The aim of the Uniform Premarital Agreement Act (UPAA) is to provide consistency and clarity to all documents spouses may create. It places a particular emphasis on agreements that waive or modify rights that would otherwise materialize during marriage dissolution or the death of one spouse.
The UPAA states that both parties should be allowed to create mutually agreed upon financial terms of divorce (with some limitations).
The UPAA:
- Reviews the minimal standards of fairness;
- Submits the review to the state of Kentucky; and
- Establishes a burden of proof for when a person’s rights could be waived or modified.
After the UPAA submits the agreement to the state, it can refuse or agree to enforce the document. This decision depends entirely on if one party will be put in financial jeopardy.
Prenuptial Agreements and the UPAA
A prenuptial agreement generally addresses:
- division of property;
- spousal support (alimony);
- child custody; and
- provisions for asset forfeit.
A prenuptial agreement is usually requested by the spouse who stands to lose the most. However, either party can request a prenuptial agreement.
The primary advantage of choosing to create a prenuptial agreement, in the jurisdiction of a state that’s passed the UPAA, is the placement of comprehensive statutes and provisions to resolve any issues associated with prenuptial agreements.
These statutes and provisions include:
- All premarital agreements must be in writing and signed by both parties.
- The agreement is NOT enforceable if either party did not voluntarily sign the agreement; or if either party was forced to sign the agreement under duress.
- A provision in the agreement states one party is not eligible for spousal support, or if they are eligible for public assistance, the paying spouse may still need to provide spousal support to avoid eligibility.
- If a marriage is determined to be null, any agreement that would have been considered a premarital agreement must be enforced.
Constructing a Premarital Agreement? Contact Law Office of Pamela C. Bratcher.
Are you considering creating a premarital contract with your spouse? Our prenuptial agreement attorney has extensive knowledge of the UPAA and can help you construct a flawless document.
Call our office today at (270) 783-8311 or contact us online for a FREE consultation.