Welcome to Nebraska Prenup Laws 101! Whether you’re getting hitched in Omaha or out in the Sandhills, understanding how to protect your assets and plan for your financial future is key. In this article, we’ll walk you through everything you need to know about Nebraska’s prenup laws. Without further ado, let’s get started!
So, what exactly is a prenup?
A prenup, or “premarital agreement” in Nebraska, is a contract you and your fiancé create before getting married. It outlines how your assets, debts, and financial responsibilities will be managed if you ever divorce. It can also include other matters such as pet custody, taxes, engagement ring ownership, and more.
If you don’t have a prenup, Nebraska’s default laws will apply, meaning your finances will be divided according to state rules rather than your own decisions. As an equitable distribution state, Nebraska aims to split property fairly during a divorce, but “fair” doesn’t always mean equal or what you might consider just. Without a prenup, you could face unexpected disagreements with your spouse if your marriage ends.
Are prenups legal in Nebraska?
Yes, prenups are legal in Nebraska! They are governed by the Nebraska Uniform Premarital Agreement Act, which sets the rules for creating and enforcing these agreements. Here are the requirements:
- The agreement needs to be in writing.
- Both spouses must sign the document.
- Both parties must voluntarily agree to the terms.
- Both spouses must make fair and reasonable disclosure of all assets and debts.
- The agreement should not contain any terms that are excessively unfair or unreasonable.
- Only provisions that are permitted by law can be included. (No clauses about child support or child custody).
Can you put whatever you want in a prenup?
For an overview of what you can put in your prenup, check out Neb. Rev. Stat. § 42-1004 to see what you can include. In a prenup, you can cover things like:
- How you and your partner will handle any property, whether it’s owned individually or together.
- Your rights to buy, sell, use, lease, or otherwise manage your property.
- What happens to your property if you separate, get divorced, or if one of you passes away.
- How spousal support will be handled.
- Making a will, trust, or other arrangements that reflect the terms of the prenup.
- Who gets the death benefits from life insurance policies.
- Which state’s laws will apply to the prenup (also known as a “choice of law” provision).
- Any other personal matters that don’t violate public policy or Nebraska law.
But wait, there’s more! You can include all sorts of clauses—whether it’s about pets, taxes, rings, or anything else you can think of. Just make sure nothing in the agreement goes against public policy or breaks any laws, and you’re good to go.
What can void a prenup in Nebraska?
In Nebraska, a few issues can make a prenup invalid or unenforceable. Here are some common pitfalls to watch out for:
Consent Issues: If either party felt pressured or coerced into signing the prenup, the court might not uphold it.
Improper Financial Disclosure: Both partners need to fully disclose their financial details, including their income and the value of any of their assets and debts. You might be tempted to fudge the details a bit, but be careful! Hiding financial information can lead to the prenup being invalidated. (Neb. Rev. Stat. § 42-1006).
Unfair Terms: The prenup should not be overly one-sided. If the terms are found to heavily favor one partner, the court may not enforce the agreement. (Neb. Rev. Stat. § 42-1006).
Illegal Terms: All terms in the prenup must be legal and in line with public policy. It can’t include any clauses related to illegal activities or that require either spouse to break the law. (Neb. Rev. Stat. § 42-1004 (2)).
Child Custody and Support: Prenups can’t cover child custody or support arrangements according to Neb. Rev. Stat. § 42-1004 (2). These issues are decided based on the best interests of the child during divorce proceedings.
Is it really necessary to share all of my financial details?
Absolutely, full financial disclosure is essential for a prenup to be valid! In Nebraska, it’s crucial that both you and your partner are completely upfront about your finances so the prenup can stand up in court. If either of you hides or withholds financial information, the prenup could be invalidated according to Neb. Rev. Stat. § 42-1006. For example, if you only mention “Bank account X” in the prenup but don’t include the account balance, it could cause issues later on.
Full disclosure means you need to give a thorough and accurate picture of your financial situation, which includes:
- Assets: List everything from property and cars to investments, collectibles, and personal items.
- Income: Include your salary, bonuses, rental income, and any other earnings.
- Debts: Document all liabilities such as mortgages, car loans, credit card debt, and other obligations.
- Values: Provide the estimated value of each asset and the total amount of each debt.
Bottom line: You need to include every valuable asset, from property and savings to investments as well as your debts. Complete transparency is key to ensure your prenup is valid and enforceable.
Can I waive alimony in a Nebraska prenup?
Yes, you can address spousal support in a prenup, but there are some limitations. In Nebraska, alimony is designed to help address financial imbalances during or after a divorce by providing support to a lower-earning or non-working spouse.
A prenup can specify how spousal support will be handled, including whether it will be waived or set at a specific amount. However, even if you decide to waive spousal support, Nebraska courts may review the terms to ensure they’re fair and don’t leave either spouse in a difficult financial situation.
If a prenup makes one spouse eligible for public assistance, the court might override this provision to avoid such an outcome, according to Nebraska’s Revised Statute 42-365.
When is the best time to get a prenup in Nebraska before your wedding?
In Nebraska, there isn’t a set deadline for signing a prenup. As a rule of thumb, you should start the process well before the big day. You need ample time to discuss, draft, and finalize the agreement without feeling rushed.
For example, in Mamot v. Mamot, the Nebraska Supreme Court examined whether a prenup was signed voluntarily and under fair circumstances. Kevin and Valara had been living together for a few years and had two kids together. The two lovebirds decided to get married in 2006. Kevin was pretty well-off, with over a million dollars in assets. Just a few days before the wedding, he handed Valara a prenuptial agreement and told her to sign it, or there wouldn’t be a wedding. Since the invites had already gone out and the wedding was paid for, Valara signed it.
In 2010, Kevin and Valara ended up getting a divorce. The court ruled that the prenup wasn’t valid because Valara didn’t sign it voluntarily. Here’s why:
- Timing and Pressure: The prenup was given to her just days before the wedding, making her feel pressured to sign it to avoid canceling the wedding.
- No Chance to Get a Lawyer: Valara mentioned wanting her lawyer to review the agreement, but she wasn’t given enough time to do so.
- Imbalance of Power: Kevin had way more money and business experience than Valara, who was a stay-at-home mom at the time, giving her less bargaining power in the situation.
- Confusion About the Terms: The prenup was complicated and included a lot of legal jargon. There was no proof that Valara really understood what she was giving up by signing it.
The bottom line? Be sure to give each other at least a few days to consult with an attorney if you want one. Also, don’t wait until the very last minute to introduce the idea of a prenup to your fiancé! (See Mamot v. Mamot, 813 NW 2d 440 (2012)).
Does a Nebraska prenup have to be notarized?
In Nebraska, notarization isn’t a requirement for a prenup to be valid. However, having the document notarized can provide additional proof that both parties signed it voluntarily. Plus, it would be very tough for one party to argue they never signed it. So, while it’s not required, getting it notarized can be a useful way to strengthen the agreement’s enforceability.
Main Takeaway
And that’s a wrap on Nebraska prenup laws 101! Whether you’re just starting to think about a prenup or are ready to draft one, understanding these basics will help you navigate the process smoothly. A well-crafted prenup not only protects your assets but also helps set clear expectations for the future. So, if you’re considering a prenup, get started today to ensure everything is in order before you say, “I do!”
0 Comments