A prenuptial agreement or “prenup” is a written contract executed prior to a marriage. A prenup typically modifies the terms of a marital arrangement regarding the ownership and division of assets and property in the event the marriage fails at some point in the future. Prenups are often executed when there are substantial assets brought into the marriage by one or both spouses.
While some individuals take an unfavorable view of prenups, believing they place the focus of the marriage on finances instead of the relationship between the parties, they do offer a number of important benefits. Specifically, a prenuptial agreement requires the parties to consider the financial implications prior to entering into a marriage.
In addition, a prenup can help to avoid potential conflicts over money if the marriage dissolves, which can speed up the divorce process and make it less acrimonious. In the event of a spouse’s death, a prenup can ensure the wishes of the spouse are executed in the absence of a valid will.
In Nevada, prenuptial agreements are governed by the Uniform Prenuptial Agreement Act. According to the terms of the UPAA, for a prenup to be valid it must:
- Be in writing
- Be entered into voluntarily
- Not place an unreasonable burden on one party at the time of execution
- Be properly notarized
Under the UPAA, a prenup may include the following:
- Rights and obligations of each spouse pertaining to property
- Rights of each spouse to buy, sell, lease, transfer and manage property
- Distribution of property upon the death of either spouse
- Whether a spouse will receive alimony in the event of divorce
- Whether a spouse will be listed as a beneficiary on a life insurance policy
- Any additional matter not violating public policy or laws
A prenuptial agreement is a complex legal document, and failing to execute it properly could impact its validity. An experienced family lawyer with knowledge of the prenup process can help you avoid potential pitfalls. Your lawyer can also ensure the document is created in a manner that matches your specific intentions and goals while protecting your legal rights.
If you need help in crafting a prenuptial agreement or have questions concerning the prenup process in Las Vegas, contact RIGHT Lawyers at (702) 914-0400.