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The Kentucky postnuptial agreement is a legal document that outlines the rights and responsibilities in connection with the individual and marital property of each spouse.
The main difference between a postnuptial and a prenuptial agreement is the moment of signing the agreement. The prenup agreement is signed before the parties enter into the marriage. Contrary to that, the parties sign the postnup agreement once they have already gotten married.
By creating the postnuptial agreement, the spouses will secure their interests and define each party’s rights and responsibilities, which can save them a lot of time and resources in the future, especially in the case of a divorce.
Laws and Legal Requirements for a Postnuptial Agreement in Kentucky
The laws and legal requirements for a postnuptial agreement in Kentucky are outlined in the Kentucky state law as well as in court decisions.
In Edwardson v. Edwardson (1990), the court presented the two requirements that every Kentucky postnuptial agreement must meet:
Laws and Legal Requirements
Requirement of full disclosure. Here, the court claims that “[b]efore parties should be bound by agreements which affect their substantial rights upon dissolution of marriage, it should appear that the agreement was free of any material omission or misrepresentation.”
Unconscionability. Here the court claims that “[r]egardless of the terms of the agreement and regardless of the subsequent acquisition or loss of assets, at the time enforcement is sought, the court should be satisfied that the agreement is not unconscionable.”
Signing Requirements for a Postnuptial Agreement in Kentucky
The Kentucky state law requires that the postnuptial agreement be made in written form. Moreover, both parties to the agreement must sign the postnuptial agreement form.
The state law, however, doesn’t require the parties to sign the document before the notary public. Nevertheless, the parties should consider completing this step whenever possible since the notarization will additionally confirm the authenticity of the document and prevent potential disputes between the parties and fraudulent activities.
Postnuptial Agreement Enforcement in Kentucky
The Kentucky postnuptial agreement will be considered enforceable if all of the following requirements are met:
Postnuptial Agreement Enforcement Conditions
each spouse makes a complete and truthful disclosure of their financial status by providing a list of their assets and liabilities;
each spouse enters the postnuptial agreement freely and voluntarily;
provisions of the postnuptial agreement are fair for both spouses.
If these requirements are not met, one of the parties can raise a claim with the court, and the court will declare certain provisions or the whole agreement unenforceable after reviewing the legality of the agreement.
What Can a Postnuptial Agreement in Kentucky Cover?
The postnuptial agreement in Kentucky can cover any aspect of the financial and non-financial relationship of the spouses as long as it does not violate state law or public policy.
Section 403.180 of the Kentucky Revised Statutes provides that the Kentucky postnuptial agreement template can include provisions regulating the maintenance of either of the spouses, disposition of any property owned by either of the spouses, custody, support, and visitation of their children.
If the court determines that the agreement's terms are unconscionable, it will not be bound to them. Regardless of the unconscionability of the agreement, the court is not bound by the provisions of the agreement that regulate custody, support, and visitation of children.
Postnuptial Agreement in Kentucky: Validity Criteria
The state law's formality requirements have an impact on the postnuptial agreement template's validity. This means that the postnuptial agreement template will not be considered valid if it’s not made in a written form and if it’s not signed by both parties to the agreement.
Moreover, the validity of the postnuptial agreement also depends on the existence of the marriage. The parties can enter into a valid postnuptial agreement only if they have already entered into a marriage.
The spouses can create multiple postnuptial agreements to regulate different aspects of their marital relationship. Moreover, the parties that wish to modify their postnuptial agreement can create a new agreement, replacing the old one.