Nevada Prenuptial Agreement: What Does It Cover?
With the rising divorce cases amongst couples in USA, prenuptial agreements are equally rising. Prospective couples can now breathe a sigh of relief by securing their assets, just in case a divorce or death strikes without notice.
But before entering a prenuptial agreement, it is crucial to understand your rights and responsibilities as a party to the contract. Why is it essential for future couples to sign a prenuptial agreement? Read on for more about Nevada prenuptial agreement.
What Is a Prenuptial Agreement?
A prenuptial agreement is a legally binding contract between two future spouses, also known as a prenup contract or premarital agreement. It defines legal obligations and rights on distributing property and what each couple may receive if they separate, divorce, or either spouse dies.
Chapter 123A (sections 123A.010-123A.100) of the state's revised laws contains the Uniform Premarital Agreement Act, highlighting the conditions governing prenuptial contracts.
Who Qualifies for Prenuptial Agreement in Nevada?
As the name suggests, a premarital agreement is ideal for prospective couples about to begin their marriage journey. So, if you plan to get married, you are the best candidate for a prenuptial contract.
Besides marriage, you may opt for a prenuptial agreement if:
- You wish to preserve a family fortune as you enter marriage.
- You wish to protect your child’s inheritance from a past marriage.
- You have a pension or savings scheme, and you wish to retain the proceeds if your marriage fails.
- You wish to control separate property that you acquired before marriage
How Can You Enter Into a Prenuptial Agreement in Nevada?According to Nevada's Uniform Premarital Agreement Act, you can create a prenup contract in a written agreement signed by you and your spouse. But if you don't put it in writing, the courts may refrain from enforcing the prenuptial agreement.
What Does a Prenup Agreement Cover?
Prenup agreements come in handy to help couples avoid court battles after a divorce. Thus, according to section 123A.050, prenups should only contain conditions regarding property ownership, money, and obligations.
A prenuptial agreement explains how you'll distribute wealth and property during a divorce. Whether you own separate or joint assets, it highlights your rights and obligations and your spouse's rights and responsibilities.
The agreement covers each spouse's right to control, buy, sell, lease, or transfer a marital property during your marriage.
The agreement also highlights if you or your spouse will receive alimony (maintenance) in your divorce period. If not, you should include an alimony waiver that the court may grant, depending on legal requirements.
Other aspects that the agreement covers include:
- Preparing a will or trust to execute the provisions of the agreement
- The legal jurisdiction governing the drafting of the agreement
- Your rights in disposing of death benefits from life cover
How Can You Make a Prenuptial Agreement in Nevada Valid?
Like other states, Nevada has stringent rules under the Uniform Prenuptial Agreement Act that govern premarital contracts.
According to section 123A.040, couples should present their agreement in writing and have it signed by both spouses to make it enforceable. Parties don't require notaries or witnesses to the document when signing.
The agreement should be fair to both couples and signed voluntarily by both spouses. No spouse should sign a premarital agreement under duress, threat, or undue influence.
Moreover, both spouses should willingly disclose their assets and liabilities before signing the agreement to understand their legal rights and obligations. If either couple doesn’t reveal all financial obligations, there should be a written note requesting a waiver from the court.
According to section 123A.090, violation of the terms listed above can legally render the agreement void limit its validity.
If couples wish to amend or modify the terms in the agreement, section 123A.070 requires them to create and sign a separate draft expressing their wishes.
Do not hesitate to download a free printable Nevada prenuptial form from our website.