A New Mexico prenuptial agreement is a pre-marriage written contract outlining the division of a couple’s property in case of divorce, death, or separation. It details assets and property rights, including how assets will be handled post-marriage, and may cover debt, insurance, real estate, alimony, and inheritance specifics.
Legal Considerations
Laws:
- § 40-3A-1 – Short title
- § 40-3A-2 – Definitions
- § 40-3A-3 – Formalities
- § 40-3A-4 – Content
- § 40-3A-5 – Effect of marriage
- § 40-3A-6 – Amendment; revocation
- § 40-3A-7 – Enforcement
- § 40-3A-8 – Enforcement; void marriage
- § 40-3A-9 – Limitation of actions
- § 40-3A-10 – Application and construction
Signing Requirements: The written agreement must be signed by both parties and notarized. (§ 40-3A-3).
Dividing Property: New Mexico is a community property and no-fault divorce state, where, barring pre-marriage owned assets, all property obtained during the marriage is jointly owned (§ 40-3-8 and § 40-3-12).
Is a Prenup Valid in New Mexico?
New Mexico adheres to the Uniform Prenuptial Agreement Act, simplifying prenuptial agreements for couples and outlining clear criteria for their validity. This act prioritizes the terms of a prenup, enabling couples to confidently arrange their marriage contract with fewer legal hurdles.
Child Support and Custody
Child support or custody terms in a prenuptial agreement are invalid. Child support is the child’s right, unaffected by parental agreements, and amounts can become outdated due to changing parental incomes.
Custody must prioritize the child’s best interests, which can shift over time. Although couples can negotiate custody during divorce, prenuptial custody provisions are unenforceable (§ 40-3A-4).
What Is Considered Community or Marital Property?
Community or marital property includes homes, land, personal assets (like art, furniture, jewelry, and vehicles), and financial assets (such as income, benefits, stocks, and bank accounts). It also encompasses debts.
Determining ownership can be complex, especially when assets were acquired before marriage or have mixed contributions from both parties, potentially transforming separate property into community property through actions like mortgage payments or home improvements.
Can a Prenuptial Agreement Influence the Division of Property?
Yes, a prenuptial agreement, if valid and containing provisions for the division of property, will override New Mexico’s community property regulations (§ 40-3A-4).
