What Does a Prenuptial Agreement Cover in New Mexico?
A prenuptial agreement is a fairly old concept ratified by many states to supplement marriage laws. With the rising cases of divorces, couples want to prepare adequately for uncertainties in marriage. Therefore, a prenuptial agreement offers financial security and peace of mind in case of death or divorce.
Different states have different rules governing prenuptial agreements. Understanding what your state requires before signing a premarital contract is essential. Here, you'll learn what a prenuptial agreement in New Mexico entails.
What Is a Prenuptial Agreement in New Mexico?
A prenup is a contract between two people who intend to marry. The agreement focuses on couples’ rights and responsibilities in marriage and how to share property during death or divorce. A prenup also specifies if any of the spouses will receive alimony and for how long.
Who Should Get a Prenup in New Mexico?
A prenup is suitable for couples who wish to have financial security and control of valuable assets. So, regardless of your age, economic or social status, you may consider a prenuptial agreement if you intend to marry.
Some investments such as real estate, stocks, and businesses may be subject to disposition when you divorce. Therefore, a prenup will help you keep them separate, so you won’t worry about losing the assets.
Similarly, if you have a child from a previous union, you may want a premarital contract to protect your child’s inheritance from unfair distribution later in life.
What Does a Premarital Contract Cover?
A prenuptial contract covers the investment and financial aspects of marriage. However, according to New Mexico law, there’s no provision for child support in prenuptial agreements. Furthermore, the law assumes that the parents’ earnings in marriage and divorce may differ, making it impossible to calculate a child’s support in prenuptial agreements.
As for custody, the judge will evaluate a child’s best interest and determine who secures the child’s control during a divorce.
Typically, prenups in New Mexico will address the following issues:
Is a Prenuptial Agreement Enforceable in New Mexico?
Like most states, New Mexico follows the Uniform Premarital Agreement Act under the new statutes, chapter 40 and Article 3A. The act establishes rules a court may use to enforce a premarital contract.
According to New Mexico's law in section 40-3A-3, an enforceable prenup must be a written document signed by both partners who intend to get married. Under section 40-3A-5, the agreement becomes effective once signed.
A prenup in New Mexico may not divide marital property equally. However, it shouldn’t subject either couple to financial depravity owing to a divorce. Thus, if either spouse requests the state’s financial assistance following a divorce, the court may overturn the contentious alimony sections of the agreement.
In addition, the following conditions may render the contract invalid:
Please find a free New Mexico prenuptial agreement form on our site.