You may be interested in a prenuptial agreement if you are engaged and have an interest in fairly and legally protecting your wealth. The prenuptial agreement helps protect the rights of both spouses: it’s a legal document that establishes clear lines for both of you.
A good prenuptial agreement attorney in Albuquerque can help identify and explain all the benefits that come with this kind of document. The document not only ensures the safety of existing assets, but it anticipates the possible division of future assets accrued in the course of the marriage.
Some of the key points commonly listed in prenuptial agreements include the following:
- The debt obligations to which each spouse will be held
- The rights to property for each spouse
- Retirement benefits, pensions, and life insurance proceeds
- How the division of property will take place should a spouse become deceased or in the event of a divorce
Benefits of a Prenuptial Agreement
There are several clear benefits of drawing up a prenuptial agreement before a marriage. These benefits point to why such an agreement should be considered by any couple engaged to wed:
A prenup clearly identifies items of value prior to marriage
This benefit can come into play when protecting family heirlooms or other items of sentimental value. When a prenuptial agreement defines individual ownership of certain assets, the New Mexico courts won’t define them as communal property.
A prenup establishes partnership requirements
Do you own shares of a business, or are you a business partner? If so, it’s essential that you protect your business with a prenuptial agreement. In fact, most partnership agreements require this sort of safety net for the business. A prenuptial agreement could protect the integrity of the business in the event of divorce.
A prenup provides property determination
Some property will be owned by one spouse, and some property will be owned jointly. Discussing these matters in a prenuptial agreement helps you come to terms with the matter ahead of time and establish clarity. In the event of a divorce, the last thing you want to do is to have conversations about property ownership for the first time. You don’t want to have to depend on the courts for a property value analysis.
A prenup gives you divorce cost reduction
Let’s face it: nobody plans to get divorced. It’s important, though, to be realistic: divorce does happen, and it’s often unpredictable. Putting a prenuptial agreement in place can prevent you from accruing a consider number of billing hours normally associated with attorney fees. The agreement can save both spouses considerable money down the line.
A prenup assigns debts and profits
Should you or your spouse take on business ventures such as investments or rental properties, a prenuptial agreement can help establish which party would be responsible for those in the event of a divorce. Additionally, a prenup can help you determine together how profits would be fairly distributed.
A prenup lays out special arrangements
A prenuptial agreement gives you time to discuss specific terms without the emotional pressure of a divorce that is actually occuring. You and your betrothed can consider financial matters logically and analytically, preventing future actions made out of pure spite. In other words, a prenup can help make a potential divorce more fair.
Finding a Prenuptial Agreement Lawyer in Albuquerque, NM
No one wants to enter a marriage thinking about the possibility of a divorce, but it’s unrealistic to consider it an impossibility. If you do have assets that require protection (or think you will in the future), a prenuptial agreement is essential. No matter your business or personal financial situation, the attorneys at Legal Solutions of New Mexico can draft a tailored prenuptial agreement made for you. Contact us today to schedule an appointment.