The Maine Uniform Premarital Agreement Act: What You Need to Know
A premarital agreement, commonly known as a prenup, is a legal contract between two people who are planning to get married. It outlines the division of property and assets in the event of a divorce or separation. Each state has its own set of laws governing prenups, and Maine is no exception.
In Maine, the Uniform Premarital Agreement Act (UPAA) governs prenups. This act provides guidance on how prenups should be structured and what they can and cannot include. Here is what you need to know about the Maine UPAA:
What is a premarital agreement?
A premarital agreement is a contract between two people who are planning to get married. The agreement typically lays out the division of property and assets in the event of a divorce or separation. The purpose of a prenup is to provide clarity and certainty around property division and financial matters.
What does the Maine UPAA cover?
The Maine UPAA provides guidance on the following:
– What can and cannot be included in a prenup
– How prenups should be executed
– What happens if a prenup is challenged in court
What can be included in a prenup?
Under the Maine UPAA, prenups can cover the following:
– The rights and obligations of each spouse with respect to any property owned by either spouse
– The 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 property
– The disposition of property upon separation, divorce, death, or any other event
– The modification or elimination of spousal support
– The making of a will, trust, or other arrangement to carry out the provisions of the prenup
What cannot be included in a prenup?
Under the Maine UPAA, prenups cannot cover the following:
– Child custody or support arrangements
– Criminal or tortious conduct
– Personal rights, such as the right to work or travel
– Anything that would be considered against public policy or criminal law
How should a prenup be executed?
To be valid under the Maine UPAA, a prenup must meet the following requirements:
– It must be in writing and signed by both parties
– It must be executed voluntarily and without coercion
– Each party must provide full disclosure of their assets and liabilities
– Each party must have the opportunity to consult with their own attorney
What happens if a prenup is challenged in court?
Under the Maine UPAA, a prenup can be challenged in court if one party can prove that:
– they did not voluntarily sign the agreement
– the agreement was unconscionable at the time it was signed
– they did not have a full and fair disclosure of the other party’s assets and liabilities
In summary, the Maine UPAA provides guidance on how prenups should be structured and what they can and cannot include. If you are considering a prenup, it is important to consult with an experienced attorney who can help you navigate the process and ensure that your agreement is valid and enforceable.