Prenuptial agreements have become more popular over the years because people have begun to realize they are not meant just to indicate the likelihood of a future divorce. Instead, a prenup serves to clarify areas of a couple’s future whether they end up divorced or not. These agreements can serve as a compromise platform while allowing a couple to be proactive about their asset management, lifestyle expectations, and their future.
Much like relationships, however, a prenup agreement isn’t “one size fits all.” Every couple has their own set of issues to be covered and goals to reach, and the agreement should reflect that. Before you work with a family attorney to draft yours, here’s what you need to consider.
Full Financial Disclosure
A prenup requires you and your partner to fully disclose your finances to each other. Talking about debts and assets can be tough regardless of your respective financial states. A prenup will give you the chance to fully disclose your finances to each other so you are completely aware of the financial circumstances of your union.
Assets Acquired During the Marriage
In New Mexico, assets you get during the marriage are considered community property and subject to division if you divorce. In a prenup, you can set stipulations for this, including whether some types of property will be considered separate or even outline how property will be handled in general if you divorce.
Assets from Before the Marriage
Property you came into the marriage with is often considered separate, which means it is not subject to division during divorce and remains solely yours. Just as you can have specific terms for handling community property, you can detail how separate property will be addressed in your prenup.
Social Media Stipulations
With the explosion of social media these days, some couples are starting to include provisions about it in their prenups. These types of clauses include stipulations over what posts and pictures one spouse can make with and without the consent of the other spouse. This is commonly used to prevent a person from posting private information without the consent of both parties affected.
The Family Pets
Pets these days are almost as important as children to people, particularly if the couple doesn’t have any children. A prenup can provide for what happens to family pets in the event of a divorce, including whom they will live with and who will pay any care bills. Since pets can invoke many emotions in people, including them in your prenup can save a lot of trouble down the road if you do end up getting divorced.
Of course, your prenup will be customized to you and your partner’s needs and may include areas not mentioned above. In New Mexico the agreement cannot set out spousal support or child support or restrict visitation or custody. When you begin the process with some general conversations with your partner, you will be able to identify what likely needs to be included in the prenup and what does not need to be addressed. Your attorney will also help you understand the structure of these agreements and how the process works in general, and they will ensure your agreement is done in accordance with any relevant laws so it is valid.