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 prospective 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 premarital 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 premarital 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 premarital agreements are often associated with the wealthy, they are just as important for everyday people.
They are like an insurance policy – you don’t think you will need it, but it is there in case of an emergency.
A prenup can help ensure that separate property is kept separate.
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.
It gives both parties a chance to protect the assets they owned before marriage and limit any debt already there.
Going to a family law attorney is a great way to set up your prenup so your marriage can have a successful financial roadmap.
There are so many reasons that a do-it-yourself prenuptial agreement is a bad idea that we cannot state them all here.
Having an experienced lawyer draft your prenup is vital, as it can be difficult to challenge an agreement if it isn’t done correctly. Before entering into a prenup, both parties should carefully consider and contemplate marriage so they understand the full implications and effects of the agreement.
Furthermore, Nevada has an entire statute (NRS 123A),dedicated to the content and enforcement of prenups.
If a couple gets divorced after writing their prenuptial agreement, the judge may decide if it complies with the law. Usually, these agreements do not follow the law closely enough, so they cannot be used. It is important to note that marital property is also subject to rules and regulations defined by the state.
Simply, having a prenup drafted by an Nevada prenup attorney ensures that the agreement is sound and complies with the law.
Prenuptial agreements can be changed when both partners agree.
This change must also be written down and signed by both parties, just like the original prenup.
Changes to the prenup must also be in writing, including changes related to marital property.
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.