made in contemplation of marriage and to be effective on marriage.
(2) "Property" means an interest, present or future, legal or equitable,
vested or contingent, in real or personal property, including income and
earnings. Added by Acts 1997, 75th Leg., ch. 7, Â§ 1, eff. April 17,
1997.Â§ 4.001 FAM.
A premarital agreement must be in writing and signed by both parties. The agreement is enforceable
without consideration. Added by Acts 1997, 75th Leg., ch. 7, Â§ 1,
eff. April 17, 1997Â§ 4.002 FAM.
(a) The 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 on separation, marital dissolution,
death, or the occurrence or nonoccurrence of any other event;
(5) the making of a will, trust, or other arrangement to carry
out the provisions 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. Added by Acts 1997, 75th Leg., ch. 7, Â§
1, eff. April 17, 1997. 4.003 FAM.
Effect of Marriage:
A premarital agreement becomes effective on marriage. Added by Acts 1997, 75th Leg., ch. 7, Â§
1, eff. April 17, 1997 4.004 FAM.
Amendment or 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. 4.005 FAM.
(a) A premarital agreement is not enforceable if the party against whom enforcement is requested proves
(2) the agreement was unconscionable when it was signed and, before
signing the agreement, that party:
(b) An issue of unconscionability of a premarital agreement shall
be decided by the court as a matter of law.
(c) The remedies and defenses in this section are the exclusive
remedies or defenses, including common law remedies or defenses. 4.006
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.Â§ 4.007 FAM.
Limitation of Actions:
A 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.4.008 FAM.
Application and Construction:
This subchapter shall be applied and construed to effect its general purpose to make uniform
the law with respect to the subject of this subchapter among states enacting
these provisions. 4.009 FAM.
This subchapter may be cited as the Uniform Premarital Agreement Act. 4.010 FAM.
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 Guidelines
Predetermined Disposition of Property
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Disclaimer: This law summary is not legal advice.
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