A premarital agreement is a contract between prospective spouses made in contemplation of marriage that becomes effective upon marriage.
In a premarital agreement, the prospective spouses may contract with respect to the following:
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;
4. The creation, modification, waiver, or elimination of spousal support, (alimony);
5. The making of a will, trust, or other arrangement to carry out the terms of the parties’ agreement;
6. The ownership rights in and disposition of the death benefit from a life insurance policy.
However, the right of a child to receive support may not be adversely affected by a premarital agreement.
A premarital agreement is not enforceable in a divorce case if the party against whom enforcement is sought proves that:
1. The party did not execute the premarital agreement voluntarily;
2. The premarital agreement was the product of fraud, duress, coercion, or overreaching;
3. The premarital agreement was unconscionable when it was executed and, before execution of the agreement, that party:
a. Was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
b. Did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided;
c. Did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.