The Specifics of Prenuptial Agreements in Arizona and Their Impact on a Divorce
Getting married is usually emotional and most people don’t take the time to go through practical considerations. These, however, happen to be quite important because marriage is a legal contract between two people. One of the most typical practical considerations comes in the form of a prenuptial agreement or a “prenup” as it is commonly known. Coming to specifics of prenuptial agreements in Arizona – a prenuptial agreement is a document that defines the rights and the responsibilities of the two spouses in the case of the marriage ending or spousal death. As the name suggests, the prenup is signed before the two people get married. This is the main difference between the document and an ante-nuptial agreement.
Who should Get a Prenuptial Agreement?
Talking about a prenup can be a bit touchy. Some people see it as an indication of the lack of trust. A prenup, however, offers clear provisions about specific scenarios in the future. This way, both partners can have peace of mind.
Signing a prenup is always a good idea but it’s usually an absolute essential in several specific situations. These include:
- Either one or both members of the couple have significant assets before getting married
- One or both partners have children from previous marriages
- There is a big difference between the income levels of the future spouses
- There’s a big difference in age
- One or both partners are business owners or they have a share in an enterprise
- One or both partners anticipate a serious inheritance in the future
- One partner is already retired
- One partner comes with a lot of debt into the marriage
- One or both partners are expected to start a lucrative career in the future (for example, a surgeon)
- One or both partners have stocks that are expected to produce significant income in the future
- One or both spouses have elderly parents or grandparents that they will have to take care of in the future
Arizona Prenup Agreement Regulations
All couples who are about to get married in Arizona have the right to sign a prenuptial agreement. Talking to an attorney beforehand is an absolute essential. Such a consultation will acquaint both with the protections that prenups offer. An attorney will also provide assistance when it comes to drafting the ideal document, considering specifics of prenuptial agreements in Arizona.
There are several legal requirements for a prenuptial agreement to be considered lawful and enforceable in Arizona:
- This agreement will have to be in written form – an oral agreement doesn’t apply
- Both parties have to sign the prenup voluntarily
- The two partners sign the agreement after they provide the other party with a full disclosure about assets and current financial situation
Under Arizona law, a prenup becomes valid after the two individuals enter in a legal marriage. A prenuptial agreement that adheres to all three of the requirements mentioned above will become enforceable without consideration.
The enforceability of the document is defined by the Arizona Uniform Premarital Agreement Act. According to the act, such a document can feature provisions about all of the following:
- The disposition of property in the case of a divorce, a legal separation or another form of marriage dissolution
- The rights of the two parties in the case of property acquisition
- The rights to buy, sell, transfer, exchange or lease property during and after the marriage
- Modification of spousal support
- Arrangements about will making
- Ownership of death benefits
- All other matters of importance to the couple, including personal rights and obligations
The statute also states that child support isn’t impacted by a prenuptial agreement and all children are entitled to such assistance (regardless of the other provisions in the contract).
According to the act, amendment and revocation of the prenup after the marriage is possible only if both parties consent to such a change in written form. Once again, a modified prenup will become enforceable without consideration after all conditions are met. This concludes specifics of prenuptial agreements in Arizona. In case of queries, consult experienced family lawyers in Arizona.