Senate
Study
Bill
3029
-
Introduced
SENATE
FILE
_____
BY
(PROPOSED
COMMITTEE
ON
JUDICIARY
BILL
BY
CHAIRPERSON
KREIMAN)
A
BILL
FOR
An
Act
relating
to
marital
agreements,
and
including
effective
1
date
and
applicability
provisions.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
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Section
1.
Section
249A.3,
subsection
11,
paragraph
d,
Code
1
Supplement
2009,
is
amended
to
read
as
follows:
2
d.
Unless
a
surviving
spouse
is
precluded
from
making
an
3
election
under
the
terms
of
a
premarital
marital
agreement
as
4
defined
in
section
596.1
,
the
failure
of
a
surviving
spouse
to
5
take
an
elective
share
pursuant
to
chapter
633,
division
V,
6
constitutes
a
transfer
of
assets
for
the
purpose
of
determining
7
eligibility
for
medical
assistance
to
the
extent
that
the
value
8
received
by
taking
an
elective
share
would
have
exceeded
the
9
value
of
the
inheritance
received
under
the
will.
10
Sec.
2.
Section
596.1,
Code
2009,
is
amended
to
read
as
11
follows:
12
596.1
Definitions.
13
As
used
in
this
chapter:
14
1.
“Marital
agreement”
means
any
of
the
following:
15
a.
A
premarital
agreement.
16
b.
An
agreement
between
present
spouses,
but
only
relating
17
to
post-death
matters.
18
c.
An
amendment
to
a
marital
agreement.
19
2.
“Party”
means
a
person
who
has
entered
into
a
marital
20
agreement.
21
1.
3.
“Premarital
agreement”
means
an
agreement
between
22
prospective
spouses
made
in
contemplation
of
marriage
and
to
be
23
effective
upon
marriage.
24
4.
“Post-death
matter”
includes
but
is
not
limited
to
the
25
disposition
of
the
parties’
individually
or
jointly
owned
26
assets
upon
the
death
of
either
or
both
parties;
the
making
of
27
a
will,
trust,
or
other
arrangements
for
the
disposition
of
28
property
upon
the
death
of
either
or
both
parties;
ownership
29
rights
in
life
insurance
policies
and
retirement
plans
and
the
30
disposition
of
the
death
benefits
of
any
such
policy
or
plan;
31
and
the
limitation
or
expansion
of
spousal
elective
shares
32
pursuant
to
chapter
633,
division
V.
33
2.
5.
“Property”
means
an
interest,
present
or
future,
34
legal
or
equitable,
vested
or
contingent,
in
real
or
personal
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property
,
including
income
and
earnings
.
1
Sec.
3.
Section
596.2,
Code
2009,
is
amended
to
read
as
2
follows:
3
596.2
Construction
and
application.
4
This
chapter
shall
be
construed
and
applied
to
effectuate
5
its
general
purpose
to
make
uniform
the
law
with
respect
to
6
premarital
agreements
.
7
Sec.
4.
Section
596.3,
Code
2009,
is
amended
to
read
as
8
follows:
9
596.3
Short
title.
10
This
chapter
may
be
cited
as
the
“Iowa
Uniform
Premarital
11
Marital
Agreement
Act”
.
12
Sec.
5.
Section
596.4,
Code
2009,
is
amended
to
read
as
13
follows:
14
596.4
Formalities.
15
1.
A
premarital
marital
agreement
must
be
in
writing
and
16
must
be
signed
by
both
prospective
spouses.
It
parties.
17
2.
A
marital
agreement
between
present
spouses
must
be
18
signed
by
both
parties
prior
to
the
filing
of
an
action
for
19
dissolution
of
marriage,
for
legal
separation,
or
for
separate
20
maintenance.
21
3.
A
marital
agreement
is
enforceable
without
consideration
22
other
than
the
marriage
.
23
4.
Both
parties
to
the
a
marital
agreement
shall
must
24
execute
all
documents
necessary
to
enforce
the
agreement.
25
Sec.
6.
Section
596.5,
Code
2009,
is
amended
to
read
as
26
follows:
27
596.5
Content.
28
1.
Parties
Subject
to
the
limitations
of
a
marital
agreement
29
between
present
spouses
only
relating
to
post-death
matters,
30
parties
to
a
premarital
marital
agreement
may
contract
with
31
respect
to
the
following:
32
a.
The
rights
and
obligations
of
each
of
the
parties
in
any
33
of
the
property
of
either
or
both
of
them
whenever
and
wherever
34
acquired
or
located.
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b.
