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The Iowa prenuptial agreement is a legal document that outlines the rights and responsibilities of each partner in terms of their individual and marital property during and after their marriage.
This type of document is drafted and signed before the future spouses get married, and it becomes effective from the moment the marriage is established.
The prenuptial agreement, or prenup agreement, should be made in any situation where one or both of the future spouses accumulated certain assets before the marriage and want to keep them as individual property after they get married.
Moreover, the parties should also have this agreement when one of the parties has certain liabilities before entering the marriage. The parties don’t only use the prenuptial agreement after marriage; this type of document is also commonly used to determine each partner’s financial rights and obligations during the marriage.
Laws and Legal Requirements for a Prenuptial Agreement in Iowa
Laws and Legal Requirements
Chapter 596 of the Iowa Code provides the legal framework for the Iowa prenuptial agreement. It provides the definition of the main terms of this agreement, formalities for the creation and signing of the agreement, revocation rules, enforcement, and effective date.
The state law refers to the prenuptial agreement as the premarital agreement. It provides a definition of the prenuptial agreement as follows:
“‘Premarital agreement’ means an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.”
Additionally, it defines property as “an interest, present or future, legal or equitable, vested or contingent, in real or personal property.”
Signing Requirements for a Prenuptial Agreement in Iowa
Section 596.4 provides that the prenuptial agreement form must be made in writing and signed by both parties to the agreement.
Although the state law doesn’t require the notarization of the agreement, the parties should consider completing this step.
The most important reason for notarizing the prenuptial agreement is that the notary’s acknowledgment of the document will prevent potential disputes about the agreement’s authenticity and will prevent potential fraudulent activities.
Prenuptial Agreement Enforcement in Iowa
The Iowa state law provides several regulations on the enforcement of the prenuptial agreement.
It provides that the agreement is not enforceable if the person against whom enforcement is sought proves any of the following:
Prenuptial Agreement Enforcement Conditions
They have not signed the agreement voluntarily
That the agreement was unconscionable when it was executed
That the other party has not provided a fair and reasonable disclosure of their assets and liabilities
If the court declares one of the provisions unenforceable for the reasons mentioned above, the remaining provisions will stay effective if possible without the provision that was declared unenforceable.
What Can a Prenuptial Agreement in Iowa Cover?
The parties have the freedom to include any provision in the prenuptial agreement template that will regulate their financial relationship during or after the marriage. However, the provisions should not violate state law or public policies.
The Iowa Code has provided a list of the most common provisions used for the prenup agreement:
Provisions in a Prenuptial Agreement
Rights and obligations of each or both parties in terms of their individual or marital property.
Right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control the marital or individual property.
Rules on how the parties will divide the property accumulated during the marriage in case of a divorce, separation, death, or other similar events.
Matters related to wills, trusts, and life insurance.
Choice of law governing the construction of the prenuptial agreement.
Prenuptial Agreement in Iowa: Validity Criteria
If the Iowa prenuptial agreement is not in writing and neither party has signed it, the court may declare it invalid.
Moreover, if some of the effectiveness criteria mentioned above can be implemented and the agreement cannot remain effective without the provisions that are declared ineffective, the prenuptial agreement will be considered invalid.