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Explanation Of The Prenuptial Agreement

Posted by Josh On September - 20 - 2021

A marriage contract, marriage contract or pre-marital contract (commonly known as Prenup) is a written contract entered into by a couple before marriage or a registered partnership that allows them to choose and control many of the legal rights acquired during marriage, and what happens when their marriage ends in death or divorce. Couples enter into a written marriage contract to replace many of the marriage laws that would otherwise apply in the event of divorce, such as laws governing the distribution of property and age benefits and savings and the right to claim maintenance (spouse`s allowance) with agreed terms, provide security and clarify their matrimonial rights. [1] [2] A pre-marital contract may also involve the waiver of a surviving spouse`s right to claim a share of choice in the deceased spouse`s estate. [3] Currently, 28 states and the District of Columbia have passed a version of the Uniform Premarital Agreement Act (UPAA) or the Updated Premarital Agreement Act (UPMAA). The UPAA was adopted in 1983 by the Uniform Law Commission (ULC) to promote greater uniformity and predictability between state laws regarding these contracts in an increasingly ephemeral society. The UPAA was partially adopted to ensure that a prenup validly concluded in one state is honored by the courts of another state where the couple could divorce. The UPMAA was enacted by the ULC in 2012 to clarify and modernize inconsistent state laws and create a uniform approach for all marriage contracts and reconsideration agreements: whether a prenup facilitates or accelerates divorce is an outstanding issue. If a spouse asks the court to invalidate the prenup, this can lead to long and costly litigation.

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