Essential Things to Note about Arkansas Prenuptial Agreement
So, you are getting married soon. The plans for your wedding are underway, which is quite exciting, but have you thought about life after marriage? While you cannot foresee what the future has in store for you and your partner, the least you can do is prepare for any eventuality.
And that is why couples are advised to sign prenuptial agreements. Often, this contract predetermines the division of assets and real estate in the event of divorce, separation or death of a spouse. Check out this guide to learn more about Arkansas prenuptial agreement details.
What Does a Prenuptial Agreement Entail?
In the past, a prenuptial agreement was associated with mistrust. But today, where divorce rates are constantly rising, many individuals see it as a practical and wise way to protect themselves from uncertainties. It is no longer seen only for the wealthy or those with considerable assets. Anyone can sign a prenuptial agreement to protect their pre-marital assets and the properties they acquire in marriage.
A prenuptial agreement is also vital for people with children from previous relationships. It is an excellent document that will come in handy to protect the kids’ inheritance. Other reasons to consider signing a prenuptial agreement include:
- You have pre-marital businesses that you wish to retain in case of divorce
- One or both spouses have significant debts before marriage
- You want to decide if you or your partner will pay alimony and spousal support if you separate or divorce
- You wish to predetermine insurance benefits in case of death
- You want to predetermine which assets go to whom in case of divorce
- You want to decide how you will handle your separate and joint accounts after divorce
Some of the property and financial related aspects that an Arkansas prenup covers include:
- Titles of properties owned by the couple and how the property will be divided during divorce
- The rights to control over pre-marital and marital properties
- Regulations on assets purchases and sales during the marriage
- Life insurance benefits and proceeds
- Provision of alimony by one spouse
Prenuptial Agreement Laws and Requirements in Arkansas
The Arkansas Premarital Agreement Act guides the prenuptial agreement requirements in this state in Arkansas Code, Title 9, Ch. 11, and Subchapter 4 §§ 401-413. Arkansas is among the states that have approved the Uniform Premarital Agreement Act, so couples must fulfil all the requirements for the prenup to be valid.
Prenuptial Agreement Enforcement
According to the Arkansas state laws, a prenup should be in writing and signed by both spouses. The agreement is signed before marriage but only enforced if the couple gets married.
However, getting married does not guarantee prenuptial agreement enforcement by the court. You must fulfil the following requirements to make it enforceable:
- Both parties should sign the contract voluntarily.
- The spouses should be in their right mental capacity when signing the agreement.
- Both parties should understand the terms and conditions of the prenup, such as how assets and debts will be divided, and agree to them.
- Both parties have disclosed all the helpful information about their properties, assets and loans.
If a prenup violates any of the highlighted rules, the court has the right to deem the agreement invalid. The information filled in the prenup should be clear, including the alimony and spousal support amounts and duration.
Couples should not use any threatening or abusive language, and they should not give promises that they cannot fulfil. For this reason and many more, it is recommendable to seek help from an attorney to guide you through the prenuptial agreement requirements.
Download a free Arkansas prenuptial agreement form from our site and personalize it to meet your requirements.