The Need for Prenuptial Agreements

New Mexico Prenuptial Agreement Attorney

Prenuptial Attorney Albuquerque New Mexico

Before getting married, most couples find themselves caught in the dilemma of whether or not to enter into a prenuptial agreement. Statistics have shown that over fifty percent of marriages in developed countries like the United States usually end in divorce. Therefore, by entering into a prenuptial agreement, forward thinking couples can make plans for the future.

Contrary to popular belief, prenuptial agreements are not just for the wealthy. These agreements have been shown to help ordinary couples during divorce. Perhaps the main reason that deters many couples from having a prenuptial agreement is the un-romantic aspect, meaning that nobody, at the beginning of the relationship, wishes to consider or contemplate its eventual demise. However, couples should be realistic and view such an agreement as insurance designed to protect items of property that were owned separately before marriage. State law in New Mexico stipulates how property is to be distributed after death or divorce though prenuptial agreements can help you to have more personalized control over you and your spouse’s assets.

According to interviews carried out with many unmarried individuals, approximately one third say that they would consider having a prenuptial agreement before marriage. However, surprisingly enough, only a small percentage of married couples actually have a prenuptial agreement. This disparity may perhaps be attributed to a lack of awareness of the importance of signing such an agreement, or again, the fear of appearing un-trusting or un-romantic. Nevertheless, signing a prenuptial agreement should be a personal decision. There is no law that requires the signing of a prenuptial agreement before marriage. It is entirely down to the personal preferences of the  parties.

A prenuptial agreement helps in the allocation of property during a divorce, by drawing a clear boundary between individual property and that shared by the two persons in a marriage, most often referred to as community property. Making the distinction between these two categories of property will lead to an easier divorce, should the need arise. The agreement also helps in establishing firm grounds between an individual and their spouse and forms the basis for decision-making on future matters. Clauses in the agreement can include those concerning adultery, housekeeping schedules, the frequency of intimacy, and other provisions that the couple may deem appropriate to have in their agreement. A prenuptial agreement also helps in limiting shared liabilities for a partner’s debts. When a partner has a debt, the agreement limits the boundary of the other partner’s property and prevents it being used to clear such debts. In today’s debt-ridden society, this factor alone may be the most compelling reason to draft and execute a prenuptial agreement or pre-marital contract.

Even when many couples recognize the benefits that come with a prenuptial agreement, many are still being held back by misconceptions about agreements of this kind. In most cases, many couples think that the charges for the agreement are likely to be too high and also that the agreement may lead to an unfair distribution of wealth. In fact, when looked at in depth, the opposite is true. When a person would be left in a worse position than they were before marriage, a court will not uphold a prenuptial agreement. The idea of the agreement is that a person should be left in the same state they were before marriage, or even better off after sharing joint property.

Prenuptial agreements are increasingly accepted by many as a sound financial planning tool. Many financial advisers recommend them for couples who plan to make investments together. This is because they help in drawing a clear boundaries on the ownership of property and/or debt. When drawing up the agreement, couples should seek the assistance of a New Mexico prenuptial lawyer in order to ensure that all their personal rights are safeguarded.

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Albuquerque Legal Resource
3500 Comanche NE, Bldg. B.
Albuquerque, NM 87107
Phone: (505) 234-7007

Albuquerque Lawyers that can assist clients with bankruptcy, business law, criminal defense, divorce, estate planning, family law, personal injury, probate, real estate, taxes and more.
3500 Comanche NE, Bldg. B
Albuquerque, NM
Phone: (505) 234-7007