Financial Statements only in Connection with Prenuptial Premarital Agreement
Sometimes there are areas of law about which Uniform Acts
are written and adopted by the various states. Premarital Agreements
is such as area of law. The NATIONAL CONFERENCE OF COMMISSIONERS ON UNIFORM
STATE LAWS adopted the final version of the Uniform Premarital Agreement
Act in 1983. Since that date, the act, as modified by the various
states, has been adopted in the following states: Arizona, Arkansas, California,
Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Illinois, Indiana,
Iowa, Kansas, Maine, Montana, Nebraska, Nevada, New Jersey, New Mexico,
North Carolina, North Dakota, Oregon, Rhode Island, South Dakota, Texas,
Utah and Virginia. At the heart of the act is the provision which
provides that such an agreement is generally valid if in writing and sets
forth the factors to consider if the agreement is challenged.
New Mexico Statutes
This act [40-3A-1 to 40-3A-10 NMSA 1978] may be cited as
the "Uniform Premarital Agreement Act". History: Laws 1995, ch. 61, §
1.40-3A-1.
As used in the Uniform Premarital Agreement Act [40-3A-1 to 40-3A-10
NMSA 1978]:
A. "premarital agreement" means an agreement
between prospective spouses made in contemplation of marriage and to be
effective upon marriage; and
B. "property" means an interest, present or future, legal or equitable,
vested or contingent, in real or personal property, including income and
earnings. History: Laws 1995, ch. 61, § 2.40-3A-2.
A premarital agreement must be in writing, signed by both parties
and acknowledged. It is enforceable without consideration.
History: Laws 1995, ch. 61, § 3.40-3A-3.
A. Parties to a premarital agreement may contract with respect to:
(1) 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;
(2) 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;
(3) the disposition of property upon separation, marital dissolution,
death, or the occurrence or nonoccurrence of any other event;
(4) the making of a will, trust, or other arrangement to carry
out the provisions of the agreement;
B. A premarital agreement may not adversely affect the right of
a child or spouse to support, a party's right to child custody or visitation,
a party's choice of abode or a party's freedom to pursue career opportunities.
History: Laws 1995, ch. 61, § 4.40-3A-4.
A premarital agreement becomes effective upon marriage. History:
Laws 1995, ch. 61, § 5.40-3A-5.
After marriage, a premarital agreement may be amended or revoked
only by a written agreement signed and acknowledged by the parties or by
a consistent and mutual course of conduct, which evidences an amendment
to or revocation of the premarital agreement. The amended agreement or
the revocation is enforceable without consideration.40-3A-6.
A. A premarital agreement is not enforceable if the party against
whom enforcement is sought proves that:
(2) the agreement was unconscionable when it was executed and,
before execution of the agreement, that party:
B. An issue of unconscionability or voluntariness of a premarital
agreement shall be decided by the court as a matter of law. History: Laws
1995, ch. 61, § 7.40-3A-7.
If a marriage is determined to be void, an agreement that would
otherwise have been a premarital agreement is enforceable only to the extent
necessary to avoid an inequitable result. History: Laws 1995, ch. 61, §
8.40-3A-8.
Any statute of limitations applicable to an action asserting a claim
for relief under a premarital agreement is tolled during the marriage of
the parties to the agreement. However, equitable defenses limiting the
time for enforcement, including laches and estoppel, are available to either
party. History: Laws 1995, ch. 61, § 9.40-3A-9.
The Uniform Premarital Agreement Act [40-3A-1 to 40-3A-10 NMSA 1978]
shall be applied and construed to effectuate its general purpose to make
uniform the law with respect to the subject of that act among states enacting
it. History: Laws 1995, ch. 61, § 10.40-3A-10.
Advantages of premarital agreements for both parties:
Avoiding Litigation Costs
Protecting against Fears of Family Members
Protecting Family Assets
Protecting Business Assets
Protection Against Creditors
Child Custody and Support Guidelines
Predetermined Disposition of Property
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Disclaimer: This law summary is not legal advice.
If you are not an attorney, you should consult an attorney about serious
legal matters.
