Nrs: Chapter 123A - Premarital Agreements (Uniform Act)

Link to law: https://www.leg.state.nv.us/NRS/NRS-123A.html
Published: 2015

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[Rev. 2/10/2015 4:19:19

PM--2014R2]

CHAPTER 123A - PREMARITAL AGREEMENTS

(UNIFORM ACT)

NRS 123A.010        Short

title.

NRS 123A.020        Application

and construction.

NRS 123A.030        Definitions.

NRS 123A.040        Formalities.

NRS 123A.050        Content.

NRS 123A.060        Effect

of marriage.

NRS 123A.070        Amendment

and revocation.

NRS 123A.080        Enforcement:

Generally.

NRS 123A.090        Enforcement:

Void marriage.

NRS 123A.100        Limitation

of actions.

_________

 

      NRS 123A.010  Short title.  This

chapter may be cited as the Uniform Premarital Agreement Act.

      (Added to NRS by 1989, 1003)

      NRS 123A.020  Application and construction.  This

chapter shall be applied and construed to effectuate its general purpose to

make uniform the law with respect to the subject of this chapter among states

enacting.

      (Added to NRS by 1989, 1003)

      NRS 123A.030  Definitions.  As

used in this chapter, unless the context otherwise requires:

      1.  “Premarital agreement” means an

agreement between prospective spouses made in contemplation of marriage and to

be effective upon marriage.

      2.  “Property” means an interest, present

or future, legal or equitable, vested or contingent, in real or personal

property, including income and earnings.

      (Added to NRS by 1989, 1003)

      NRS 123A.040  Formalities.  A

premarital agreement must be in writing and signed by both parties. It is

enforceable without consideration.

      (Added to NRS by 1989, 1003)

      NRS 123A.050  Content.

      1.  Parties to a premarital agreement may

contract with respect to:

      (a) 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;

      (b) 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;

      (c) The disposition of property upon separation,

marital dissolution, death, or the occurrence or nonoccurrence of any other

event;

      (d) The modification or elimination of alimony or

support or maintenance of a spouse;

      (e) The making of a will, trust or other

arrangement to carry out the provisions of the agreement;

      (f) The ownership rights in and disposition of

the death benefit from a life insurance policy;

      (g) The choice of law governing the construction

of the agreement; and

      (h) Any other matter, including their personal rights

and obligations, not in violation of public policy or a statute imposing a

criminal penalty.

      2.  The right of a child to support may not

be adversely affected by a premarital agreement.

      (Added to NRS by 1989, 1003)

      NRS 123A.060  Effect of marriage.  A

premarital agreement becomes effective upon marriage.

      (Added to NRS by 1989, 1004)

      NRS 123A.070  Amendment and revocation.  After

marriage, a premarital agreement may be amended or revoked only by a written

agreement signed by the parties. The amended agreement or the revocation is

enforceable without consideration.

      (Added to NRS by 1989, 1004)

      NRS 123A.080  Enforcement: Generally.

      1.  A premarital agreement is not

enforceable if the party against whom enforcement is sought proves that:

      (a) That party did not execute the agreement

voluntarily;

      (b) The agreement was unconscionable when it was

executed; or

      (c) Before execution of the agreement, that

party:

             (1) Was not provided a fair and reasonable

disclosure of the property or financial obligations of the other party;

             (2) 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

             (3) Did not have, or reasonably could not

have had, an adequate knowledge of the property or financial obligations of the

other party.

      2.  If a provision of a premarital

agreement modifies or eliminates alimony or support or maintenance of a spouse,

and that modification or elimination causes one party to the agreement to be

eligible for support under a program of public assistance at the time of separation

or marital dissolution, a court, notwithstanding the terms of the agreement,

may require the other party to provide support to the extent necessary to avoid

that eligibility.

      3.  An issue of unconscionability of a

premarital agreement shall be decided by the court as a matter of law.

      (Added to NRS by 1989, 1004)

      NRS 123A.090  Enforcement: Void marriage.  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.

      (Added to NRS by 1989, 1004)

      NRS 123A.100  Limitation of actions.  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.

      (Added to NRS by 1989, 1004)