Prenuptial agreements may seem like a scary topic, but they can be a very beneficial way to protect yourself and your assets in the event of a divorce. If you’re considering getting married in Arizona, it’s important to understand the basics of prenuptial agreements so you can make an informed decision about whether or not to sign one. This cheat sheet outlines the key points you need to know about prenuptial agreements in Arizona. Keep reading to learn more!
Couples Should Understand The Basics Of Prenuptial Agreements
This is because prenuptial agreements are important since they will help you protect your assets before, during, and after getting married. A prenuptial agreement is basically an arranged contract between two individuals who plan to get married but with certain conditions under the law. These contracts typically deal with property distribution, financial support, alimony, or any other form of compensation if the couple got divorced or separated.
Both should know about it so each will be able to protect themselves and what’s theirs if ever the relationship went sour. They must also consider several factors before signing a contract.
Couples need to keep in mind that there are no absolute laws when it comes to divorce or separation between couples, so just because you signed an agreement doesn’t mean your ex-spouse cannot ask for more than what was initially agreed upon. People want their lives together with their family to be better and happier, but they should also consider stability and security as well.
Complete The Requirements Before Getting A Prenuptial Agreement
It is important to complete the prenuptial agreement requirements before getting a prenuptial agreement because not completing them could lead to significant legal problems that can be avoided if you follow the instructions carefully. If you do not, there is always the risk of your prenuptial agreement being overturned in court. A prenuptial agreement will only be effective if it has been filled out correctly and contains all necessary components.
According to the state laws of Arizona, prenuptial agreements are legally binding contracts that detail how specific assets are divided in case of separation or divorce. These agreements are considered valid only if they meet certain criteria established by law. Some of these criteria include mandatory disclosure of all assets and liabilities, open discussions between both parties prior to signing, etc.
Make Sure To Make A List Of The Things You Need To Include In The Prenuptial Agreement
It is important to plan before getting a prenuptial agreement because doing so would allow you and your partner to learn more about the other’s property. This will help in letting each of you know if a prenup is necessary or not. If both of you choose not to have one, there won’t be any bad feelings from either side.
Prenuptial agreements can be beneficial for couples who feel that they need to protect their interest when it comes down to their properties.
Before you sign a prenuptial agreement, Arizona law requires that each party must receive independent legal counsel. In addition, the premarital agreement is required to be in writing and signed three days before the wedding. If possible it should cover every aspect of your financial situation as well as any real estate or business you own.
These are some of the items, parties often include in their prenuptial agreements:
Marital Property Division
This clause is necessary only if you have any assets that will not transfer through your spouse upon death such as an individual retirement account (IRA). Without this clause, upon your spouse’s death, those assets would be considered community property and automatically transferred into his/her name.
This clause is necessary only if you are requesting alimony or any spousal support from your soon-to-be spouse, but will no longer be required upon the divorce of the two of you.
Protection For Premarital Assets
This clause deals with any undisclosed assets that one party may have at the time of marriage. Usually, this clause states that anything brought into the marriage by either party is still owned solely by that party and would not be considered marital property even in the event of divorce.
If you are bringing a property to a marriage it should always be listed as separate property so no matter what happens during your marriage, it can never become community property.
Any licenses or certificates your spouse may have obtained before the marriage should be listed as his/her separate property. If this is not included in the prenuptial agreement, they are considered community property and upon divorce, could be divided between you and your spouse by court order.
This clause states that any debts accrued before your marriage will not be transferred to your spouse in the event of death or divorce.
If either of you owns a business prior to getting married then there should be provision made in the prenuptial agreement detailing ownership rights in case things don’t work out when making arrangements for an exit strategy.
Any retirement plan accumulated by either party prior to the marriage should be included and will remain the property of that party, separate from marital property.
If either of you has investment accounts prior to your marriage they are considered separate property and should be specified in the prenuptial agreement. It also details what will happen if those accounts are acquired during your marriage i.e. joint vs individual ownership rights with any future earnings or losses upon death or divorce.
Make Sure To Have Your Prenuptial Agreement Notarized
It’s important to get your prenuptial agreement notarized because it can be used in court as evidence of an agreement. A notary will ensure that no one is forced into signing the document and that all parties involved know exactly what they’re agreeing to and are doing so willingly and freely.
When signing a prenup, both people usually seek legal advice and get the agreement notarized. Notarizing means that the document is certified to be accurate and true by an impartial third party called a ‘notary public’.
If you’re thinking about getting married, it’s important to understand the basics of prenuptial agreements. Prenuptial agreements can help protect your assets in case of a divorce, and they’re required in Arizona if you have children from a previous relationship. Our team can help you complete the requirements for a prenuptial agreement and make sure that all of your bases are covered. Give us a call today to get started!
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