Under Minnesota law, “marital property” is any property acquired by either spouse during the marriage, unless it:
“(a) is acquired as a gift, bequest, devise or inheritance made by a third party to one but not to the other spouse;(b) is acquired before the marriage;(c) is acquired in exchange for or is the increase in value of property which is described in clauses (a), (b), (d), and (e);(d) is acquired by a spouse after the valuation date; or(e) is excluded by a valid antenuptial contract.” (Minnesota Statute 518.003 Subd. 3b)
As noted above, an antenuptial, or premarital agreement, can affect the court’s determination of “marital” and “nonmarital” property by specifying what property is to be considered nonmarital in the event of divorce, separation, or the death of one of the parties.
According to Minnesota Statute 519.11, to be valid, the agreement must be signed prior to the date of marriage in front of at least two witnesses, be based upon fully disclosed financial information, and have been signed after each party had time to consult with an attorney.
For advice on either preparing or signing an antenuptial agreement in Minnesota, contact Banas Family Law at (651) 361-8109.