Minnesota Premarital Agreement

Premarital agreements arrange the division of assets in advance.

A premarital agreement is a contract between a man and a woman before marrying in which they give up future rights to one another's property if they divorce or one of them dies. In Minnesota, premarital agreements are regulated by state statute 519.11. Premarital agreements are also called antenuptial agreements or prenuptial agreements.

Requirements

According to Minnesota statute 519.11, for a premarital agreement to be fair or valid it must be in writing, signed and executed in the presence of two witnesses and acknowledged by an officer or person authorized by the state to administer an oath. Both parties must fully disclose their financial status before the agreement is executed, and both husband and wife must be present to execute the agreement. You cannot use a power of attorney to sign your prenuptial agreement.

Both husband and wife must have the option of legal representation. Many premarital agreements are contested because one of the spouses did not have independent legal representation, so it is good practice to ensure both of you have a lawyer.

Filing

File a prenup in the county where the property is located.

For a premarital agreement to have validity in Minnesota, you must record it with the county recorder or another public office authorized to record the document, where the property or assets are located. You must record the agreement in every county you have property or assets described in the prenuptial.

Amendments

Premarital agreements may only be changed by drafting a postnuptial contract. Again, a postnuptial agreement may only be amended by a further postnuptial agreement. A valid postnuptial agreement must comply with the same requirements of a premarital agreement, except, in this case, both spouses are required by law to have their own lawyer representing them.

Why Sign a Premarital Agreement?

Couples sign premarital agreements to prepare themselves for separation.

The divorce rate in the U.S. is 49 percent. In Minnesota, divorce rates have been historically lower, but not by much: In 2000, 15,888 out of 33,432 marriages ended in divorce (47.5 percent). This means that nearly one in every two marriages fail. People use premarital agreements as an insurance they hope not to need to protect their property from a messy divorce. It also gives the less wealthy spouse the peace of mind that a divorce will not mean the end of the lifestyle he enjoys.

Premaritals and Children

Premarital agreements can also be used to protect your children.

Protecting your assets is not the only reason you might want to consider a premarital agreement. Some spouses want a premarital agreement to protect their children financially. A prenuptial agreement can provide that the spouse's assets or a portion of them go to the children if he dies. This is especially important if one of the spouses has children from a previous relationship.

References

• Minnesota Revisor of Statutes: Antenuptial Contracts
• Minnesota Legislative Commission: Economic Status of Women

Resources

• Justia: Prenuptial Agreements