Nevada has adopted the Uniform Premarital Act, which can be found in Chapter 123A of the Nevada Revised Statutes. Nevada Revised Statutes 123.070-123.080 permits spouses to enter into Postmarital Agreements.
A Premarital Agreement is an unusual contract as it is an agreement between two persons that, at least in part, contemplates the dissolution of the marriage. A Premarital Agreement is enforceable without consideration (or the exchange of value).
A Premarital Agreement may contract with respect to: 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; 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; the disposition of property upon separation, marital dissolution, death, or the occurrence or nonoccurrence of any other event; the modification or elimination of alimony or support or maintenance of a spouse; the making of a will, trust or other arrangement to carry out the provisions of the agreement; the ownership rights in and disposition of the death benefit from a life insurance policy; the choice of law governing the construction of the agreement; and any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty. A Premarital may not address issues of child custody and/or child support.
By contrast, a Postmarital Agreement requires consideration, but the mutual consent of the parties is sufficient consideration. A Postmarital Agreement cannot alter legal relations except as to property (and cannot address the issue of alimony).
To be an enforceable Premarital or Postmarital Agreement, each party must have separate, independent counsel, and each party should provide a “fair and reasonable” disclosure of property and financial obligations to the other. The idea of fairness is significant, as neither party can be subject to provisions or conditions in negotiating or executing the Agreement that would render the same unconscionable (not right or reasonable). Lastly, the Agreement must be executed freely and voluntarily, and not subject to any duress, fear, menace, compulsion, or undue influence.
As with most family law matters, timing is critical with Premarital and Postmarital Agreements and seeking the advice of counsel early in the process may impact the enforceability of an Agreement. Please contact The Cooley Law Firm at (702) 265-4505 to schedule your consultation today.
Call Now For A Free Phone Evaluation