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 in writing and sets
forth the factors to consider if the agreement is challenged.
North Carolina Statutes
Short title: This Chapter may
be cited as the "Uniform Premarital Agreement Act". (1987, c. 473, s. 1.) 52B-1.
Definitions:
As used in this Chapter:
(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. (1987, c. 473, s. 1.) 52B-2.
Formalities:
A premarital agreement must be in writing and signed by both parties. It is enforceable without consideration.
(1987, c. 473, s. 1.) 52B-3.
Content:
(a) 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 upon 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;
(6) The ownership rights in and disposition of the death of the
benefit from a life insurance policy;
(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. (1987, c. 473, s. 1.)
52B-4.
Effect of marriage:
A premarital agreement becomes effective upon marriage. (1987, c. 473, s. 1.) 52B-5.
Amendment, 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. (1987, c. 473, s. 1.) 52B-6.
Enforcement:
(a) A premarital agreement is not enforceable if the party against whom enforcement is sought proves
that:
(2) The agreement was unconscionable when it was executed and,
before execution of the agreement, that party:
(b) 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. Before the court orders
support under this subsection, the court must find that the party for whom
support is ordered is a dependent spouse, as defined by G.S. 50-16.1A,
and that the requirements of G.S. 50-16.2A regarding postseparation support
or G.S. 50-16.3A regarding alimony have been met.
(c) An issue of unconscionability of a premarital agreement shall
be decided by the court as a matter of law. (1987, c. 473, s. 1; 1995,
c. 319, s. 11; 1997-456, s. 27.)52B-7.
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. (1987, c. 473, s. 1.) 52B-8.
Limitation of actions:
Any 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. (1987, c. 473, s. 1.) 52B-9.
Application and construction:
The Uniform Premarital Agreement Act shall be applied and construed to effectuate its
general purpose to make uniform among the states enacting it, the law on
premarital agreements. (1987, c. 473, s. 1.) 52B-10.
Severability:
If any provision of this Chapter or its application to any person or circumstance is held invalid,
the invalidity does not affect other provisions or applications of the
Chapter which can be given effect without the invalid provision or application,
and to this end the provisions of this act are severable. (1987, c. 473,
s. 1.) 52B-11.
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.
