PREMARITAL AGREEMENT
(Arkansas – Uniform Premarital Agreement Act)
[// GUIDANCE: This template is drafted to comply with the Arkansas adoption of the Uniform Premarital Agreement Act (“UPAA”), Ark. Code Ann. §§ 9-11-401 et seq. All bracketed text must be customized prior to execution. Each party should obtain independent legal counsel and ample time to review before signing.]
TABLE OF CONTENTS
- Document Header
- Definitions
- Operative Provisions
- Representations & Warranties
- Covenants & Restrictions
- Default; Remedies
- Risk Allocation
- Dispute Resolution
- General Provisions
- Execution Block
- Schedules
1. DOCUMENT HEADER
1.1 Title and Parties
This Premarital Agreement (the “Agreement”) is entered into as of [EFFECTIVE DATE] (the “Effective Date”) by and between:
• [NAME OF PROSPECTIVE SPOUSE A], residing at [ADDRESS] (“Party A”); and
• [NAME OF PROSPECTIVE SPOUSE B], residing at [ADDRESS] (“Party B”)
(each a “Party” and together the “Parties”).
1.2 Recitals
A. The Parties contemplate legal marriage in the State of Arkansas on or about [MARRIAGE DATE] (the “Marriage”).
B. Each Party desires to establish respective rights and obligations regarding property, income, liabilities, and other matters, both during the Marriage and upon its dissolution, death, or other events.
C. Pursuant to Ark. Code Ann. §§ 9-11-401 et seq., the Parties may contract in writing concerning these matters, provided the agreement is voluntary, not unconscionable, and executed with fair and reasonable disclosure of assets and obligations.
In consideration of the mutual promises herein, the sufficiency of which is acknowledged, the Parties agree as follows:
2. DEFINITIONS
For purposes of this Agreement, capitalized terms have the meanings set forth below:
“Affiliate” – any entity that, directly or indirectly, controls, is controlled by, or is under common control with a Party.
“Community Property” – property classified as “Marital Property” under Arkansas law, subject to equitable distribution upon divorce.
“Excluded Assets” – those assets listed on Schedule A hereto, which shall remain the Separate Property of the owning Party.
“Marital Estate” – collectively, the Community Property and any joint obligations of the Parties.
“Separate Property” – any property: (a) owned by a Party prior to the Marriage; (b) acquired after the Marriage by gift or inheritance solely to that Party; or (c) designated as such by written instrument signed by both Parties after the Effective Date.
“Spousal Support” – any alimony, maintenance, or similar payment.
[Add additional defined terms as needed.]
3. OPERATIVE PROVISIONS
3.1 Property Classification
3.1.1 Separate Property. All Excluded Assets and the income, appreciation, and proceeds thereof shall be Separate Property, free from any claim by the other Party.
3.1.2 Community Property. Except as otherwise provided in this Agreement, property acquired jointly in writing after the Marriage shall be Community Property and subject to equitable distribution under Arkansas law.
3.2 Management and Control
Each Party retains sole management, control, and disposition rights over his or her Separate Property without consent of the other, including the right to encumber or transfer such property.
3.3 Debts and Liabilities
Each Party shall be solely responsible for debts incurred in his or her name prior to or during the Marriage unless expressly assumed by the other Party in writing. Joint debts shall be shared equally unless otherwise agreed.
3.4 Spousal Support
3.4.1 Waiver. Subject to Section 3.4.2, each Party knowingly and voluntarily waives any right to Spousal Support from the other Party, regardless of need or standard of living during the Marriage.
3.4.2 Hardship Exception. If enforcement of Section 3.4.1 would render a Party eligible for public assistance, a court of competent jurisdiction may require reasonable support to the extent necessary to avoid such eligibility, consistent with Ark. Code Ann. § 9-11-406(b).
3.5 Estate Planning
Nothing herein limits either Party’s right to include the other as beneficiary by will, trust, insurance, or other estate-planning instrument; provided, however, that failure to do so shall not create any claim contrary to this Agreement.
3.6 Conditions Precedent
This Agreement shall become effective only upon solemnization of the Marriage. If the Marriage does not occur on or before [DATE], this Agreement shall be null and void ab initio.
4. REPRESENTATIONS & WARRANTIES
4.1 Voluntary Execution. Each Party represents that he or she executes this Agreement voluntarily and free of duress or undue influence.
4.2 Independent Counsel. Each Party: (a) has been advised and given ample opportunity to retain independent legal counsel of his or her choosing; or (b) knowingly waives such right.
4.3 Financial Disclosure. Each Party represents that he or she has provided to the other, and attached hereto as Schedule B, a fair and reasonable written disclosure of assets, liabilities, and income as required by Ark. Code Ann. § 9-11-403(5).
