The Kentucky prenuptial agreement is a legal document that provides rules on how the property will be managed between the two future spouses. The future spouses also use the prenuptial agreement to determine what will be considered their individual property and what will be their marital property.
The parties use the prenuptial agreement after marriage to determine how the property they have accumulated during the marriage will be divided. The prenuptial agreement should be used in any situation where the parties have accumulated certain property before the marriage or when they have certain liabilities obtained before entering the marriage.
Laws and Legal Requirements for a Prenuptial Agreement in Kentucky
Since Kentucky did not implement the Uniform Premarital Agreement Act, this matter is regulated by Section 403.180 of the Kentucky Revised Statutes.
However, in Gentry v. Gentry, 798 S.W.2d 928 (Ky. 1990), the court presented the following stance:
“We note that the legislature, in KRS 403.180(2), has provided that property settlement agreements between divorce contestants will be reviewed by the court at the time of divorce in order to ensure that the agreement is not unconscionable. In a property settlement agreement, the parties are dealing at arm’s length in contemplation of imminent divorce and the division of property. Parties entering into marriage, on the other hand, are not likely to exercise the same degree of vigilance in protecting their respective interests. Often, there will be many years between the execution of an antenuptial agreement and the time of its enforcement. It is, therefore, appropriate that the court review such agreements at the time of termination of the marriage, whether by death or by divorce, to ensure that facts and circumstances have not changed since the agreement was executed to such an extent as to render its enforcement unconscionable.”
Signing Requirements for a Prenuptial Agreement in Kentucky
The prenuptial agreement must have the signatures of both parties, according to Kentucky Revised Statutes, Section 371.010.
Although the state law doesn’t explicitly require the notarization of the prenuptial agreement, the parties should always consider notarizing the document when possible.
The notarization will additionally confirm the authenticity of the document and prevent potential fraudulent activities. This is especially important considering the importance of the matters regulated by the prenuptial agreement.
Prenuptial Agreement Enforcement in Kentucky
The main precondition for the enforcement of the Kentucky prenup agreement form is that both parties entered into it voluntarily and that the agreement is fair for both parties.
The court might declare the prenuptial agreement unenforceable if one of the parties proves they have signed the agreement involuntarily. Additionally, the agreement will be declared unenforceable if the parties fail to present their full financial status in the prenup agreement.
Moreover, if one of the parties proves that they were not competent to understand the consequences of signing the prenuptial agreement form due to their lack of legal capacity or intoxication, the court can also declare the document unenforceable.
What Can a Prenuptial Agreement in Kentucky Cover?
The prenuptial agreement in Kentucky can cover various matters related to the financial relationship of future spouses, as long as it is in line with state laws and doesn't violate public policy.
The most common provisions parties can include in the prenuptial agreement template are:
Provisions in a Prenuptial Agreement
The rights and responsibilities of each partner in terms of their individual property
Right to buy, sell, lease, mortgage, or manage the marital property
Rules about the marital property division in case of divorce, separation, death, or any similar event
Rules on how the liabilities will be covered between the spouses in case of a divorce
Prenuptial Agreement in Kentucky: Validity Criteria
The prenuptial agreement form will be considered invalid if it’s not made in a written form and if it’s not signed by both future spouses.
Moreover, the validity of the prenuptial agreement is connected to the validity of the marriage. This means that the prenup agreement will be considered invalid if the parties don’t get married after signing it.