Nevada Prenup Info
You know the saying folks, WHAT HAPPENS IN VEGAS STAYS IN VEGAS… unless you have a prenup! Cheesy, we know. Read on to learn more about what you can and cannot include in your Nevada prenup.
Prenuptial agreements can help limit the expense of litigation regarding disputes relevant to the marital estate should one spouse die or should the parties divorce in the future. While you don’t have to visit an attorney to draft a prenup, Prenuptial Agreements must be in writing to be legally valid in Nevada, and must meet other requirements. Read on for the details!
Prenups in Nevada
A prenuptial agreement (also referred to as a prenup or premarital agreement) is a legal agreement made between two people that plan to marry. A prenuptial agreement must be signed prior to marriage, and under Nevada law, become effective upon marriage. Nevada prenups are governed by the Uniform Premarital Agreement Act, and Nevada defines Premarital agreement as “an agreement between prospective spouses made in contemplation of marriage and to be effective upon marriage.”
What can you contract to in a Nevada prenup?
According to the Nevada Revised Statutes, 123A.050, the following can be contracted to in a premarital agreement:
1. Parties to a premarital agreement may contract with respect to:
(a) The rights and obligations of each of the parties in any of the property of either or both of them whenever and wherever acquired or located;
(b) The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign, create a security interest in, mortgage, encumber, dispose of, or otherwise manage and control property;
(c) The disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event;
(d) The modification or elimination of alimony or support or maintenance of a spouse;
(e) The making of a will, trust or other arrangement to carry out the provisions of the agreement;
(f) The ownership rights in and disposition of the death benefit from a life insurance policy;
(g) The choice of law governing the construction of the agreement; and
(h) Any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty.
2. The right of a child to support may not be adversely affected by a premarital agreement.
*Note that last one…you cannot contract to child support in a premarital agreement!
Nevada Prenup Terminology
Official name for a prenup: Premarital Agreement
Property that is not marital: Separate Property
Property that is of the marriage: Community Property
Support: Separate Maintenance
What CAN you include in a valid Nevada prenup?
- Separate Property – A Nevada prenup can specify what property should be considered separate property throughout the marriage not considered community property.
- Community Property – A Nevada prenup can specify what property should be considered community property, and can include assets that were otherwise premarital (if you specify this should be the case, and do not forget about appreciation in value of that separate property), as well as assets acquired after the marriage.
- Spousal Support – This is AKA “support” or “alimony” and is the support of one spouse by the other spouse in the event of a separation or divorce. Your Nevada premarital agreement can specify whether you and your future spouse will choose to follow the spousal support laws of that state, or whether you will choose to waive this support altogether.
What CAN’T you contract to in a Nevada prenup?
- You cannot contract to anything in violation of public policy or of a statute imposing a criminal penalty.
- The right of a child to support may not be adversely affected by a premarital agreement.
Basics of a Nevada Prenup
For a Nevada prenup to be considered valid, you must follow the below:
- The premarital agreement must be in writing
- The terms contained must be lawful
- Signatures from both parties (HelloPrenup recommends initialing each page!)
- Signed voluntarily (without being under duress, intimidation, deceit, etc.)
- You should have your signatures notarized
- “Fair and reasonable” financial disclosure is very important! (this is what your Schedule A or B financial schedule is for!)
Enforcement of a Nevada Prenup
Per the Nevada Revised Statutes, 123A.080, the following details how enforcement may be considered if your Nevada prenup is ever put to the test:
1. A premarital agreement is not enforceable if the party against whom enforcement is sought proves that:
(a) That party did not execute the agreement voluntarily;
(b) The agreement was unconscionable when it was executed; or
(c) Before execution of the agreement, that party:
(1) Was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
(2) Did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided; and
(3) Did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other party.
2. If a provision of a premarital agreement modifies or eliminates alimony or support or maintenance of a spouse, and that modification or elimination causes one party to the agreement to be eligible for support under a program of public assistance at the time of separation or marital dissolution, a court, notwithstanding the terms of the agreement, may require the other party to provide support to the extent necessary to avoid that eligibility.
3. An issue of unconscionability of a premarital agreement shall be decided by the court as a matter of law.
(Added to NRS by 1989, 1004)
Nevada statutes for some light reading:
Why read the Nevada divorce statute?
Nevada is a community property state, which means that each spouse owns half of the assets and debt acquired during the marriage. This also means that upon divorce, courts would likely distribute these assets and debts between the spouses equally. Why does this matter, for purposes of a prenup? Well, a prenuptial agreement in Nevada can allow you and your fiancé to decide what assets and debt should remain separate, and which assets and debts should be considered “community” or marital.
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