4.4 Accuracy. Each Party warrants the material accuracy and completeness of his or her financial disclosure.
4.5 Survival. The representations and warranties in this Section survive execution and enforcement of this Agreement.
[// GUIDANCE: Attach detailed personal financial statements as Schedule B; failure to do so risks unenforceability.]
5. COVENANTS & RESTRICTIONS
5.1 Further Assurances. The Parties shall execute and deliver further instruments reasonably necessary to carry out the intent of this Agreement.
5.2 Confidentiality. Except as required by law or court order, neither Party shall disclose the terms of this Agreement or attached schedules to any third party other than legal, tax, or financial advisors bound by confidentiality.
5.3 Notice of Change. Each Party shall promptly notify the other of any material change in income, assets, or liabilities prior to the Marriage.
6. DEFAULT; REMEDIES
6.1 Events of Default. Any material breach of this Agreement, including but not limited to misrepresentation in financial disclosure, constitutes an “Event of Default.”
6.2 Cure Period. The non-breaching Party shall provide written notice specifying the breach; the breaching Party shall have thirty (30) days to cure.
6.3 Remedies.
(a) Specific Performance. The Parties acknowledge that monetary damages may be inadequate; therefore, specific performance and injunctive relief are appropriate.
(b) Monetary Damages. Subject to Section 7.2 (Liability Cap), the non-breaching Party may recover direct damages arising from the breach.
(c) Attorney Fees. The prevailing Party in any enforcement action shall be entitled to reasonable attorney fees and costs.
7. RISK ALLOCATION
7.1 Mutual Indemnification
Each Party (“Indemnifying Party”) shall indemnify, defend, and hold harmless the other Party and his or her Affiliates (collectively, “Indemnified Parties”) from all losses, claims, and expenses arising out of (a) breach of this Agreement; or (b) inaccuracies in the Indemnifying Party’s representations, warranties, or disclosures.
7.2 Liability Cap
Except in cases of fraud or willful misconduct, the aggregate liability of either Party under this Agreement shall not exceed [CAP AMOUNT OR FORMULA] (the “Liability Cap”).
[// GUIDANCE: Arkansas courts scrutinize any clause that effectively waives statutory spousal obligations. Ensure the Liability Cap is commercially reasonable and not unconscionable.]
7.3 Force Majeure
No Party shall be liable for non-performance caused by events beyond reasonable control (e.g., natural disasters, war, governmental actions), provided such Party uses commercially reasonable efforts to resume performance.
8. DISPUTE RESOLUTION
8.1 Governing Law. This Agreement shall be governed by the domestic relations laws of the State of Arkansas, without regard to conflict-of-law principles.
8.2 Forum Selection. Exclusive jurisdiction and venue lie in the [NAME OF COUNTY] County Circuit Court, Family Division (the “Family Court”).
8.3 Limited Arbitration. The Parties may, by mutual written consent after the Effective Date, submit property-related disputes (excluding child custody or support) to binding arbitration under the Arkansas Uniform Arbitration Act.
8.4 Injunctive Relief. Nothing herein limits either Party’s right to seek equitable or injunctive relief in Family Court for enforcement of this Agreement.
8.5 Jury Waiver. Not applicable; jury trials are unavailable in Arkansas Family Court proceedings.
9. GENERAL PROVISIONS
9.1 Amendments; Waivers. Any amendment or waiver must be in writing signed by both Parties.
9.2 Assignment. Personal to the Parties; no assignment permitted.
9.3 Successors and Assigns. This Agreement binds and benefits the Parties and their respective heirs, personal representatives, and permitted assigns.
9.4 Severability. If any provision is held invalid, the remainder shall be enforced to the fullest extent permitted, and the court is authorized to modify the invalid provision to a valid form reflecting the Parties’ intent.
9.5 Integration. This document, including all Schedules, constitutes the entire agreement and supersedes prior understandings, whether oral or written, regarding the subject matter.
9.6 Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which is an original and all of which together form one instrument. Electronic signatures are deemed originals.
9.7 Headings. Headings are for convenience only and do not affect interpretation.
10. EXECUTION BLOCK
IN WITNESS WHEREOF, the Parties have executed this Agreement as of the Effective Date.
| Party A | Party B |
|---|---|
| ____ | ____ |
| [PRINT NAME] | [PRINT NAME] |
| Date: _____ | Date: _____ |
Notary Acknowledgments
State of Arkansas )
County of ____ )
Subscribed and sworn before me on ____, 20__, by [NAME OF PARTY A].
Notary Public
My commission expires: ____
State of Arkansas )
County of ____ )
Subscribed and sworn before me on ____, 20__, by [NAME OF PARTY B].
Notary Public
My commission expires: ____
[// GUIDANCE: Arkansas does not statutorily require notarization of premarital agreements, but acknowledgment significantly bolsters enforceability.]
11. SCHEDULES
• Schedule A – Excluded Assets (Separate Property)
• Schedule B – Financial Disclosure Statements
• Schedule C – Liabilities
[END OF DOCUMENT]