Oklahoma Prenuptial Agreement: Definition, Benefits, Costs

Quick Facts — Prenuptial Agreement Lawyers

An Oklahoma prenuptial agreement is a way for you and your future spouse to determine how property will be divided in the event of a divorce. If you decide to get married without a prenup, you must understand how Oklahoma law determines property division.

In Oklahoma, all property acquired during the marriage is considered marital property, even if one spouse purchased it with their own money. The only exception is if you have a prenuptial agreement stating otherwise.

Prenups are especially important if you make more money than your partner or have more valuable assets—for example if you're an entrepreneur or have been saving up for years to buy a house. A prenup can protect those assets from being distributed equally in divorce.

Suppose you don't have a prenuptial agreement. In that case, Oklahoma law requires that all marital property be divided equally between spouses when they divorce (unless there's evidence that one spouse has made substantial contributions to the other).

What Are the Factors that Should Be Included in a Prenuptial Agreement?

The prenuptial agreement is a document that may contain terms that are specific to the individual case, such as child custody agreements and maintenance payments.

For a prenuptial agreement to be valid in court, it must meet certain requirements. The following points should be included in any prenuptial agreement:

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  • Property Rights

    The property rights section of your prenuptial agreement should include a list of all of the assets and property you and your partner own and a description of any debts you each owe. This includes real estate, cars, stocks, bonds, and other financial investments. You can also have personal property such as jewelry, art collections, or furniture.

  • Spousal Support

    If a spouse divorces their partner, spousal support is a way for one spouse to provide financial assistance to the other spouse. This can be in the form of alimony, child support, or some other form of support, such as health insurance if they cannot obtain it on their own.

    Prenuptial agreements can help ensure that both parties equitably handle spousal support. For example, if one party makes significantly more money than their spouse, they could agree that their partner would receive spousal support until they can get back financially.

  • Insurance Benefits

    Insurance benefits are one of the most important parts of a prenuptial agreement. You want to ensure that your insurance benefits stay with you, even in the case of a divorce. This means you should get all your life insurance, disability insurance, and other types of insurance benefits in writing before you marry someone.

    Furthermore, there are some additional requirements for a valid prenuptial agreement:

    1. Parties must be legally competent (i.e., of sound mind and not under duress).
    2. Both parties must have independent legal representation (this means they cannot represent themselves).
    3. For a binding legal agreement to exist, it must be written down and signed by both parties.
    4. Both parties must fully disclose all assets, liabilities, debts, and income from all sources (including any assets that may be hidden).
    5. Both parties must disclose any medical conditions affecting their ability to work or manage money effectively.
    6. The agreement must state the date of execution and be signed by both parties before the wedding date (or any other event that would trigger a change in assets).

Conclusion

Considering a prenuptial agreement, it is important to know that Contracts Counsel can help. We are an experienced law firm specializing in prenuptial agreements and other contracts for business owners and individuals. Our lawyers have helped clients throughout Oklahoma with their contracts and agreements.

At Contracts Counsel, we understand the importance of your marriage and the future of your relationship. That's why we take the time to get to know you before we start drafting your prenuptial agreement so that we can make sure it meets your needs and expectations. Every couple is unique, so we work closely with you to create an agreement that works for you.

Frequently Asked Questions

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ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.


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Family

Prenuptial Agreement

Massachusetts

Asked on Mar 21, 2023

Is a prenuptial agreement legally binding?

I am planning to get married and I have been advised to consider a prenuptial agreement to protect my assets in the event of a divorce. However, I am unclear on the legal validity and enforceability of a prenuptial agreement and whether it can be challenged or overturned in court. Therefore, I would like to seek the advice of a lawyer to help me understand the legal implications of a prenuptial agreement and ensure that my interests are protected.

Briana C.

Answered Apr 25, 2023

Judges in most cases honor and enforce (signed and notarized) prenuptial agreements between two spouses as long as both parties entered it freely and voluntarily and with full knowledge of one another financial circumstances, and the agreement is not "unconscionable." A prenuptial agreement may not be enforced if (1) either party signed it under duress or coercion or undue pressure (or, say, the night before the wedding), (2) the party seeking to enforce it did not truthfully and completely disclose their financial information, or (3) enforcing the prenup would leave one spouse so destitute that they could not meet their most basic living expenses (i.e., would be forced onto welfare). In short, the prenuptial agreement will be enforced if (1) all the procedural requirements were met at the time it was signed and (2) the terms are not unconscionable, taking into account the circumstances existing at the time of divorce.

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Estate Planning

Prenuptial Agreement

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Asked on Apr 21, 2023

How does a prenuptial agreement affect estate planning?

I am getting married soon and I am interested in understanding how a prenuptial agreement would affect my estate planning. I would like to know what steps I should take to ensure that my assets are protected and that my wishes are carried out after I pass away. I am also curious as to how a prenuptial agreement might affect the distribution of my assets to my family members and other beneficiaries.

Briana C.

Answered May 23, 2023

A prenuptial agreement does not create an estate plan. But it can do two things. First, a prenuptial agreement can create a contractual promise on the part of one or both spouses to do something in particular with their estate plan (such as promising to leave the marital home to the surviving spouse, or promising to leave everything they have to the surviving spouse, or promising to set up a trust, etc. etc.). If this contractual promise is broken, the surviving spouse has a contract claim against the estate of the dead spouse. Second, and almost the opposite, in a prenuptial agreement one or both spouses can waive the rights they would otherwise have by statute, thus freeing up the other spouse to do whatever he or she wants with her estate plan. Without a prenuptial agreement, a surviving spouse is entitled by statute to inherit a certain proportion of the estate of the dead spouse (the exact proportion depends on whether or not the dead spouse has a will, and/or has surviving children). The prenuptial agreement can override these statutory rights and provide that the surviving spouse is not entitled to inherit anything from the dead spouse, except for anything the dead spouse may choose to leave the surviving spouse in his or her will.

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Family

Prenuptial Agreement

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Asked on Oct 6, 2022

Are prenuptial agreements public record?

My partner and I are considering signing a prenuptial agreement before getting married. I want to keep it confidential and I'm not sure if we have to file this with the state or when we get married and would be publicly available?

Michael M.

Answered Oct 7, 2022

Prenuptial Agreements are private agreements between the parties. They are typically not public, however, if the matter goes to court, they can be made part of the public record.

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Family

Prenuptial Agreement

Massachusetts

Asked on Mar 21, 2023

How does a prenuptial agreement affect taxes?

As a couple planning to get married, my partner and I are concerned about the tax implications of a prenuptial agreement. We are wondering if entering into a prenuptial agreement will have any impact on our tax obligations or if there are any specific tax considerations that we should be aware of. We are seeking advice from a lawyer who can provide us with guidance on this matter.

Briana C.

Answered Apr 25, 2023

A prenuptial agreement does not in itself affect how taxing authorities will treat the spouses. But it can create promises between the spouses toward one another. For example, it may create a promise to file jointly, or specify that they are making no such promise. And it can create a promise by each spouse to pay the other back for any taxes the other pays on his or spouse's behalf. The decision whether to file jointly or separately does have tax implications with taxing authorities.

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Prenuptial Agreement

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Asked on Mar 29, 2022

Prenup

Hey i'm getting married next month in NY How much will it cost?

Jane C.

Answered May 10, 2022

I suggest you submit a proposal for lawyers to bid on.

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