Idaho Prenuptial Premarital Agreement - Uniform Premarital Agreement Act - 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.
Idaho Statutes
Definitions: As used in this act: (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. [I.C., §
32-921,
as added by 1995, ch. 229, § 2, p. 780.] 32-921.
Formalities: A premarital agreement must
be in writing and signed by both parties. It is enforceable without consideration.
The premarital agreement shall be executed and acknowledged or proved as
provided in sections 32-917 through 32-919, Idaho Code. [I.C., § 32-922,
as added by 1995, ch. 229, § 2, p. 780.]32-922.
Content: (1) 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;
(d) The modification or elimination of spousal support;
(e) The making of a will, trust, or other arrangement to carry
out the provisions of the agreement;
(f) The ownership rights in and disposition of the death benefit
from a life insurance policy;
(g) The choice of law governing the construction of the agreement;
and
(h) Any other matter, including their personal rights and obligations,
not in violation of public policy or a statute imposing a criminal penalty.
(2) The right of a child to support may not be adversely affected
by a premarital agreement. [I.C., § 32-923, as added by 1995, ch.
229, § 2, p. 780.]32-923.
Effect of marriage - Amendment - Revocation:
A
premarital agreement becomes effective upon marriage. 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. [I.C., § 32-924, as added by 1995, ch. 229,
§ 2, p. 780.]32-924.
Enforcement: (1) A premarital agreement
is not enforceable if the party against whom enforcement is sought proves
that:
(a) That party did not execute the agreement voluntarily; or
(b) The agreement was unconscionable when it was executed and,
before execution of the agreement, that party: (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, in writing, any right
to disclosure of the property or financial obligations of the other party
beyond the disclosure provided; and
(iii) Did not have, or reasonably could not have had, an adequate
knowledge of the property or financial obligations of the other party.
(2) 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.
(3) An issue of unconscionability of a premarital agreement shall
be decided by the court as a matter of law. [I.C., § 32-925, as added
by 1995, ch. 229, § 2, p. 780.]32-925.
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. [I.C., § 32-926, as added by 1995, ch. 229,
§ 2, p. 780.]32-926.
Limitation of actions: Any statute of limitations
applicable to an action asserting a claim for relief under a premarital
agreement is tolled as to the premarital agreement during the marriage
of the parties. However, equitable defenses limiting the time for enforcement,
including laches and estoppel, are available to either party. [I.C., §
32-927, as added by 1995, ch. 229, § 2, p. 780.]32-927.
Application and construction: This act
shall be applied and construed to effectuate its general purpose to make
uniform the law with respect to the subject of this act among states enacting
it. [I.C., § 32-928, as added by 1995, ch. 229, § 2, p. 780.]32-928.
Short title: This act may be cited as the
"Uniform Premarital Agreement Act." [I.C., § 32-929, as added by 1995,
ch. 229, § 2, p. 780.]32-929.
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.