The
right
rights
of
possession,
ownership,
or
control,
1
including
but
not
limited
to
the
rights
to
buy,
sell,
use,
2
transfer,
make
a
gift
of,
exchange,
abandon,
lease,
consume,
3
expend,
assign,
create
a
security
interest
in,
mortgage,
4
encumber,
dispose
of,
or
otherwise
manage
and
control
property.
5
c.
The
disposition
of
property
upon
separation,
dissolution
6
of
the
marriage,
death,
or
the
occurrence
or
nonoccurrence
of
7
any
other
event.
8
d.
The
making
of
a
will,
trust,
or
other
arrangement
to
9
carry
out
the
provisions
of
the
marital
agreement.
10
e.
The
ownership
rights
in
and
disposition
of
the
death
11
benefit
from
a
life
insurance
policy
and
the
establishment
of
12
rights
of
beneficiaries
to
the
benefits
of
such
policy
.
13
f.
The
rights
and
obligations
in
benefits
available
or
to
be
14
available
under
an
employee
benefit
or
retirement
plan,
except
15
to
the
extent
federal
law
prevents
a
binding
agreement
with
16
respect
to
such
rights
and
obligations.
17
f.
g.
The
choice
of
law
governing
the
construction
of
the
18
marital
agreement.
19
g.
h.
Any
other
matter,
including
the
personal
rights
and
20
obligations
of
the
parties,
not
in
violation
of
public
policy
21
or
a
statute
imposing
a
criminal
penalty.
22
2.
A
marital
agreement
is
not
enforceable
unless
the
23
agreement
contains
a
statement
of
the
types
of
rights
that
24
could
be
affected
by
the
marital
agreement
in
an
all
capital
25
letter
typeface
and
font
size
as
large
as
the
largest
typeface
26
and
font
contained
in
the
document.
The
following
statement
or
27
a
statement
of
like
import,
contained
within
the
document
shall
28
be
acceptable
for
this
purpose:
29
“BE
ADVISED,
BY
SIGNING
THIS
DOCUMENT,
YOU
MAY
BE
GIVING
30
UP
LEGAL
RIGHTS,
SUCH
AS
THE
RIGHTS
TO
OWN
OR
OCCUPY
YOUR
31
HOMESTEAD,
RIGHTS
TO
A
STATUTORY
SHARE
OF
YOUR
SPOUSE’S
ASSETS
32
UPON
DEATH,
RIGHTS
TO
COURT
DETERMINATIONS
OF
DISTRIBUTIONS
OF
33
PROPERTY
UPON
DISSOLUTION
OF
MARRIAGE,
AND
OTHER
RIGHTS
YOU
34
MAY
HAVE
BY
REASON
OF
MARRIAGE.
YOU
MAY
ALSO
BE
EXPANDING
OR
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RESTRICTING
THOSE
TYPES
OF
RIGHTS
OR
EXPANDING
OR
RESTRICTING
1
THE
COURT’S
POWERS
TO
DETERMINE
THESE
ISSUES.”
2
2.
3.
The
right
of
a
spouse
or
child
to
support
,
whether
3
during
the
lifetime
or
after
the
death
of
a
party,
shall
not
be
4
adversely
affected
by
a
premarital
marital
agreement.
5
Sec.
7.
Section
596.6,
Code
2009,
is
amended
to
read
as
6
follows:
7
596.6
Effective
date
of
agreement.
8
1.
A
premarital
marital
agreement
becomes
effective
upon
9
the
marriage
,
if
signed
by
both
of
the
parties
prior
to
the
10
marriage
.
11
2.
If
a
marital
agreement
is
signed
by
the
parties
during
12
their
marriage,
the
marital
agreement
becomes
effective
on
the
13
effective
date
stated
in
the
marital
agreement.
If
no
such
14
effective
date
is
stated
in
the
marital
agreement,
the
marital
15
agreement
becomes
effective
upon
the
latest
date
of
signature
16
by
the
parties.
17
Sec.
8.
Section
596.7,
Code
2009,
is
amended
to
read
as
18
follows:
19
596.7
Revocation
and
amendment
.
20
1.
Revocation.
After
marriage,
a
premarital
marital
21
agreement
may
be
revoked
,
in
whole
or
in
part,
only
as
follows:
22
1.
a.
By
a
written
agreement
signed
by
both
spouses
23
parties
.
The
revocation
is
enforceable
without
consideration.
24
2.
b.
