Plaw

Teresa Castle

PLAW 340=B01-LUO

Professor Suzanne Caruso

Discussion Board Forum 3

What are the basic requirements to have a valid premarital agreement?

A premarital agreement is a type of contract, it must comply with the laws regulating contracts in the state in which the agreement is written.” George W. Kent, Family Law for Paralegals 19 (2009). To start the agreement, a spouse must make an offer. An acceptance from one of the spouses is the next step. Both parties must have the same understanding of the terms of the agreement. The legal (meaning being 18 years or older) and mental (meaning understanding the actions being taken) need to be understood. The next step is a consideration which means the reason for the agreement and the consideration must be legal. A premarital agreement must be in writing. Both spouses must willingly enter into the agreement. A spouse must completely and truthfully reveal his/her income and assets to the other spouse. Certain states allow a spouse to waive a full disclosure of assets, but the waiver must be knowledgeable and freely. The matter must be free from deception and threat.

What issues can and cannot be contracted for in a premarital agreement?

An issue that a premarital agreement can do is to keep separate finances. Every state has laws assigning specific kinds of assets accrued during the marriage as marital property or community property, even if these assets are in one spouse’s name. The protection from debts is another issue that an agreement can take care of because a spouse can limit their liability. The issue of providing for children from prior marriages can also be taken care of in the premarital agreement. The agreement can keep the property in the family. The agreement can also specify who gets what in case there is a divorce.

“The UPPA also recognizes some limitations on what can be contained in premarital agreements. These include anything that would be in violation of...