Just saying the words “prenuptial agreement” conjures images of Brad and Angelina or Michael Jordan and his ex wife. Most people view prenups as a document only for the rich or only used when spouses don’t trust each other. What most people don’t realize is that financial disputes are the number one reason for divorce in America.
Divorces without prenuptial agreements are often messy, long and very expensive. Instead of looking at a prenuptial agreement as a sign of distrust or a document only the elite can afford, most prenups are designed to identify financial concerns and establish expectations. Rather than being a “plan for divorce” an effective prenuptial agreement can serve as divorce prevention.
In this article, we address the most frequently asked questions people have about prenuptial agreements.
They are legal contracts and thus, they should not be entered into lightly.
This type of contract can have an impact on your finances, your family, and your future.
While most people think prenuptial agreements are only for people who have lots of money, premarital agreements are usually for the everyday person.
Essentially, having the prenup is like buying insurance – you hope you never need it, but it is there in case you do.
Your prenuptial agreement can, and should, address alimony in the event of a divorce . . . but it is not required.
At a minimum, you and your soon to be spouse should discuss alimony in the event of a divorce as a provision in your prenuptial agreement.
If you decide you want to include an alimony provision in your prenuptial agreement, some of the questions you will need to answer include:
BONUS TIP: You should keep in mind that most states will not allow a complete waiver of alimony in a prenuptial agreement if it means one spouse would end up on State or Federal financial assistance. In other words, if you write a prenuptial agreement that says you both agree to waive alimony, and your divorce would leave one spouse on welfare, chances are a divorce judge could still order alimony even though your prenuptial agreement waives it.
In our experience, absolutely not.
Usually, a spouse asks for a prenup because they are trying to protect an asset they own prior to marriage or save their spouse from substantial debt accumulated prior to marriage.
Having a prenup can be a win-win for both parties and doesn’t mean that one party is not trustworthy.
Rather, having a prenup should be considered as a way for a married couple to create their marital property financial roadmap. Most sound prenups are more involved than simply saying who gets what if the parties divorce.
There are so many reasons that a do-it-yourself prenuptial agreement is a bad idea that we cannot state them all here.
While there are many legal documents that can be drafted on your own, a prenup is not one of them. In our experience most prenups that were drafted by divorcing spouses themselves, or even drafted by a notary, have been deemed unenforceable.
Furthermore, Nevada has an entire statute (NRS 123A),dedicated to the content and enforcement of prenups.
In the event the parties draft their own prenup and get divorced, the divorce judge will look to the statute to see if the prenup complies – in most cases, the prenup does not meet the strict standards of the statutes and will be deemed unenforceable.
Simply, having a prenup drafted by an Nevada prenup attorney ensures that the agreement is sound and complies with the law.
Of course. Prenups can always be modified at a later date as long as both parties agree.
Usually a prenuptial agreement modification must be in writing and signed by both parties to become enforceable.
Changes to the prenuptial agreement are usually required to be in writing as well.
At our firm, we charge according to the complexity of the agreement being drafted and the nature of the assets and debts involved.
In considering a prenuptial agreement, our Nevada Prenuptial Agreement Attorneys will help you and your partner solidify your desires for the future, document your intentions and help both of you protect what you have worked so hard to earn. Call us today at (702) 433-2889 or fill out our online form for more information.