1.1                          A bill for an act
  1.2             relating to family law; modifying provisions governing 
  1.3             postnuptial contracts; amending Minnesota Statutes 
  1.4             2000, section 519.11, subdivision 1a. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2000, section 519.11, 
  1.7   subdivision 1a, is amended to read: 
  1.8      Subd. 1a.  [POSTNUPTIAL CONTRACT.] (a) Spouses who are 
  1.9   legally married under the laws of this state may enter into a 
  1.10  postnuptial contract or settlement which is valid and 
  1.11  enforceable if it: 
  1.12     (1) complies with the requirements for antenuptial 
  1.13  contracts or settlements in this section and in the law of this 
  1.14  state, including, but not limited to, the requirement that it be 
  1.15  procedurally and substantively fair and equitable both at the 
  1.16  time of its execution and at the time of its enforcement; and 
  1.17     (2) complies with the requirements for postnuptial 
  1.18  contracts or settlements in this section. 
  1.19     (b) A postnuptial contract or settlement that conforms with 
  1.20  this section may determine all matters that may be determined by 
  1.21  an antenuptial contract or settlement under the law of this 
  1.22  state, except that a postnuptial contract or settlement may not 
  1.23  determine the rights of any child of the spouses to child 
  1.24  support from either spouse or rights of child custody or 
  1.25  parenting time. 
  2.1      (c) A postnuptial contract or settlement is valid and 
  2.2   enforceable only if at the time of its execution each spouse is 
  2.3   represented by separate legal counsel. 
  2.4      (d) A postnuptial contract or settlement is valid and 
  2.5   enforceable only if at the time of its execution each of the 
  2.6   spouses entering into the contract or settlement has marital 
  2.7   property titled in that spouse's name, nonmarital property, or a 
  2.8   combination of marital property titled in that spouse's name and 
  2.9   nonmarital property with a total net value exceeding 
  2.10  $1,200,000 presumed to be unenforceable if either party 
  2.11  commences an action for a legal separation or dissolution within 
  2.12  two years of the date of its execution, unless the spouse 
  2.13  seeking to enforce the postnuptial contract or settlement can 
  2.14  establish that the postnuptial contract or settlement is fair 
  2.15  and equitable. 
  2.16     (e) A postnuptial contract or settlement is not valid or 
  2.17  enforceable if either party commences an action for a legal 
  2.18  separation or dissolution within two years of the date of its 
  2.19  execution. 
  2.20     (f) Nothing in this section shall impair the validity or 
  2.21  enforceability of a contract, agreement, or waiver which is 
  2.22  entered into after marriage and which is described in chapter 
  2.23  524, article 2, part 2, further, a conveyance permitted by 
  2.24  section 500.19 is not a postnuptial contract or settlement under 
  2.25  this section.