The Minnesota legislature made some significant changes to its prenuptial agreement law in August 2024. These changes to Section 519.11 added some significant requirements to obtaining a valid and enforceable prenuptial agreement in the state of Minnesota, from requirements like stricter financial disclosures to a new time restriction on when you can sign a prenup. Let’s discuss what you need to know about the updates to Minnesota prenuptial agreements.
What changed in Minnesota’s prenuptial agreement laws?
The new law updating the requirements for prenuptial agreements in Minnesota took effect August 1, 2024, and applies to all prenups and postnups created after August 1, 2024. The added requirements impose stricter requirements around the creation of these agreements by introducing clearer rules for financial disclosure (including the basis for valuing assets and income), requiring that the agreement be signed at least seven days before the wedding, and ensuring that each party has a meaningful opportunity to consult independent legal counsel. These changes are aimed at promoting fairness, transparency, and enforceability in marital agreements across the state.
How do these changes affect your prenup?
If you entered an agreement prior to August 1, 2024, then the previous statutory requirements will apply to the enforcement of your agreement. However, if your prenup is signed on or after August 1, 2024, then you’ll need to meet the updated standards (such as providing more detailed financial disclosures, allowing sufficient time before the wedding, and ensuring both people have a meaningful chance to consult independently with an attorney). Failing to meet these new requirements could put your agreement at risk of being challenged or deemed unenforceable in court.
Legal updated requirements for a valid prenup in Minnesota (Post-update)
So, what do you specifically need to know about the updates to prenup laws in Minnesota? Here are the key updates to be aware of:
- They added inclusive terminology (“individuals” instead of man and woman)
- They added a stricter requirement for financial disclosure, which cannot be waived by either party, including “all material facts” and the “basis” (or “good faith” reasoning) for calculating the value of each asset and income source in their financial schedule
- The agreement should be signed at least seven days before the wedding
- They clarified that the opportunity for legal counsel must be independent and meaningful, not rushed or pressured into joint counsel
- They distinguished the right to deem which property and debt will be marital (jointly held) versus nonmarital (individually held)
- If there is a severability clause, courts may sever the unenforceable clause but still enforce the rest of the agreement
The other core requirements that existed before the update still apply. This includes entering the agreement voluntarily, providing full and fair financial disclosure, having an opportunity for legal counsel, ensuring the terms are not unconscionable, having the agreement in writing, and signing by both parties in the presence of two witnesses and a notary. The recent updates build on these foundations to enhance clarity, fairness, and enforceability under Minnesota law.
Does your existing Minnesota prenup still hold up?
As long as you followed the law that was applicable at the time you created your prenuptial agreement in Minnesota, it will still hold up. These new amendments to the Minnesota laws only apply to agreements made on or after August 1, 2024. For example, if you both signed your prenuptial agreement on August 2, 2024, then your agreement must comply with the new requirements, such as executing the agreement at least seven days before the wedding and the heightened requirements for financial disclosure.
Do you still need a lawyer for a prenup in Minnesota?
While there is now an added requirement for “meaningful opportunity to consult with independent legal counsel of the party’s choosing,” this does not mean you have to hire a lawyer; it simply means if one person wants to hire an attorney, they need the chance to do so and not be forced into signing the agreement. For example, if a groom were to spring a prenuptial agreement onto his bride an hour before walking down the aisle, the bride probably wouldn’t have a meaningful opportunity for legal counsel. She wouldn’t have time to find a lawyer, have the lawyer review the agreement, and get advised on her options. Even if the bride signed it, she could challenge the agreement later and argue that she did not have a meaningful opportunity to hire a lawyer under Minnesota law.
Final thoughts: What does all this means for Minnesota couples
Minnesota couples can still get prenuptial agreements, but they must comply with the new requirements laid out in Section 519.11. These new requirements add stricter standards that are meant to create a fair and even playing field for couples entering into prenups and postnups. Things like signing the contract at least seven days before the wedding, ensuring both parties have an opportunity to hire a lawyer if they want one, and ensuring that the reasonable basis of valuation is included in the schedule of financial disclosures are key. By understanding and following these updated rules, couples can enter into agreements with greater confidence that their prenup will stand up in court if ever needed.
Kristen Cray is the principal attorney of Gavelkind Law, bringing trusts, private securities, and financial sophistication to unaccredited investors. She studied business in Colorado, philosophy at Oxford, finance at Harvard, then graduated from Suffolk Law School. Working since 2018 across the spectrum of fiduciary law, Kristen’s passion is financial independence and lifelong income planning for everyday women and their loved ones. Her hot take: folks who don’t “believe in” divorce should be the first in line for antenuptial agreements! She is also the founder of an educational nonprofit for women’s financial literacy, the Vice Chair of her municipal Zoning Board of Adjustments, a licensed TEDxWomen organizer, an active member at the Harvard Club, a jock, and a future sassy grandma.
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