There are over half a million people who call Albuquerque home, including some who are very wealthy. Protecting wealth is one of many reasons why some couples create a prenuptial agreement. If you are planning to get married and considering a prenup, or you have an issue with an agreement that is already in place, an Albuquerque prenuptial agreements lawyer may be able to answer your questions and provide services to assist you. Reach out to our marital agreements attorney to ensure your contract is valid.
A prenuptial agreement is a legally binding agreement that some couples enter into with each other before marriage. The main purpose of this agreement is to make decisions upfront about what will happen with certain assets if the marriage ends.
While prenuptial agreements are most often associated with wealthy individuals, they can be helpful for people of all incomes. Because New Mexico is both a community property and an equitable division state, the courts tend to focus on as close to a 50/50 split of marital assets as possible, while having the right to deviate from a completely even split in certain circumstances. A prenup allows the parties of the marriage to make their own decisions about asset division before entering into the marriage.
Some of the decisions that can be outlined in the agreement are the division of property and other assets, and property rights that are to be granted to children from previous relationships. The agreement can also outline the obligations that each party has toward property and spousal support, and administrative duties regarding an individual’s will. An attorney in Albuquerque could help a couple determine what to include in a premarital agreement.
It should be noted that a prenuptial agreement will not cover certain things, including the determination of parenting time and child support, or any provision that is against the law. Additionally, if one party can prove that they were forced to sign the prenup against their will, the agreement becomes legally unenforceable.
A lawyer is important for negotiating, drafting, and enforcing prenuptial agreements. They use their experience to help clients understand the process and what their rights and obligations might be under the agreement. They ensure that all the requirements for a valid agreement are present, including voluntary disclosure of assets, consent, and compliance with state laws. While couples in Albuquerque are not required to use a prenuptial agreement attorney, having one helps to ensure that the agreement holds up in court.
A lawyer can also help with issues that may arise after the agreement is in place, such as a desired renegotiation of the terms of the agreement or problems with an existing agreement that make it unenforceable.
We have all seen it many times: A couple gets divorced and is pushed to sell meaningful assets, including a family business or inherited property, to meet New Mexico’s community property laws for asset division. The main purpose of a prenuptial agreement is to protect certain assets from this scenario and keep the parties of the marriage in control of how property is divided in the event of a divorce, instead of the court.
The local legal team from Duran & McDonald is devoted to using its legal experience to help members of their community thrive. One of the many ways to do that is to help ensure that the legal agreements they enter into are valid, enforceable, and offer the intended protections. Contact us today for a consultation with an Albuquerque prenuptial agreements lawyer.
