When it comes to prenuptial agreements in Arizona, there is a lot of misinformation floating around. Some people believe that prenups are only for the wealthy, while others think that they are unnecessary and can actually ruin relationships. In reality, a well-drafted prenuptial agreement can be helpful for both married couples and those who are simply dating. If you’re considering getting married in Arizona, it’s important to understand the basics of prenuptial agreements and what they can do for you. With the help of an experienced family law attorney, you can create an agreement that will protect your interests both during and after marriage.
Consider Hiring A Family Law Attorney
A prenuptial agreement is a contract that sets out what will happen if the marriage ends, both financially and with respect to the children. Prenups are becoming increasingly common as society progresses toward equality between husbands and wives.
It’s important to have an experienced family law expert advise you on prenups because it really is an entirely different area of law. The issues are unique, specific, and not often covered in law school.
Prenuptial Agreements Are For Everyone
Many people believe that prenuptial agreements are only for the rich and famous. However, a prenuptial agreement can be extremely valuable for almost anyone who is getting married or who wants to protect their assets if they get divorced. In fact, it’s important for any individual no matter what salary they make-to have a prenuptial agreement so that their separate property remains separate.
Without A Prenuptial Agreement, All Marital Property Is A Community Property
This might sound confusing at first because you may have heard of couples combining their properties together during the marriage. However, without a prenup in place, many states consider all marital property as community property and therefore subject to equitable division between spouses in the event of a divorce. This means that everything acquired by either spouse during or after the marriage may be subject to division by the court.
Prenuptial Agreements Provide You With A Proactive Plan Before You Marry
Prenuptial agreements can provide a proactive plan when going into marriage. The agreement may include who will have financial control, what property each person brings to the family, how long a couple will remain married before considering divorce, and any other relevant details that would impact the family’s finances. For example, if one of the parties is receiving their education during the marriage, at what point should they have complete control over his or her own financial decisions?
In Arizona, couples are not legally required to establish a prenuptial agreement prior to getting married. However, it may be beneficial for many different types of people. A prenuptial agreement typically insulates assets from future claims made by a spouse after a divorce. Parties can also often resolve how to deal with property, debt, and support claims in the event of divorce through a prenuptial agreement as opposed to going through litigation.
Consider A Prenuptial Agreement If You Have Significant Assets
If you have significant assets or income then there are reasons why you would want such an agreement before marriage. One reason is if one spouse has children from a previous marriage who will receive some percentage of the new spouse’s estate. A prenup can guide how those children receive their inheritance and make sure they cannot challenge the agreement later on in life.
Protect Your Estate If You Own One
The most important reason to get a prenuptial agreement before you marry is for estate planning purposes, especially if one-half of the couple does not have children and may not leave an inheritance. Without a prenuptial agreement in place, children who are born during your marriage will receive an equal share of your assets when you die. With a prenup in place, this cannot happen unless both parties agree to it at that time.
If your significant other has no estate plan in place then it would be agreeable to come up with one together before the wedding. It will save you both money and heartache in the long run.
Prenuptial Agreement Is Necessary If One Party Has A Large Debt
The best advice you can hear about prenuptial agreements in Arizona is that it’s important to get the agreement done before marriage. If one partner is bringing large debts into the marriage, it’s better to negotiate with creditors on their own — without disclosing your assets to them — so they don’t hold you liable for the debt. They may be willing to work out an agreement where all or some of the debt gets written off or reduced through payment arrangements.
Prenuptial agreements are not just for the rich and famous. It’s very common for people who have children, family homes, assets like investment accounts, retirement benefits, and more that they want to be protected in case of a divorce. With these types of assets at issue, it makes sense to have an agreement in place so you don’t encounter major problems if the marriage dissolves.
If you are getting married in Arizona, it is important to understand the benefits of a prenuptial agreement. A family law attorney can help you create a prenuptial agreement that will protect your assets and estate in the event of a divorce. Prenuptial agreements are for everyone, regardless of how much money you have. They provide you with a proactive plan before you marry and can prevent nasty legal battles down the road. Contact us today to schedule a consultation and learn more about how a prenuptial agreement can benefit you.
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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