A North Dakota prenuptial agreement is a legal contract between prospective spouses that outlines each person’s debts and assets and sets out their wishes for how property should be divided in the event of a divorce or death. It requires that, unless explicitly foregone, each party must provide the other with a detailed statement of their financial assets and liabilities.
Through the agreement, the couple can assign property rights, define marital duties, and lay out plans for handling various matters, such as inheritance for children or distribution of life insurance benefits.
Legal Considerations
Laws:
- § 14-03.2-01 – Definitions
- § 14-03.2-02 – Scope
- § 14-03.2-03 – Governing law
- § 14-03.2-04 – Principles of law and equity
- § 14-03.2-05 – Formation requirements.
- § 14-03.2-06 – When agreement effective
- § 14-03.2-07 – Void marriage
- § 14-03.2-08 – Enforcement
- § 14-03.2-09 – Unenforceable terms
- § 14-03.2-10 – Limitation of action
- § 14-03.2-11 – Relation to Electronic Signatures in Global and National Commerce Act
Signing Requirements: The agreement must be signed by both parties; notarization is recommended (§ 14-03.2-05).
Dividing Property: North Dakota follows the principle of equitable distribution, meaning that in a divorce, all assets deemed marital property are divided fairly, though not always equally (§ 14-05-24).
What Does a North Dakota Prenup Cover?
- Allocation of assets.
- Splitting of property.
- Agreements between individuals.
- Post-divorce financial or spousal maintenance.
- Funds for retirement or education.
- Responsibility for the other person’s debts.
- Rights to inheritance.
- Rights to a portion of the deceased’s estate.
- Ownership interests in life insurance policies.
What Isn’t Covered
Prenuptial agreements primarily address two key issues: (1) managing financial concerns during a divorce and (2) the division of assets upon the death of a spouse. Their limitations include
- Cannot determine child custody arrangements in advance.
- Unable to predefine visitation rights and conditions.
- The Court has the ultimate authority on matters of custody and visitation.
- Agreements cannot set or waive child support payments beforehand.
- Child support must adhere to legal guidelines and adjust with income changes without deviation from state laws.
What Are Inheritance Rights?
A “waiver of inheritance rights” in a premarital agreement means partners agree not to claim certain assets if one dies. It helps distribute assets as wished. While effective, a valid will is the best method for distributing assets post-death, with a premarital agreement as a useful supplement.
