Does a prenumptual agreement protect assets gained during the marriage?
Full Question:
Answer:
Prenuptial agreements can be used to vary, create or relinquish rights and interests in personal property. Generally, an agreement which addresses property settlement is not contrary to public policy. Iowa has adopted the Uniform Premarital Agreement Act. The Act allows the parties to contract with respect to the disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event.
It is possible to waive community property rights in a prenuptial agreement. Premarital agreements concerning custody and child support are not generally enforceable, since the court will retain jurisdiction to consider the best interests of the child. Agreements waiving spousal support may not be enforced where a spouse would have no other means of support.
A premarital agreement is not enforceable if the party against whom enforcement is sought proves that:
(1) the party did not execute the agreement voluntarily; or
(2) the agreement was unconscionable when it was executed and, before execution of the agreement, that party:
(i) was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
(ii) 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; and
(iii) did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
