Most people think of prenuptial agreements as a way for wealthy couples to protect their assets in case of a divorce. However, there are many other reasons why couples might choose to sign a prenuptial agreement. In Arizona, there are five common misconceptions about prenuptial agreements that you should know about. If you’re considering whether or not to sign a prenuptial agreement, read on to find out the truth behind these misconceptions!
Myth #1: Signing A Prenuptial Agreement Automatically Leads To Divorce
Many people come to the conclusion that a prenuptial agreement is an outdated and unnecessary practice of the past. This common misconception does not take into account that this legal document can be invaluable in your life today, as well as years from now.
A common myth surrounding prenuptial agreements is that they are meant for couples on their way to getting divorced. This is false and anyone who believes this should instead consider all of the benefits associated with signing a prenup prior to getting married.
In fact, most contracts will outline matters such as whether or not there will be a divorce at some point down the road. In other words, if you do not sign a contract before getting married, these matters must go through court at a later date. This common misconception is common because couples feel that they know each other so well and therefore do not need to sign any sort of agreement.
Every state has its own laws concerning prenuptial agreements, with Arizona being no exception. This common misconception about Arizona is very common, as people believe that there are specific rules and regulations regarding the only kinds of couples allowed to sign this type of agreement.
This common myth is simply false. As long as both parties can agree on certain matters, then signing an Arizona prenuptial agreement will be perfectly legal in the state of Arizona.
Myth #2: Prenuptial Agreements Are For The Rich Only
Prenuptials really aren’t just for the rich and famous. They can protect virtually anyone who is entering into a marriage with assets or property beyond what they currently own. Even if one spouse has no property when getting married, an agreement should be made before acquiring property together so there’s no confusion later on whether you agree to share it equally in case of divorce. After all, why would someone get married without wanting to protect themselves? Don’t assume your spouse isn’t interested in protecting their assets.
The goal of a prenup is to clarify the intentions of each party regarding property acquired during the marriage, as well as any property owned prior to the marriage. It’s common for an engagement ring to be included in one partner’s premarital estate.
As stated above, if you acquire property together during your marriage it will most likely be considered marital property even if it is titled only in one spouse’s name. If you really want the item and don’t want it to be subject to division with your eventual divorce, there are steps you can take now to protect yourself without having a legal battle later on over what belongs to whom.
Myth #3: Prenuptial Agreements Protects The Party That Has The most Assets
It is common to hear that prenuptial agreements are used by one spouse’s family to protect their wealth. While it might be true, the law does not see it this way.
A common myth about prenuptial agreements is that they are designed to protect the spouse with more assets, but Arizona law states that each party must disclose his or her income and debts before getting married. Although this may seem discouraging, many people still rely on prenuptial agreements to protect their families just in case something happens down the road.
Myth #4: Prenuptial Agreements Are Not Enforceable In Court
The common misconception is that prenuptial agreements aren’t worth the paper they’re written on, and in many cases, won’t hold up in court. The truth is that Arizona courts see a couple of hundred prenuptial agreements each year and will generally enforce them as long as both parties had fair and reasonable access to legal counsel and there was full disclosure surrounding finances when the deal was made. Violating terms of the agreement are taken very seriously by the court system.
Myth #5: You Will Not Be Able To Seek Child Support Later If You Have A Prenuptial Agreement
A prenuptial agreement does not affect child support. It covers property and any other assets you may have, but it cannot impact a court’s decision on your custody rights or your right to request child support.
If you go into marriage with common goals for raising children, then you can determine what kind of joint custody arrangement is best suited for the family in the event that the relationship ends. This type of agreement also stipulates who will take care of any debts upon separation and how your property will be divided should things end in divorce instead of death.
Despite what you may have heard, prenuptial agreements are not just for the wealthy – in fact, they can be helpful for couples of all income levels. And contrary to popular belief, prenups are enforceable in court. If you’re considering getting married and want to protect yourself and your assets, contact an experienced family law attorney today. We can help you draft a prenuptial agreement that meets your specific needs and protects your interests both during and after marriage.
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The attorneys at GillespieShields are well-versed in a variety of different legal fields, ranging from family law to civil suits, employment disputes and probate cases. Although we specialize in several areas of practice, our greatest passion is family law. We believe in giving families peace of mind no matter their situation, and we fight hard to maintain that peace. Whether you’re filing for dissolution or divorce, determining custody of your children, or thinking about adopting children, our experienced attorneys are here to help you every step of the way. During our private, one-on-one consultation, we’ll take the necessary time to answer all of our questions surrounding Arizona’s family laws, your family’s unique situation, and the possible court outcomes. Contact us today for your consultation!
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