A prenuptial agreement, more commonly referred to as a prenup, is a contract made between a couple before entering into marriage, consisting of listed properties, finances, and debts that each person has a right to in the event of a divorce. Though prenups were previously used mainly by couples entering into a marriage with a disparity in income between them to protect the wealthier individual, they are now increasingly used by couples of all income levels.
Prenuptial Agreement Attorney in Albuquerque, NM
There are many reasons why a couple may choose to proceed with entering into a prenuptial agreement, including passing properties to children from previous marriages to inherit, establishing financial rights, avoiding arguments in the event of a divorce or death, and protecting spouses from each other’s debts. Although a prenup may have a stigma of expecting marriage to end in divorce, it may be the right option for a variety of couples, as it protects both parties, as well as their children, if they have any. Writing a prenup before marriage can also help to avoid some of the hurt and anger that comes with divorce as all assets and responsibilities will have been determined prior to marriage, thus eliminating that stress.
When getting ready to write a prenup, it’s important to consider hiring an experienced lawyer to review or help write the contract. If the prenuptial agreement doesn’t hold up in court, it could fail to meet the state’s requirements and thus be declined. Wiseman Legal Group has experienced attorneys in Albuquerque who are qualified to help you understand and create a contract that is concise and legally sound in order to pass the court’s approval.
Coverage of Prenuptial Agreements
Despite the coverage a prenuptial agreement can have on finances and assets, one thing it cannot cover is child custody, child support, or alimony in the event of a divorce, as these must be discussed once a dissolution of marriage is filed. However, it’s important to discuss with your partner other matters relating to all properties owned by one another and come to an agreement on who keeps each asset, as well as if they’ll be passed on to a child from a previous marriage. Financial clarity can be determined by a prenup through declaring who will be financially responsible for what during a marriage or what rights each person will have in accordance with finances. Debt is another important reason to discuss a prenup as it can protect each spouse from the other’s debt that has either already accrued or may accumulate in the future.
A prenuptial agreement will not be accepted by the court if one of the parties is unable to consensually or voluntarily enter into the contract due to age, mental capacity, or other circumstance. The division of properties and assets must also be fair to both parties involved, as each person needs to be aware of all finances held by one another, and it must not infringe upon any party’s rights. The court can disregard a prenuptial agreement for fraud if one or more of these is met.
Prenuptial agreements don’t need to be stressful and can greatly benefit each person going into the marriage in the event of a divorce or death, as there is security knowing all assets and properties are accounted for. Wiseman Legal Group in Albuquerque will help you review and write your prenup, ensuring the security of both parties as well as your children in the future. We will make sure to cover and discuss all matters relating to each person’s financial situations and any debts, present or future, that may arise or be expected. We’ll put you first and ensure your prenuptial agreement is sound and you receive the guidance you deserve to make the experience stress free.
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