In New Mexico, select marriages begin with a prenuptial agreement. These agreements define provisions related to assets and properties accumulated before and after the marriage. It also defines terms that are related to actions taken by either party that determines the terms of the divorce. The following are FAQs about prenuptial agreements answered by a divorce attorney in Albuquerque, NM.
How does a prenuptial agreement protect individual property and assets?
The agreement defines who acquires certain properties and assets if the couple divorces. It enables them to avoid court involvement when their properties are separated. The agreements stop either party from seizing marital property that didn’t belong to them in the first place. The terms of the agreement are transferred to the divorce agreement to eliminate any disputes.
How does it protect each party against creditors?
The agreement defines the responsibility of each party in terms of debts. A prenuptial agreement identifies all non-martial property, and it protects these properties from creditors. The creditors cannot acquire properties that aren’t owned by the account holder. They cannot take any legal action against the account holder’s former spouse after the divorce if the account holder doesn’t settle the debt.
What entitlements are provided through the agreement?
The prenuptial agreement defines if a spouse is entitled to receive alimony or another form of support. It also determines penalties associated with fault-based divorce grounds. For example, if the spouse cheats, the prenuptial agreement may define an economic loss used to penalized them.
What marital responsibilities are defined in the prenuptial agreement?
The agreement identifies what party pays certain monthly obligations each month. They determine if the couple will place their earnings into one account or keep them separate. It also identifies their income tax filing status. They also define how pension plans and life insurance is distributed if a spouse dies. The same terms are used in the divorce case.
In New Mexico, prenuptial agreements lower the probability of further disputes in a divorce case. They prevent additional legal action based on the financial obligations of each party. Couples who need to speak to a divorce attorney in Albuquerque, NM contact Carter & Valle Law Firm or click here for more information now.
