This is also known as Pre-nuptial Agreements, Post-nuptial Agreements or Marital Property Agreements. A marital property agreement is a contract between spouses that establishes each spouse's rights to their respective assets as well as their responsibility as to their respective liabilities. If the agreement is signed prior to the marriage, it is a prenuptial agreement or premarital agreement. If it is signed after the marriage, the agreement could be called a postnuptial agreement or postmarital agreement. The two main objectives of a marital property agreement are (1) to keep control of family assets within the family and (2) to avoid complications with the disposition and distribution of a spouse's assets upon death or divorce. A marital property agreement is needed by a husband and a wife who have the different estate planning goals, different beneficiaries, children from prior marriages, and/or separate property. The marital property agreement can help the surviving spouse defend against claims made by the heirs or beneficiaries of the predeceased spouse. Under Nevada law, the separate property of a married person is property (assets) acquired prior to the marriage or acquired during the marriage by gift, by inheritance, or as an award for personal injury.
A marital property agreement may not be all you need to do. It is important to supplement this agreement with coordinated estate planning documents, including your will or living trust, especially if you have jointly owned or community property. The will or trust should specifically state that it is to be enforced subject to the terms of the marital property agreement.
Please do not hesitate to contact our offices at 702.318.5033 to discuss your personal situation at one of our two convenient locations:
Mention this website and receive a 30 minute free consultation regarding your situation.