Did you know that a prenuptial agreement can not only protect your family’s interests but also offer a valuable form of premarital counseling? Many people in New Mexico assume that you only need a prenuptial agreement if you are wealthy or expect your marriage will not last.
The reality is that the process of creating a prenuptial agreement can lay the groundwork for a successful marriage.
What is Covered by a Prenup?
A prenuptial agreement is a contract a couple prepares in advance of their wedding that addresses a variety of issues. These could include the spouses’ responsibilities and rights during the marriage related to finances as well as how certain property will be allocated upon divorce.
Many issues commonly covered in New Mexico prenuptial agreements include:
- A spouse’s entitlement to life insurance benefits
- Rights and obligations of the spouses as it relates to income, debts, and/or assets of the parties
- Each spouse’s rights to property owned by one spouse before the marriage
- Disposition of assets at death or divorce
- Disposition of debts at death or divorce
- A commitment to draft a will to fulfill the terms of the agreement
Couples cannot specify issues regarding children, such as custody and child support, in a prenuptial agreement. Those matters are determined based on the best interests of the children which are determined at the time of divorce and are subject to change.
Why is a Prenuptial Agreement a Good Idea?
Marriage requires a tremendous emotional and financial commitment. Couples preparing for marriage may participate in counseling to prepare for the emotional challenges of joining their lives but rarely do they engage in counseling to address the financial questions and issues they will face. Financial matters cause some of the biggest conflicts in marriages and are a leading cause of divorce.
The process of creating a prenuptial agreement requires couples to hold conversations about money that they might not otherwise ever have. This learning process builds a stronger base for the marriage.
Prenuptial agreements are especially helpful in situations where one partner operates a business or when one or both partners have assets that they acquired prior to marriage. If either spouse has children from a previous relationship, a prenuptial agreement can assist in clarifying expectations for what the children will receive from their respective parent versus what the new spouse will receive upon death.
If You Need a Prenuptial Agreement Lawyer in New Mexico, Contact Batley Riley Family Law
At Batley Riley Family Law, we firmly believe in the value that a well-crafted prenuptial agreement can provide to a marriage. Call our Albuquerque office today at (505) 246-0500 or fill out this contact form to take the next step toward scheduling your confidential case evaluation.