What is Prenuptial Agreement And Postnuptial Agreement in Albuquerque, New Mexico?

WHAT IS A PRENUPTIAL AGREEMENT IN ALBUQUERQUE, NEW MEXICO?

 

A prenuptial agreement in Albuquerque, New Mexico is a contract that determines how one’s assets and liabilities will be distributed upon divorce. Because Albuquerque, New Mexico is a “community property state” any assets, debts, or property that are accumulated during the marriage – other than gifts, bequests, or inheritances – will be split 50-50 upon divorce.  Albuquerque, New Mexico prenuptial agreements help protect both spouse’s rights and claims.

Prenuptial agreements provide the parties’ with a means to clearly separate their separate property prior to entering into the marriage, any appreciation in value during the marriage, and the proper distribution for any assets and property accumulated during the marriage. This process provides the couple with the ability to take matters into their own hands, avoiding the prospect of extended litigation in the event of divorce. Basically prenuptial agreements provide couples with the power to decide how assets and debts will be divided, rather than a judge.

WHAT ARE THE REQUIREMENTS FOR A VALID PRENUPTIAL AGREEMENT IN NEW MEXICO? 

 

There are five basic requirements for a valid prenuptial agreement:

1. The agreement must be in writing, and oral prenuptial agreements are unenforceable despite the fact that oral contracts are enforceable at law.

2. The agreement must be executed voluntarily and cannot result from fraud, duress, undue influence, or lack of capacity.

3. There must be full disclosure where each party presents a complete and accurate representation of the property and assets that one possesses prior to the marriage.

4. The agreement cannot be unconscionable. For instance, New Mexico law holds that it is against public policy for a prenuptial agreement to waive a child or spouse’s right to support – i.e. prenuptial agreements cannot waive child support and alimony. See NMSA 40-3A-4B; Rivera v. Rivera, 149 N.M. 66, ¶ 26. This means that any agreements waiving spousal support/alimony in a prenuptial agreement will be deemed “unconscionable” and will invalidate the entire prenuptial agreement unless there is a severability clause – a provision in a the prenuptial agreement which states that if parts of the contract are held to be illegal or otherwise unenforceable, the remainder of the contract should still apply.

5. The agreement must be executed by both parties before a notary public.

CAN A ALBUQUERQUE, NM PRENUPTIAL AGREEMENT WAIVE CHILD SUPPORT OR SPOUSAL SUPPORT? 

 

No.  In Albuquerque, NM, a prenuptial agreement cannot waive child support or alimony. See NMSA 40-3A-4B.

WHAT IS A POST NUPTIAL AGREEMENT? 

 

A post nuptial agreement is an agreement regarding property and asset distribution that is entered while the parties are married.

WHAT IS THE DIFFERENCE BETWEEN A PRENUPTIAL AGREEMENT AND POSTNUPTIAL AGREEMENT IN NEW MEXICO? 

 

A prenuptial agreement is entered before the marriage.  A postnuptial agreement is entered while the parties are married.

(505) SANCHEZ HELPS YOU UNDERSTAND PRENUPTIAL AGREEMENTS AND POSTNUPTIAL AGREEMENT IN ALBUQUERQUE, NEW MEXICO

 

Do you have questions about prenuptial agreements and postnuptial agreement in Albuquerque, New Mexico?  Matthew Legan Sanchez is a prenuptial agreement lawyer in New Mexico that handles prenuptial agreements and postnuptial agreement in Albuquerque, New Mexico.   Sanchez can be reached by calling (505) SANCHEZ.