As you get ready to walk down the aisle, you may be wondering if a prenuptial agreement is right for you. Here in Arizona, prenups are becoming increasingly popular – and for good reason. A prenuptial agreement can help protect your finances in the event of a divorce, and it can also help ensure that your property is divided fairly in the event of a separation. If you’re thinking about getting married in Arizona, here’s what you need to know about prenuptial agreements.

What Is A Prenuptial Agreement?

A prenuptial agreement, commonly referred to as a prenup, is a written contract between two people prior to marriage. In the premarital legal document, each party agrees to certain terms in case of divorce or death. A prenup may also be called a premarital agreement or premarital settlement agreement.

Why Should I Have A Prenuptial Agreement?

Couples typically enter into a prenuptial agreement for one of three reasons: protection from financial risk, protection from physical risk, and tax planning benefits. The types of risks that can be addressed in a prenup include protecting assets that are owned by only one spouse, protecting separate property if the parties later decide to merge their finances, and providing a way out if the marriage is not working.

A prenuptial agreement limits a spouse’s right to support and property in the event of divorce or separation. If prenups are done correctly they can protect spouses from unfair judgments and limit damages that would be awarded by a judge if the prenup is found to be valid. A prenup may also be used to determine how assets will be divided during marriage dissolution (or death) as opposed to after the termination of the marital relationship.

It should be noted, however, that courts will generally uphold prenuptial agreements only when they involve fair agreements entered into freely by each of the parties without duress or coercion and where full disclosure of financial circumstances was available to the party against whom enforcement of the prenup is sought. Arizona prenuptial agreements are therefore subject to “the general principle that prenuptial contracts will not be enforced if they were obtained by fraud, duress, or other improper means.”

Do Prenuptial Agreements In Arizona Differ From Other States?

Prenuptial agreements in Arizona have the same standard prenups as other states. However, there are a few extra forms required in Arizona pre-nuptials as specific lifestyle issues may be addressed as well as community property aspects discussed.

What Should Prenuptial Agreements In Arizona Cover?

Primarily, prenuptial agreements cover items that the couple will need to address in a separation or divorce. In addition to these, prenups can cover other weighty issues such as who gets what property and why. For instance, pre-contested prenups allow for complete avoidance of litigation during a potential breakup so long as each party’s needs are met.

People often forget about premarital agreements when it comes to assets and debts. A prenuptial agreement in Arizona forms can specifically cover how you’d like your partnership business/financial-related matters handled in the event of a divorce. It is also advisable to include lifestyle clauses that detail expectations on each person’s part within the marriage.

This prenuptial agreement in Arizona is an essential document to have, not only pre-marriage but pre-children as well. Remember that many things can change after entering into a committed relationship (e.g., the birth of children) and prenups are certainly considered contingency plans for those changes since prenups cannot cover every situation that may arise even though they are becoming more common.

The basics of prenuptial agreements in Arizona vary depending on your needs. Do your research! If you need assistance drafting a prenuptial agreement, start with consulting an attorney who understands premarital law or estate planning.

What Are The Requirements I Need To Prepare Before Applying For A Prenuptial Agreement?

In Arizona, prenuptial agreements are governed by the Arizona Revised Statutes. In order to prepare a prenuptial agreement before getting married, you must follow the following rules:

• Both parties must be living separately and apart from each other at the time of signing.
• The premarital agreement cannot cover any aspect of property relations that existed between the spouses on or before either spouse’s marriage day.
• At least seven days after a premarital agreement is signed, there must be a signed postnuptial agreement that modifies all premarital agreements. Any provisions in prenups regarding death and dying shall not apply if no postnup exists.
• All pre-marriage assets and liabilities must be disclosed in prenuptial agreements to avoid the premarital assets being exempted from prenups.

Also, prenuptial agreements in Arizona cannot cover issues relating to child support or child custody.

Is It Possible To Get A Prenuptial Agreement After Marrying?

Most prenuptial agreements are entered into before marriage. So, if you’ve already walked down the aisle, it may be too late to get one. If, however, your prenup came apart at the seams before you tied the knot, then you may want to consider entering into a postnuptial agreement.

Many estate planning experts recommend pre- and postnuptial agreements for anyone with assets of $75,000 or more.

But pre­ and postnups certainly don’t have to be part of an estate plan; they can simply serve as written contracts between two people who want some security in their relationship.

Are Prenuptial Agreements Permanent?

Most prenuptial agreements in Arizona are not permanent. If a premarital agreement is challenged in court, the trial judge has the power to “blue pencil” that contract – meaning they can revise or edit it. In fact, Arizona law provides that premarital agreements must be fair when they’re executed and when they’re seeking to be enforced. Some prenuptial contracts may also contain what’s known as a sunset clause, which says the prenup will expire after a certain period of time unless both parties agree to extend it.

Spouses can also provide a written agreement to amend their prenuptial agreements.

Should I Seek The Help Of A Family Law Attorney?

When it comes to prenuptial agreements, you will want to seek the help of a family law attorney. Your prenup is going to be specific to your situation and what you are looking for out of your prenuptial agreement. For this reason, prenups should only be prepared by an Arizona prenuptial agreement lawyer that practices family law.

In Arizona, there are very specific laws that must be used when preparing prenuptial agreements. These guidelines set forth by Arizona law can differ from other states’ laws. If not done properly, the prenuptial agreement could be found invalid in court which could lead to unintended consequences down the road if an issue arises one party or another later on.

Prenuptial agreements in Arizona are a way to protect your assets and prepare for the worst. It’s important that you consider this step before committing to marriage. Call us today!

Are You Looking for a Family Law Attorney You Can Trust?

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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