What is Prenuptial Agreements in Albuquerque, New Mexico?

It’s fitting that you discovered this blog while navigating through the open seas of the world wide web because today is a beautiful Columbus day in 2011.  This weekend I was watching the news and noticed that yesterday afternoon Sir Paul McCartney tied the knot for the third time in a low key ceremony in London. Some of you may recall that in 2008 McCartney was forced to shell out 48.7 million to settle his prolonged and widely publicized divorce. As I watched footage of McCarney’s wedding a thought flashed across my mind’s eye – Prenuptial Agreement.

It is an outdated notion that prenuptial agreements in Albuquerque, New Mexico are only utilized by wealthy men such as Paul McCartney. The  disparity in wages between men and women is vanishing each year. Presently the unemployment rate is lower for women than men – not to mention the fact that 58% of last year’s college graduates were women, and women accounted for 65% of my graduating class in law school. When one adds to this equation the fact that approximately 50% of all marriages end in divorce it becomes increasingly apparent that most Americans should weigh the benefits of obtaining a prenuptial agreement before marriage.

So what is a prenuptial agreement? At it’s core a prenuptial agreement is simply a contract that governs how one’s assets and property 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. Prenuptial agreements provide the parties’ with a means to clearly delineate their separate property prior to entering into the marriage, and the proper distribution for any assets and property accumulated during the marriage, to avoid the prospect of protracted litigation in the event of divorce.

There are five basic requirements for a valid prenuptial agreement – First, the agreement must be in writing, and oral prenups are unenforceable despite the fact that oral contracts are enforceable at law. Second, the agreement must be executed voluntarily and cannot result from fraud, duress, undue influence, or lack of capacity. Third, 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. Fourth, the agreement cannot be unconscionable. For instance, Albuquerque, New Mexico case 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. Fifth, the agreement must be executed by both parties before a notary public.