This bill amends Minnesota Statutes 2022, section 519.11, to update the provisions governing antenuptial and postnuptial agreements, emphasizing the need for procedural and substantive fairness. The terminology is revised, replacing "contracts" with "agreements" throughout the text. Key changes include the introduction of specific requirements for antenuptial agreements, such as full and fair disclosure of income and property, the opportunity for independent legal counsel, and the necessity for the agreement to be executed at least seven days before the marriage. Additionally, the bill establishes criteria for determining the substantive fairness of agreements, allowing courts to consider whether the terms are unconscionable due to unforeseen circumstances.

For postnuptial agreements, the bill stipulates that they must also comply with the requirements for antenuptial agreements, with the exception of the seven-day execution rule. It mandates that each spouse must be represented by separate legal counsel for the agreement to be valid and enforceable. The bill further clarifies that a postnuptial agreement is presumed unenforceable if legal separation or dissolution proceedings are initiated within two years of its execution, unless fairness can be demonstrated. The effective date for these changes is set for August 1, 2023, applying to agreements executed on or after that date.

Statutes affected:
Introduction: 519.11