Las Vegas Premarital & Postnuptial Agreements
Experience Matters
Premarital & Postnuptial Agreements Overview
Nevada law recognizes individuals’ rights to contract regarding property. In recent years, “Premarital Agreements,” also called “Prenuptial Agreements,” have become a common step in planning nuptials. Key terms often include maintenance of separate property, prospective alimony (or nonpayment of alimony) in event of a termination of marriage, and even disposition of property upon death of one of the parties. These Agreements become effective upon marriage and can be both amended or revoked later by agreement. Alternatively, parties often opt for a “Postnuptial Agreement” after getting married in matters where they did not execute a “Premarital Agreement.” However, there are some different rules that apply to Postnuptial Agreements that do not apply to Premarital Agreements, so be careful in your planning.
Do I Really Need a Premarital Agreement? I Don’t Really Have Anything to Lose….
Whether or not you “need” a Premarital Agreement is a decision that rests solely in your hands; but it is important to consider the future. Ripe for consideration is the length of your relationship, value of your property, concerns about your future partner’s debt obligations, decisions regarding children and “stay-at-home” parenting, business ownership and partnership, liabilities, etc. The list goes on. While it is possible to use strategies to keep premarital property “separate” in nature, an important consideration is that your “income” earned during marriage is technically “community property” regardless of where you put it. A Premarital Agreement can plug that hole in the bucket.
Another benefit of a Premarital Agreement that has become evident in practice is that it forces an honest conversation between perspective partners. After all, you are entering into a civil contract that will potentially last a lifetime, and this is an opportunity to enter that contract with full disclosure. Is it not uncommon for parties to enter the process with concerns how the other party will react, only to find that the process of full disclosure reenforced faith in each other. Less common – but equally important, full disclosure may reveal information that was previously undisclosed. When it comes to Premarital Agreements, our office often advises that it is better to “have and not need” when it comes to property rights.
I Already Planned a Wedding Date…Is It Too Late to Execute a Premarital Agreement?
From a legal perspective, the sooner you propose the Agreement and discuss terms – the better. When dealing with the issue of “enforceability” of an Agreement, we make recommendations as we would similar to (but not always the same) a business contract. For example, we want the other party to have adequate time to review the document and negotiate the terms, regardless of whether they request changes. We also review Agreements for “unconscionability,” because we want the Agreement to hold up if reviewed by a court. Nevada law also requires “fair and reasonable disclosure” of each party’s property financial obligations, which requires adequate time to prepare.
Can’t I Just Wait and Get a Postnuptial Agreement?
Postnuptial Agreements are recognized under Nevada law, but the same laws that apply to Premarital Agreements do not apply to Postnuptial Agreements. For example, a married couple cannot contract with each other to alter legal relations except as to property. Impliedly, parties that contract regarding alimony in a Postnuptial Agreement run the risk of that Agreement being deemed “unenforceable.” While there are certainly benefits of contracting for “property” that would be enforceable in a Postnuptial Agreement, our office follows the philosophy that an ounce of prevention is worth a pound of cure. In sum – don’t wait if you can help it.
How Much Do Premarital & Postmarital Agreements Cost?
Our office’s retainer depends upon whether we are “drafting” the document, or “reviewing” a draft prepared by the other party’s attorney. Generally, it is important that both parties have an attorney, so they each are advised of their rights in the process. For “drafting” our retainers start at $2,500.00, and for review, our retainers start at $750.00. While we indeed bill hourly, our goal is to get you “out the door” for your initial retainer. The retainer amount is affected by the complexity of the property involved and the length of negotiations. Call us and get a quote fast.
