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The Maine prenuptial agreement is a legal document that provides a framework that regulates the financial relationship between the two parties who are about to get married.
First, the parties use the prenuptial agreement if one or both of the parties have accumulated certain assets before the marriage that they want to keep as their individual property. Furthermore, the parties use the agreement to determine each spouse's rights and responsibilities towards the property they will accumulate during the marriage.
Finally, the parties use the prenuptial agreement after marriage to determine how marital property will be divided in case they get divorced. The document also determines how the parties will share the liabilities they have acquired during the marriage.
Laws and Legal Requirements for a Prenuptial Agreement in Maine
Title 19-A, Chapter 21 of the Maine Revised Statutes, also called the “Uniform Premarital Agreement Act,” is the act that regulates the status of prenuptial agreements in Maine.
The state law refers to the prenuptial agreement as the premarital agreement. It defines it as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.”
Moreover, it provides a definition of property as “an 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 Maine
Section 603 provides that the premarital agreement must be made in writing. Moreover, it requires both parties to sign the document.
Although it is not explicitly required by state law, the parties should notarize the prenup agreement whenever possible. The main reason for this is that the notarization of the prenuptial agreement enables additional authentication of the document and prevents potential fraudulent activities in this regard.
Prenuptial Agreement Enforcement in Maine
The court can declare a part or the whole prenuptial agreement unenforceable if one of the parties proves that:
Prenuptial Agreement Enforcement Conditions
They did not sign the document voluntarily
The agreement was unconscionable when the parties signed it, and:
The other party did not properly disclose their full financial status
They did not waive the obligation of the other party to disclose their financial status
They didn’t have, or reasonably couldn’t have, knowledge about the financial status of the other party
The court can also declare the document unenforceable if it makes one party eligible for support under a program of public assistance.
What Can a Prenuptial Agreement in Maine Cover?
The prenuptial agreement in Maine can cover the following matters:
Provisions in a Prenuptial Agreement
The rights and obligations of each party in terms of individual and marital property
The right of each partner to buy, sell, use, transfer, exchange, abandon, lease, consume, or otherwise control or manage the property during the marriage
Division of the property in case of marriage dissolution, separation, death, or any similar event
Modification or waiver of the spousal support
The making of a will, trust, or other arrangement that will carry out the provisions of the prenuptial agreement
The choice of law governing the construction of the agreement
Moreover, the parties can include any other provision in the prenuptial agreement template as long as it doesn’t violate state law or public policy. Finally, since the court is only authorized to decide on the issue, the prenuptial agreement cannot regulate a child's right to receive support.
Prenuptial Agreement in Maine: Validity Criteria
First, the Maine prenuptial agreement must fulfill all the formal criteria. To be legally binding, the prenuptial agreement must be in writing and signed by both parties.
Moreover, the validity of the prenup agreement is connected to the existence of the marriage. This means that the agreement will be considered invalid if the parties don’t get married after signing it.