Marriage – Postnuptial Agreements – Kentucky
Title XXXV, Chapter 404, 404.020. Property rights — Contract rights — Transfer of personal property between husband and wife.
(1) A married woman may acquire and hold property, real and personal, by gift, devise or descent, or by purchase, and may, in her own name, as if she were unmarried, sell and dispose of her personal property. She may make contracts, and sue and be sued, as a single woman. She may rent out her real estate, and collect, receive and recover in her own name the rents thereof, and make contracts for the improvement thereof.
(2) A gift, transfer or assignment of personal property between husband and wife shall not be valid as to third persons, unless it is in writing, and acknowledged and recorded as chattel mortgages are required to be acknowledged and recorded; but the recording of any such writing shall not make valid any such gift, transfer or assignment that is fraudulent or voidable as to creditors or purchasers.
Title XXXIV, Chapter 391, 391.360. Provisions for payment or transfer at death.
(1) A written provision for a nonprobate transfer on death in an insurance policy, contract of employment, bond, mortgage, promissory note, certified or uncertified security account agreement, custodial agreement, deposit agreement, compensation plan, trust, conveyance, deed of gift, marital property agreement, or other written instrument of a similar nature is nontestamentary. these written provisions shall include, but not be limited to, written provisions which provide that:
(a) Money or other benefits theretofore due to, controlled or owned by a decedent before death shall be paid after the decedent’s death to a person whom the decedent designates either in the instrument or in a separate writing, including a will, executed before, at the same time, or after the instrument is executed;
(b) Money due or to become due under the instrument shall cease to be payable in event of the death of the promisee or the promissor before payment or demand; or
(c) Any property, controlled by or owned by the decedent before death, which is the subject of the instrument shall pass to a person the decedent designates either in the instrument or in a separate writing, including a will, executed before, at the same time, or after the instrument is executed.
(2) This section shall not limit the rights of creditors under other laws of this state.
This law summary is not legal advice. If you are not an attorney, you should consult an attorney about serious legal matters.