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 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 it is in writing and it sets
forth the factors to consider if the agreement is challenged.
New Jersey Statutes
Short title:
This article shall be known and may be cited as the "Uniform Premarital Agreement Act." Source:
New. L. 1988, c. 99, § 1.37:2-31.
Definitions:
As used in this article:
a. "Premarital agreement" means an agreement between prospective spouses
made in contemplation of marriage and to be effective upon marriage;
b. "Property" means an interest, present or future, legal or equitable,
vested or contingent, in real or personal property, including income and
earnings;
c. "Unconscionable premarital agreement" means an agreement, either
due to a lack of property or unemployability:
Formalities; consideration:
A premarital agreement shall be in writing, with a statement of assets annexed thereto,
signed by both parties, and it is enforceable without consideration. Source:
New. L. 1988, c. 99, § 1.37:2-33.
Contents of premarital agreement:
Parties to a premarital agreement may contract with respect to:
a. 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;
b. 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;
c. The disposition of property upon separation, marital dissolution,
death, or the occurrence or nonoccurrence of any other event;
e. The making of a will, trust, or other arrangement to carry out
the provisions of the agreement;
h. Any other matter, including their personal rights and obligations,
not in violation of public policy. Source: New. L. 1988, c. 99, §
1.37:2-34.
Premarital agreement not to adversely affect right of child support:
A premarital agreement shall not adversely affect the right
of a child to support. Source: New. L. 1988, c. 99, § 1.37:2-35.
When premarital agreement becomes effective:
A premarital agreement becomes effective upon marriage of the parties. Source:
New. L. 1988, c. 99, § 1.37:2-36.
Amendment or revocation of premarital agreement:
After marriage of the parties, a premarital agreement may be amended or revoked
only by a written agreement signed by the parties, and the amended agreement
or revocation is enforceable without consideration. Source: New. L. 1988,
c. 99, § 1.37:2-37.
Enforcement of premarital agreement; generally:
The burden of proof to set aside a premarital agreement shall be upon the party
alleging the agreement to be unenforceable. A premarital agreement shall
not be enforceable if the party seeking to set aside the agreement proves,
by clear and convincing evidence, that:
c. That party, before execution of the agreement:
d. The issue of unconscionability of a premarital agreement shall
be determined by the court as a matter of law. Source: New. L. 1988, c.
99, § 1.37:2-38.
Enforcement of premarital agreement; marriage determined void:
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. Source: New.37:2-39.
Construction of article:
This article shall be construed to effectuate its general purpose to make uniform the law
with respect to the subject of the article among states enacting the "Uniform
Premarital Agreement Act." Source: New. L. 1988, c. 99, § 1.37:2-40.
Application of article:
This article shall apply to premarital agreements executed on and after its effective date.
Source: New. L. 1988, c. 99, § 1.37:2-41.
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
legal matters.
