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LEG 400
Premarital Agreements
Chapter 2 - LEG400003016*200802
Objectives
When you complete this lesson, you will be able to:
Explain the key requirements, considerations, and general content of premarital agreements Describe the nature and acceptance of premarital agreements
Premarital Agreements
A premarital agreement is a contract between two parties who are preparing to marry
Threshold Considerations
There must be an offer and an acceptance of the offer The contract must be supported by consideration Both parties must have the capacity to enter into a contract The subject matter of the contract must be legal
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Doctrine of Unconscionability
Permits courts to question situations that are unusually harsh and unfair Situations must involve gross overreaching by one party
Procedural Fairness
Full and fair disclosure of assets and income General rule is that both parties have fully disclosed all required information
Schedule of Assets
Schedule of assets of both parties The schedule normally includes
real estate personal property household items collections jewelry automobiles bank accounts stocks and bonds
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Substantive Fairness
Courts also consider the terms of the actual premarital agreement when determining if the agreement is fair Fairness can be measured, as it existed at the time the agreement was signed by both parties
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Posner v. Posner
Premarital agreements Structure the rights of parties in a divorce were not void as a matter of public policy
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Simeone v. Simeone
Court moved away from the original view that premarital agreements should be reviewed under a stricter standard than business contracts The court treated premarital agreements as ordinary contracts
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Universal Rule
Enforce Premarital Agreements
Parties must have entered into the agreements freely Full knowledge of the other spouses financial circumstances
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Summary
Premarital agreements Acceptance of Premarital Agreements Threshold Considerations The Fairness requirement Doctrine of Unconscionability Procedural Fairness Schedule of assets Substantive Fairness Interdependence of Procedural and Substantive Fairness. Content of Premarital agreements Purpose of Premarital Agreements Posner vs. Posner Simeone vs. Simeone Universal Rule Uniform Premartial Act
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