To
revoke
a
premarital
By
either
party
to
the
25
marital
agreement
without
the
consent
of
the
other
26
spouse
party
,
the
person
seeking
revocation
must
prove
one
27
or
more
if
the
party
seeking
revocation
proves
any
of
the
28
following:
29
a.
(1)
The
person
party
seeking
revocation
did
not
execute
30
the
marital
agreement
voluntarily.
31
b.
(2)
The
marital
agreement
was
unconscionable
when
it
32
was
executed.
33
c.
(3)
Before
the
execution
of
the
marital
agreement
the
34
person
party
seeking
revocation
was
not
provided
a
fair
and
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reasonable
disclosure
of
the
property
or
financial
obligations
1
of
the
other
spouse
party
;
and
the
person
party
seeking
2
revocation
did
not
have,
or
reasonably
could
not
have
had,
an
3
adequate
knowledge
of
the
property
or
financial
obligations
of
4
the
other
spouse
party;
and
such
disclosure
would
have
been
5
material
to
the
decision
of
the
party
seeking
revocation
to
6
execute
the
marital
agreement
.
7
(4)
Before
the
execution
of
the
marital
agreement
the
party
8
seeking
revocation
was
not
given
a
reasonable
opportunity
to
9
obtain
independent
legal
representation
with
respect
to
the
10
marital
agreement.
11
c.
If
the
revocation
of
one
or
more
provisions
of
the
12
marital
agreement,
or
the
application
of
the
revocation
of
such
13
a
provision
to
a
party
is
upheld
by
the
court,
any
revoked
14
provision
shall
be
severed
from
the
remainder
of
the
marital
15
agreement,
unless
the
marital
agreement
states
otherwise,
and
16
shall
not
affect
the
remaining
provisions.
17
2.
Amendment.
A
marital
agreement
may
be
amended
by
a
18
written
agreement
signed
by
both
parties.
An
amendment
is
19
subject
to
the
enforcement
provisions
of
section
596.8.
20
3.
Limits
on
amendment
and
revocation.
A
marital
21
agreement
cannot
be
amended
or
revoked
by
an
agent,
guardian,
22
conservator,
or
other
legal
representative
of
either
party,
or
23
after
the
death
of
either
party,
except
as
provided
pursuant
24
to
subsection
1,
paragraph
“b”
,
relating
to
revocation
without
25
the
consent
of
the
other
party.
26
Sec.
9.
Section
596.8,
Code
2009,
is
amended
to
read
as
27
follows:
28
596.8
Enforcement.
29
1.
A
premarital
marital
agreement
is
not
enforceable
if
the
30
person
or
party
against
whom
enforcement
is
sought
proves
any
31
of
the
following:
32
1.
The
person
did
not
execute
the
agreement
voluntarily.
33
2.
The
agreement
was
unconscionable
when
it
was
executed.
34
3.
Before
the
execution
of
the
agreement
the
person
was
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not
provided
a
fair
and
reasonable
disclosure
of
the
property
1
or
financial
obligations
of
the
other
spouse;
and
the
person
2
did
not
have,
or
reasonably
could
not
have
had,
an
adequate
3
knowledge
of
the
property
or
financial
obligations
of
the
other
4
spouse
that
such
person
or
party
could
have
revoked
the
marital
5
agreement
pursuant
to
section
596.7,
subsection
1,
paragraph
6
“b”
,
relating
to
revocation
without
consent
of
the
other
party
.
7
2.
If
a
provision
one
or
more
of
the
provisions
of
the
8
marital
agreement
or
the
application
of
the
provision
to
a
9
party
is
found
determined
by
the
court
to
be
unenforceable
10
pursuant
to
this
section
,
the
unenforceable
provision
shall
be
11
severed
from
the
remainder
of
the
marital
agreement
,
unless
the
12
marital
agreement
states
otherwise,
and
shall
not
affect
the
13
remaining
provisions
,
or
application,
of
the
agreement
which
14
can
be
given
effect
without
the
unenforceable
provision
.
15
3.
Other
than
the
determination
of
the
issue
of
16
unconscionability,
actions
with
respect
to
enforcement
of
a
17
marital
agreement
shall
be
decided
by
the
court
as
a
matter
of
18
equity.
19
Sec.
10.
Section
596.9,
Code
2009,
is
amended
to
read
as
20
follows:
21
596.9
Unconscionability.
22
In
any
action
under
this
chapter
to
revoke
or
enforce
a
23
premarital
marital
agreement
the
issue
of
unconscionability
of
24
a
premarital
marital
agreement
shall
be
decided
by
the
court
25
as
a
matter
of
law.
26
Sec.
11.
