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 an 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.
Utah Statutes
Title:
This act shall be known as the "Uniform Premarital Agreement Act."30-8-1.
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.30-8-2.
Writing - Signature required:
A premarital agreement must be in writing and signed by both parties. It is enforceable
without consideration.30-8-3.
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;
(f) the choice of law governing the construction of the agreement,
except that a court of competent jurisdiction may apply the law of the
legal domicile of either party, if it is fair and equitable; and
(g) 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, health and medical provider
expenses, medical insurance, and child care coverage may not be affected
by a premarital agreement.30-8-4.
Effect of marriage - Amendment - Revocation:
(1) A premarital agreement becomes effective upon marriage.
(2) 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.30-8-5.
Enforcement:
(1) A premarital agreement is not enforceable if the party against whom enforcement is sought proves
that:
(b) the agreement was fraudulent when it was executed and,
before execution of the agreement, that 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 fraud of a premarital agreement shall be
decided by the court as a matter of law.30-8-6.
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.30-8-7.
Limitations 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. 30-8-8.
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.30-8-9
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.