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.
South Dakota Statutes
Terms as used in §§ 25-2-16 to 25-2-25, inclusive,
mean: (1) "Premarital agreement," an agreement between prospective spouses
made in contemplation of marriage and to be effective upon marriage; (2)
"Property," any interest, present or future, legal or equitable, vested
or contingent, in real or personal property, including income and earnings.25-2-16
A premarital agreement shall be in writing and signed by both parties.
It is enforceable without consideration. Source: SL 1989, ch 216, §
2.25-2-17
A premarital agreement becomes effective upon marriage. Source:
SL 1989, ch 216, § 4.25-2-19
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. Source: SL 1989,
ch 216, § 5.25-2-20
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: SL 1989,
ch 216, § 7.25-2-22
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. Source: SL 1989, ch 216, § 8.25-2-23
Sections 25-2-16 to 25-2-25, inclusive, shall be applied and construed
to effectuate its general purpose to make uniform the law with respect
to the subject of the Uniform Premarital Agreement Act among states enacting
it. Source: SL 1989, ch 216, § 9.25-2-24
Sections 25-2-16 to 25-2-25, inclusive, may be cited as the
Uniform Premarital Agreement Act. Source: SL 1989, ch 216, § 10.25-2-25
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.