Utah Prenuptial Agreement: What Couples Should Consider
A prenuptial agreement may often appear self-centered, especially if only one spouse wants the agreement. For this reason, many people regard a prenup as the serial killer of marriage bliss and love.
But as selfish as they appear, premarital contracts are vital financial planning tools in marriage. Most importantly, they help define your financial obligations and prepare for a divorce.
Read on for more about Utah prenuptial agreements.
What Is a Prenuptial Agreement?
A Prenuptial agreement is a formal contract between future spouses who contemplate marriage.
The agreement defines the separate and marital property and sets financial expectations for current holdings and investments. It also sets out expectations on inheritance and wealth sharing in the future.
Should You Make a Prenup in Utah?
Future spouses usually ask if they need a prenup, especially if they enter marriage without assets. But whether you have assets or not, making a prenup comes without regrets. A prenup is vital if you belong to any of the following scenarios:
- You have a high-paying, lucrative career
- You are wealthier than your spouse
- You have dependent children from a first marriage
- You have a flourishing business venture
- You’ll likely inherit a substantial family wealth or stock
Is a Prenup Valid Forever?
A prenuptial agreement is generally a permanent contract but easily revocable if you feel you no longer need it. Under Utah's revised code, you can amend or revoke a valid prenup by writing and signing a relevant mutual agreement. You could also include a "sunset clause" that puts an expiry date on your agreed terms.
What to Include in a Utah Prenup?
A premarital contract defines debts, assets, marital, and separate property. Furthermore, it enshrines the rights and obligations of each spouse regarding the assets and property.
In Utah, section 30-8-4 of the code outlines what you can include as follows:
- The rights to alimony from your spouse
- Your rights or obligations regarding property ownership
- Your rights to manage, sell, transfer, or control the marital property
- The rights to property allocation if you divorce, separate, or either spouse dies.
- Rights to obtain death benefit from your spouse’s life insurance
- Other elements that do not violate Utah’s state law or revised code
- The rights to choice of law when interpreting the contract in court.
Utah Prenuptial Agreement: Child Support and Alimony
Utah’s law on prenuptial agreement specifies that a prenup cannot determine a child’s right to financial support, medical care, and insurance. Parents legally have a duty to provide for a child, even if the child can’t limit the amount of child support to deliver if they divorce.
Similarly, spouses can’t decide who will have the child’s custody in a prenuptial agreement. The courts will determine a child’s custody based on the uniqueness of the divorce proceedings and the child’s best interests.
As for alimony, Utah’s revised codes grant spouses the right to amend or eliminate spousal support. Therefore, you can decide who will receive spousal support after divorce, how much they’ll receive, and how long.
However, the alimony terms must be fair for both spouses in the agreement. If your spouse requires public assistance for finances, the courts may set the alimony clause aside and order you to pay alimony to your spouse.
How To Enforce a Prenuptial Agreement
Title 30, chapter 8 of the Utah code outlines the elements of a legally enforceable contract as follows:
- Be in writing and signed by both parties (section 30-8-3)
- The agreement should be voluntary
- Reasonable disclosure of spouses’ financial information
- The contract should be reasonably fair to both parties
Do you need a prenup in Utah? Download our free printable template today.