Do I need a prenuptial agreement?
LU
Lianna Urfalyan's Answer
Family Lawlas vegas, USA
Quick Answer
In Nevada, prenuptial agreements can clarify asset ownership and financial support for both spouses during a divorce, making them a practical choice depending on your goals.
💡 Every situation is different. Speak with a lawyer to understand your specific options.
Key risks
Potential Risk
Misunderstanding the implications of community property versus title control.
Potential Risk
Neglecting to properly document ownership on titles of assets.
Potential Risk
Assuming prenups only benefit wealthy spouses and failing to address the needs of the less wealthy spouse.
Potential Risk
Not consulting local attorneys for specific legal advice on prenups.
Full Transcript
Below is an AI-generated transcript of the video answer.
Do you need a prenuptial agreement? It depends. It really depends on what you're trying to
accomplish really. So here in Nevada we are a community property state, meaning everything
you earn from the day you get married, everything you acquire from the day you get married, all the
way to the day that judge signs that decree of divorce, it doesn't belong to you, it doesn't
belong to your spouse, it belongs to this umbrella called the community. And that community consists
50% of you and 50% of your spouse. Now there are some exceptions there and I won't get into
that for this video, but the point is what does a prenup do? Mostly, I mean there are some
exceptions and unique prenups that we do draft, but for the most part attorneys in Nevada draft
what's called like a title controls prenup, meaning we're not looking at community property anymore,
we're not considering community property anymore, what we're looking at is title. So during the
marriage whoever's on title of a specific asset, that asset belongs to them. They can be jointly
titled and own it 50-50, they can be jointly titled and own it in different percentages,
they can be only titled in one spouse's name, etc. So it is imperative that in those type of
prenups that the person who is supposed to have that asset is the only person on title.
Sometimes you have exceptions where they do a separate contract, they put both people on title
for like tax purposes or anything like that, but for the most part title controls. And what that
does is in the event of a divorce, the divorce process is a lot easier. Who's on title? That's
who keeps the asset. But there is a very specific distinction. A lot of people think that prenups
are only made to protect the wealthy spouse. Yes, they do protect the wealthy spouse in most
circumstances, but oftentimes we have agreements that kind of cover the less wealthy spouse too.
It tells them what they receive in alimony or what they receive in payment structures
to make sure that they're okay in the event of a divorce. So it's not just to protect the wealthy
spouse. It also gives the less wealthy spouse an idea on what would happen in the event of a
divorce. So speak to your local attorneys here in Nevada. I mean title control prenups are very
dominant and for the most part they are upheld here in Nevada. So
it's a good idea to get a prenup depending on what you're trying to accomplish.