SB 494 - This act establishes the Uniform Premarital Agreement Act. A "premarital agreement" is defined as an agreement between spouses made in contemplation of marriage and to be effective upon marriage. The agreements are valid if made in writing and signed by both parties. This act allows the parties to contract in a premarital agreement as to any matter specified in the act and to any matter that is not in violation of public policy or any law imposing a criminal penalty. Some of the matters that prospective spouses can settle by agreement include:
-the rights and obligations of both parties with respect to property;
-the right to conduct any known transaction concerning property; and
-the disposition of property at dissolution of the marriage, separation or death.
The agreement becomes effective on the date of the marriage. The agreement is not enforceable if it is not entered voluntarily by the party against whom enforcement is sought. A spouse must fairly and reasonably disclose his or her property holdings and financial obligations. This act also specifies additional conditions that must be proven to avoid enforcement of the agreement, including if the execution of the agreement was not voluntary or if the terms were unconscionable.
This act is identical to HB 471 (2007).