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.
Rhode Island Statutes
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. § 15-17-1
Formalities:
(a) A premarital agreement must be in writing and signed by both parties.
(b) It is enforceable without consideration. § 15-17-2
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;
(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. § 15-17-3
Effective upon marriage:
A premarital agreement becomes effective upon marriage. § 15-17-4
Amendment - Revocation:
(a) After marriage, a premarital
agreement may be amended or revoked only by a written agreement signed
by the parties.
(b) The amended agreement or the revocation is enforceable without
consideration. § 15-17-5
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) The burden of proof as to each of the elements required in order
to have a premarital agreement held to be unenforceable shall be on the
party seeking to have the agreement declared unenforceable and must be
proven by clear and convincing evidence.
(c) 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.
(d) An issue of unconscionability of a premarital agreement shall
be decided by the court as a matter of law. § 15-17-6
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. § 15-17-7
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. § 15-17-8
Application and construction:
This chapter shall be applied and construed to effectuate its general purpose to make uniform
the law with respect to the subject of this chapter among states enacting
it. § 15-17-9
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 this chapter which
can be given effect without the invalid provision or application, and to
this end the provisions of this chapter are severable. §15-17-11
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 Guidelines
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.
