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The Arkansas prenuptial agreement is a legal document created between two parties who are planning to get married and want to determine their financial relationship during marriage.
In most cases, the prenuptial agreement will be used to determine each partner’s individual property and separate it from the one accumulated during the marriage.
Additionally, the parties will use the prenup agreement form to determine how the marital property will be divided in the event of a divorce.
A prenuptial agreement, or prenup agreement, should be drafted in any of the following cases:
Prenuptial Agreement Instances
If one of the parties has substantial assets
If one of the parties owns an interest in any business
If any of the parties has a sufficient amount of debt
If one of the parties is retired or is about to retire
Laws and Legal Requirements for a Prenuptial Agreement in Arkansas
Chapter 11, Subchapter 4 of the Arkansas Code, also called the Arkansas Premarital Agreement Act, regulates the status and form of prenuptial agreements in Arkansas.
In Arkansas Code, a prenuptial agreement is referred to as a premarital agreement and is defined as: “[...] an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.”
The Arkansas Code defines property as: “interest, present or future, legal or equitable, vested or contingent, in real or personal property, including income and earnings.”
Signing Requirements for a Prenuptial Agreement in Arkansas
Both spouses must sign and acknowledge the Arkansas prenuptial agreement form.
To acknowledge the prenup agreement means to sign it in front of the notary public and at least two witnesses who are disinterested parties to the prenuptial agreement.
The notary public must include the following statements in the prenuptial agreement:
Signing Requirements
That the parties have consulted with their respective attorneys regarding the prenuptial agreement
That the parties have read and understood the prenuptial agreement
That the parties have freely entered into the prenuptial agreement
Prenuptial Agreement Enforcement in Arkansas
The prenuptial agreement is not enforceable if one of the parties proves that they did not execute it voluntarily.
The agreement can also be considered unenforceable if it was unconscionable when it was executed and, before execution of the agreement, one of the parties:
Prenuptial Agreement Enforcement Conditions
Was not provided a fair and reasonable disclosure of the financial status of the other party
Did not waive any right to disclosure of the financial status of the other party
Did not have, or could not have had, adequate knowledge of the financial status of the other party
What Can a Prenuptial Agreement in Arkansas Cover?
The most notable purpose of the prenuptial agreement after marriage is to simplify the process of dividing property between the spouses. With that goal in mind, the prenuptial agreement form should include information about each spouse's individual assets and liabilities that will not be part of the marital property.
However, many prenuptial agreement templates also include provisions on how marital property will be divided between the spouses if the marriage ends.
On the contrary, the prenup agreement cannot regulate matters of children's custody or child support since that is usually determined by the court.
Prenuptial Agreement in Arkansas Validity Criteria
The basic validity criteria for the Arkansas prenuptial agreement is that the agreement is made in writing and signed by both parties. Moreover, each party must sign the document voluntarily and have the mental capacity to understand the consequences of signing such a document.
Second, both parties have to disclose their financial situation fully in the document, and each party must understand all the provisions outlined in the agreement.