New Mexico Premarital Agreement Law
Marriage – Premarital Agreements – New Mexico
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;
(5) the ownership rights in and disposition of the death benefit from a life insurance policy;
(6) the choice of law governing the construction of the agreement; and
(7) any other matter not in violation of public policy.
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:
(1) that party did not execute the agreement voluntarily; or
(2) the agreement was unconscionable when it was executed and, before execution of the agreement, that party:
(a) was not provided a fair and reasonable disclosure of the property or financial obligations of the other party;
(b) did not voluntarily and expressly waive, in writing, any right to disclosure of the property or financial obligations of the other party beyond the disclosure provided; and
(c) did not have, or reasonably could not have had, an adequate knowledge of the property or financial obligations of the other 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 Guidlines
Predetermined Disposition of Property
Disclaimer: This law summary is not legal advice. If you are not an attorney, you should consult an attorney about serious legal matters.
Related New Mexico Legal Forms
- Amendment to Prenuptial or Premarital Agreement
- Financial Statements only in Connection with Prenuptial Premarital Agreement
- New Mexico Prenuptial Premarital Agreement – Uniform Premarital Agreement Act – with Financial Statements
- New Mexico Prenuptial Premarital Agreement without Financial Statements
- Revocation of Premarital or Prenuptial Agreement