Is Iowa Prenuptial Agreement Right For You?
The divorce rate in Iowa has been rising recently, which has prompted more people to consider signing a prenuptial agreement before marriage. They no longer view it as a tool for the very rich or famous. Prenuptial agreement plays a considerable role in securing the couple’s financial future.
If you plan to marry soon and wonder if a prenuptial agreement is suitable for you, understanding the Iowa prenuptial agreement requirements will help you make a sound decision.
How Does Prenuptial Agreement in Iowa Entail?
A prenuptial agreement is also referred to as a premarital agreement. It is a contract between two spouses who plan to get married. And this applies if they want to predetermine how they want money and properties handled during the marriage. Not only that but also in the event of divorce or death of a partner.
Prenuptial agreements are signed before marriage but only become effective once the couple gets married. With this document, couples can have a streamlined divorce with minimal chances of conflicts during a divorce. They also do not have to follow the state's property division law because they will have already predetermined that.
Divorce processes can be lengthy and costly when couples fight to secure as much finances as possible. The arguments also bruise their relationships further and could harm the kids. Signing a prenup is one way to prevent such happenings.
Should You Get a Prenuptial Agreement?
In the absence of a prenuptial agreement, couples spend more on court costs and attorney fees in case of separation or death. In the end, they are left with little share among themselves. They also have to deal with lengthy court hearings, which hold them back from moving on from the failed marriage.
On the other hand, signing a prenuptial agreement allows couples to decide how they would like their properties and money managed and divided during a divorce or after death. Unlike the common belief that a prenup encourages divorce, the contract boosts trust among couples and adds to their happiness by minimizing uncertainty about their financial future. This way, they can entirely focus on the emotional aspect of their union.
If you have significant assets such as real estate property, business accounts, and retirement accounts, you should consider signing a prenup. The contract will help you retain those assets if you divorce or separate from your spouse. Similarly, if you have children from a past relationship, signing a prenup will help you protect your kids’ future.
What Does Iowa Prenuptial Agreement Cover?
Prenuptial agreements Iowa cover a range of property and money related aspects:
- Each party's rights and obligations regarding individually owned and marital properties
- Each spouse's right to buy, sell, exchange, transfer and dispose of marital property
- Marital property management and division upon divorce, separation, or death of a spouse
- Each party’s eligibility to life insurance and other death benefits after a partner’s death
- Whether one spouse will pay spousal support to the other, the amount and duration
- Whether inheritance and gifts count as marital property
- If a spouse is required to make a will or other arrangements to carry out prenup provisions
Iowa Prenuptial Agreement Laws
Iowa is among the many states that have adopted the Uniform Premarital Agreement Act to govern the requirements for prenuptial agreement enforceability. The act requires that the agreement be signed by both spouses in writing. The spouses should sign other necessary documents such as wills, trusts, and life insurance to carry out the prenup terms.
Each spouse should seek legal counsel and be allowed to review the agreement before signing.
The prenuptial agreement should be conscionable, meaning that both parties should willingly and competently disclose their properties and debts.
Failure to meet any of the above requirements makes the prenup invalid and unenforceable. Check out our free Iowa prenuptial agreement forms and download yours today to get started.