"We Want Prenup!": Why You Need a Premarital Agreement

Probably the most famous song about prenups is Kanye West’s Gold Digger featuring Jamie Foxx. But it’s not just rappers, or even wealthy people, that can benefit from having a premarital or prenuptial agreement.

If you think you don’t have a premarital agreement with your spouse, think again. Basically, the State of Arkansas provides one for you by delineating what happens to your property in the event of death or divorce. And you probably won’t like it.

We advise all of our clients to consider a premarital agreement prior to marriage. In order to have a valid agreement, both parties need to make a fair and reasonable financial disclosure of all of their assets and liabilities. This is important information to have prior to entering into the marital contract. Discussing a premarital agreement can also bring other important issues to the table, such as how much each spouse will be financially contributing to the marriage, as well as what they can expect in the event that the relationship does not stand the test of time, or what will happen when one spouse passes away.

We always advise clients to also do some basic, or more complex, estate planning to make sure that all of their wishes are effectuated.

The Arkansas Premarital Agreement Act, codified in Arkansas Code § 9-11-401 et seq, governs prenups in our state. It allows you to contract with your soon-to-be spouse regarding issues like real estate, mortgages, bank accounts, card credits, business interests, divorce, death, and spousal support. It does not allow you to contract issues like custody, visitation, or child support.

The Act also provides that a premarital agreement is not enforceable if 1) it was not executed voluntarily, 2) if there was not a fair and reasonable financial disclosure, or 3) if the agreement was unconscionable. For example, a waiver of alimony is unconscionable if it would leave one of the spouses destitute and reliant on public assistance.

Although not required by statute, it is best and necessary practice for both parties to have their own attorney review the agreement with them prior to signing.

Premarital agreements are especially advised when there is an inequity between the spouses’ assets, when one or both the spouses have been married and divorced before, when one of the spouses seeks to protect business interests or inheritance, or when one or both the spouses have children from a previous marriage.

Do not trust a bot on the internet to handle these issues for you. There is too much at stake, and bots often miss requirements that are specific to our state. Also, do not wait until right before the wedding day to contact an attorney. Your attorney will need time to create and execute the agreement.

The attorneys at Leslie Copeland Law & Mediation are highly skilled in crafting secure and enforceable premarital agreements. We will make sure that your wishes are honored, and that all t’s are crossed and i’s are dotted. Give us a call today to schedule a consultation.