Exhanging vows in Oklahoma soon? Congrats! But don’t forget the prenuptial agreement! And before you jump to conclusions—did you know prenups can actually make you feel closer together to your partner than ever before? 83% of HelloPrenup couples agree! To get a valid and enforceable agreement in Oklahoma, you need to follow the state’s laws governing prenups, such as putting it in writing and making sure each person has a fair and reasonable provision in their favor. So, without further ado, let’s get into the top five things to know about prenuptial agreements in Oklahoma.
1. The law governing Oklahoma prenuptial agreements
Oklahoma is one of the several states that has not (yet) adopted the Uniform Premarital Agreement Act (UPAA). This means that Oklahoma uses a patchwork of state statutes and case law to create its laws surrounding prenuptial agreements. From these statutes and cases, here are the general requirements to know about Oklahoma prenups:
- They must be in writing and signed by both parties
- Both parties must provide full financial disclosure to one another (income, assets, debts, future inheritances, etc.)
- The agreement must be entered into voluntarily, and not under duress
- The agreement must be fair and reasonable, providing at least one fair provision for each party
- The agreement must not include illegal terms or terms against public policy
These rules come from a mixture of statutes and varying cases on prenups in Oklahoma. For example, the case known as In re Marriage of Starcevich, 352 P.3d 1250 (2014), tells us that each party must have a fair and reasonable provision in their favor. The above laws are put in place to ensure both parties are entering into the agreement with a clear understanding of their rights and obligations, and to protect against coercion or unfairness.
2. Oklahoma is an equitable distribution state
Another key aspect to understand before getting an Oklahoma prenuptial agreement is what happens in a divorce if you do not have an agreement in place. Oklahoma follows equitable distribution principles which means that property in a divorce gets divided equitably, and not always 50-50. The court may divide the property as it deems “just and reasonable” according to Okla. Stat. tit. §43-121. In addition, the Oklahoma divorce judge may divide up anything that is acquired during the marriage, regardless of title. So, if you purchase a home during the marriage and it’s solely in your name and it’s been your sole responsibility and obligation, it still may be subject to division in an Oklahoma divorce.
With a prenuptial agreement, you may override certain principles of equitable distribution in Oklahoma. You can say what may or may not be divided up and how much each person should get.
3. Financial disclosure is crucial to an Oklahoma prenup
Financial disclosure is a key aspect of creating a valid and enforceable prenuptial agreement in Oklahoma. Oklahoma requires “full and frank” disclosure which means each party must share the full values of their income, assets, debts, and future inheritances without omitting or hiding any information. The disclosure must be made prior to signing the contract and generally is attached in a financial schedule to the back of the agreement where both parties initial that they’ve read and understand their partner’s finances.
Without proper financial disclosure, an Oklahoma prenup can get thrown out by a judge. This is because financial disclosure is crucial to the making of a prenuptial agreement in that it ensures both parties are fully aware of the financial implications of the agreement they are entering into and can make informed decisions about waiving certain rights.
For example, if one party has millions of dollars (unbeknownst to their partner) and the other partner has no idea, they can’t make a reasonable informed decision on the rights they’re giving up in the prenup, such as rights to spousal support.
4. There should be a fair and reasonable provision for each spouse
Oklahoma has a somewhat unique rule that stems from the case In re Marriage of Starcevich, 352 P.3d 1250 (2014), which requires prenups to have at least one fair and reasonable provision for each spouse. As highlighted in the Starcevich case, Oklahoma courts scrutinize prenuptial agreements to ensure a degree of fairness for both parties involved. For instance, even if the agreement primarily focuses on protecting separate assets, it should contain at least one provision that could be considered beneficial or reasonable for the other spouse. This requirement underscores Oklahoma’s commitment to ensuring that prenuptial agreements are not entirely one-sided and that both individuals enter the marriage with a basic level of protection or understanding of the agreement’s impact on them.
5. Prenups can promote marital harmony
Prenups do more than just protect individual financial interests—they can also promote marital harmony through alignment on certain topics. Going through the prenup process requires couples to discuss important issues, such as joint finances, budgets, retirement plans, property ownership, death, and future career plans. Through having these conversations, couples are able to get on the same page and walk into marriage with a better understanding of one another and a shared vision of their future together.
For instance, through a prenuptial agreement, parties can plan out whether or not they want to have a joint bank account, how joint finances will work, how tax filing will work, budgets, and much more. Working these issues out prior to marriage can help avoid misunderstandings and conflict down the road.
The bottom line on Oklahoma prenups
There you have it—the top five things to know about prenups before getting one in Oklahoma. From the legal requirements to what happens without a prenup in Oklahoma to the benefits of a prenup, you now can start your prenup journey with a full understanding of what to expect. And while the legal landscape in Oklahoma might be a bit different than in states with the UPAA, understanding these legal key aspects will help you navigate the prenup process effectively and create an agreement that protects both you and your future spouse while complying with Oklahoma law. Plus, it’ll promote marital harmony in your marriage—It’s a win-win!
Nicole Sheehey is the Head of Legal Content at HelloPrenup, and an Illinois licensed attorney. She has a wealth of knowledge and experience when it comes to prenuptial agreements. Nicole has Juris Doctor from John Marshall Law School. She has a deep understanding of the legal and financial implications of prenuptial agreements, and enjoys writing and collaborating with other attorneys on the nuances of the law. Nicole is passionate about helping couples locate the information they need when it comes to prenuptial agreements. You can reach Nicole here: Nicole@Helloprenup.com
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