Every day we work with clients who are about to get married, most of these clients are updating their estate planning documents. Sometimes we recommend a prenuptial agreement. Prenuptial agreements are commonly thought of as a negative thing. There is a stereotype that if a couple decides to have a “Prenup” that the chances are higher that the relationship will not work out. That is simply not true. We want to bust this prenuptial stereotype!
Prenuptial agreements can be a foundation for a healthy marriage. Instead of thinking of them as divorce documents, think of them as marriage contracts. They are meant to remove the money aspect from the relationship and thus assist couples with being open and honest with each other. Being open, honest, and going into your marriage on the same page increases your chances for success, rather than increases your chances for divorce.
The big question then is determining what to include in your prenuptial agreement. This may be stressful, and it is better to start now as opposed to waiting until the day of your wedding. As you and your partner start having these conversations, we suggest reviewing a few items that are normally included in prenuptial agreements:
- Premarital property.
- Definition of marital assets.
- Definition of community and separate property.
- Spousal support.
- Spouse responsibilities.
- Directions for Property Distribution upon Divorce
- Coordination with estate Planning Documents,
- Sunset clause.
In Nevada, premarital agreements cannot be rushed into, the parties must have competent legal representation, and a spouse cannot be left destitute should a divorce occur. We also encourage, where appropriate, to for sunset clauses to be included to recognize marriages who have stood the test of time. Sunset clauses, usually faze out or eliminate the clauses that exist to “protect” property at the time of the marriage.
There are so many reasons you and your partner may want a prenuptial agreement, remember, we have the experience needed to guide you on your journey to wedded bliss. We will sit with you to fully understand your situation and draft an agreement so that you and your partner feel comfortable and empowered as you start your new life together.