For individuals with wealth, risk management and financial planning are a vital part of any major decision. The preservation of one’s financial interests ensures that they can retire well, that future generations are provided for, and that the outcome of hard work does not go to waste. Marriage is one of life’s most serious decisions, and therefore, mandates thoughtfulness and planning.
A prenuptial agreement, also known as a “premarital agreement”, is a powerful risk management tool that many wealthy Americans choose to protect their financial interests before they enter into marriage. If you have wealth or have been divorced before, we would highly recommend speaking with a family law attorney to counsel you regarding a prenuptial agreement and to answer your questions.
What is a Prenuptial Agreement?
A prenuptial agreement is a legally binding contract that couples may enter into before their date of marriage. It can circumvent community property and alimony laws and specifically address a couple’s critical issues like property division, spousal support, debt, and estate planning if their marriage should end. In effect, it allows for people to enter a marriage with peace of mind, as the financial risks and property battles of divorce are preemptively addressed.
As a contract—and as a legally recognized instrument by the state of Nevada—prenuptial agreements are fully enforceable in court as contracts, so long as they are drafted properly. Some of the common terms that couples address include:
- Designating current and future assets as separate property. This is of significant interest when a person enters a marriage with wealth or complex assets like business ownership interests.
- Dictates how property or debt will be divided or disposed of should the marriage end or a spouse die.
- Address beneficiaries of retirement accounts or life insurance policies.
- Dictating how wills, trusts, and inheritance will work.
- Establishing whether a supporting spouse will be responsible for alimony payments should the marriage end.
There are limits to what a prenuptial agreement can include. For example, couples cannot agree to break the law, cannot agree to violate public policy, and cannot improperly limit a parent’s child support obligation.
Contact Viloria, Oliphant, Oster & Aman L.L.P. for Family Law Representation
At Viloria, Oliphant, Oster & Aman, L.L.P., we offer premier legal representation to individuals seeking family law assistance. If you need to prepare a prenuptial agreement, or need assistance with a divorce or child custody issue, we can help you. Our attorneys are intelligent, proven professionals who have successfully handled high-asset and high-conflict divorces. If you need representation, call Viloria, Oliphant, Oster & Aman L.L.P. today at (775) 227-2280 to schedule an appointment or contact our office through our website.