Section
596.10,
Code
2009,
is
amended
to
read
as
27
follows:
28
596.10
Enforcement
——
void
marriage.
29
If
a
marriage
is
determined
to
be
void,
an
agreement
that
30
would
otherwise
have
been
a
premarital
marital
agreement
31
is
enforceable
only
to
the
extent
necessary
to
avoid
an
32
inequitable
result.
33
Sec.
12.
Section
596.11,
Code
2009,
is
amended
to
read
as
34
follows:
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596.11
Limitation
of
actions.
1
Any
statute
of
limitations
applicable
to
an
action
asserting
2
a
claim
for
relief
under
a
premarital
marital
agreement
is
3
tolled
during
the
marriage
of
the
parties
to
the
agreement
.
4
However,
equitable
defenses
limiting
the
time
for
enforcement,
5
including
laches
and
estoppel,
are
available
to
either
party.
6
Sec.
13.
Section
596.12,
Code
2009,
is
amended
to
read
as
7
follows:
8
596.12
Effective
date.
9
1.
This
As
it
relates
to
premarital
agreements,
this
chapter
10
takes
effect
on
January
1,
1992,
and
applies
to
any
premarital
11
agreement
executed
on
or
after
that
date
,
in
accordance
12
with
the
statutory
provisions
in
effect
as
of
the
date
of
13
the
premarital
agreement
.
This
chapter
does
not
affect
the
14
validity
under
Iowa
law
of
any
premarital
agreement
entered
15
into
prior
to
January
1,
1992.
16
2.
As
it
relates
to
amendments
to
premarital
agreements
and
17
to
marital
agreements
entered
into
after
marriage,
this
chapter
18
takes
effect
July
1,
2010,
and
applies
to
any
such
amendments
19
or
agreements
executed
on
or
after
that
date.
20
Sec.
14.
Section
633.246A,
Code
2009,
is
amended
to
read
as
21
follows:
22
633.246A
Medical
assistance
eligibility.
23
Unless
precluded
from
doing
so
under
the
terms
of
a
24
premarital
marital
agreement
as
defined
in
section
596.1
,
the
25
failure
of
a
surviving
spouse
to
make
an
election
under
this
26
division
constitutes
a
transfer
of
assets
for
the
purpose
of
27
determining
eligibility
for
medical
assistance
pursuant
to
28
chapter
249A
to
the
extent
that
the
value
received
by
making
29
the
election
would
have
exceeded
the
value
of
property
received
30
absent
the
election.
31
EXPLANATION
32
This
bill
amends
Code
chapter
596
(premarital
agreements)
33
to
allow
for
the
amendment
of
premarital
agreements
and
the
34
creation
of
new
marital
agreements
by
the
parties
to
the
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S.F.
_____
marriage.
A
marital
agreement
between
present
spouses
is
1
effective
only
to
the
extent
it
relates
to
disposition
of
2
assets
upon
the
death
of
the
other
party
(post-death
matters).
3
The
bill
provides
for
protection
of
the
parties
including
4
that
the
agreement
must
not
be
unconscionable
at
the
time
5
it
is
entered
into;
the
agreement
must
include
a
provision
6
that
states
the
rights
a
party
may
be
giving
up;
an
agent
is
7
prohibited
from
amending
or
revoking
a
marital
agreement
on
8
behalf
of
a
party;
and
unconscionability
is
determined
by
the
9
court
as
a
matter
of
law
while
all
other
matters
are
determined
10
in
equity.
The
bill
provides
for
revocation
and
amendment
of
11
marital
agreements,
places
limits
on
amendments
and
revocations
12
of
marital
agreements,
provides
for
enforcement,
and
makes
13
conforming
changes.
14
The
bill
provides
that
as
it
relates
to
premarital
15
agreements,
the
amended
Code
chapter
takes
effect
on
January
1,
16
1992,
and
applies
to
any
premarital
agreement
executed
on
or
17
after
that
date,
in
accordance
with
the
statutory
provisions
18
in
effect
as
of
the
date
of
the
premarital
agreement.
The
bill
19
directs
that
the
Code
chapter
does
not
affect
the
validity
20
under
Iowa
law
of
any
premarital
agreement
entered
into
prior
21
to
January
1,
1992.
Additionally,
the
bill
provides
that
as
22
the
Code
chapter
relates
to
amendments
to
premarital
agreements
23
and
to
marital
agreements
entered
into
after
marriage,
the
24
amended
Code
chapter
takes
effect
July
1,
2010,
and
applies
to
25
any
such
amendments
or
agreements
executed
on
or
after
that
26
date.
27
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