If you’re like most people, you probably think of prenuptial agreements as something that only the rich and famous have. But what many people don’t know is that prenups can be a great way to protect yourself and your loved ones no matter how much money you have. Here in Arizona, we love our prenuptial agreements and believe they are an essential part of any marriage. So if you’re thinking about getting married, it’s important to consider whether or not a prenup is right for you.
It Safeguards The Important Things In Life
A prenuptial agreement is a common marriage pre-planning tool that helps the husband and wife decide whether to go through with their marriage. No matter how long or short your marriage is, you need to know that there are benefits to prenuptial agreements. Prenuptial agreements ensure financial stability for both spouses no matter what happens in the relationship.
A prenup comes into play when life deals an unexpected blow. At times, unforeseen circumstances could cause serious damage to any person, no matter who they are. A divorce could be just one of them. It could happen for several reasons.
It’s not even just the divorced parties that suffer. Kids, family members, and everything else in between can be dealt a big blow too. Fortunately, prenups are about more than just protecting you financially; they’re also about protecting your relationship with your family and kids. You want to make sure you can always see them if things don’t work out with your spouse.
The benefits of prenuptial agreements are significantly powerful enough to protect both of their financial interests during the marriage, even before it happens!
Children Are Protected Under Prenuptial Agreements
There are some benefits to a prenuptial agreement that most people don’t think of. For example, consider the prenup’s benefits for children:
If you and your new spouse have children from prior relationships, a prenuptial agreement can help protect those kids after your death. That way, the intended beneficiaries receive their inheritance as per the terms of the will instead. If you didn’t have a prenup in place, then your spouse may inherit everything regardless of what you wanted to happen – leaving those children out in the cold.
Unmarried couples have been making prenups for several years now to protect their assets from each other in case a breakup occurs down the road. But this is also true if one person wants to get married even though the other doesn’t. The non-initiator of marriage can still make a prenup before tying the knot, in an effort to protect assets they’ve built up while living together.
It Secures The Interests Of Your Business If You Have One
Prenuptial agreements and other legal documents can help protect your business interests if you get married, and they will be especially important to consider if either one of the two individuals owns a business. This is because prenuptial agreements can help define any community property rights that you may have in each other’s assets as well as those that belong solely to each spouse.
During the course of a marriage, many couples make huge purchases together; however, these items could potentially lead to disputes over who actually owns what when one or both partners pass away. A clearly stated prenuptial agreement ensures that each partner knows his or her rights and the extent of those rights when it comes to certain assets. Without a prenuptial agreement, these disputes could end up in court if the owners cannot come to an agreement themselves.
Having this information readily available will be especially beneficial for individuals who own their own business because they will know exactly what to expect should they ever get divorced.
Large Debts Cannot Be Passed To The Other Spouse Due To Prenuptial Agreements
Arizona courts view prenuptial agreements as contracts, so they must include specific terms to be legally binding. Arizona law requires these terms to be accurate and fair, which is why it’s extremely unlikely for a court to uphold an unenforceable contract.
Prenuptial agreements can limit how much money or property one person brings into the marriage or what debts either spouse will be responsible for after getting married.
The benefits of prenuptial agreements are similar across all states. They protect both spouses’ assets before they get married, giving each partner time to plan for their own financial future without having to worry about surviving on less than half of what they’d had before receiving any decision from a judge during divorce proceedings.
You Don’t Need To Be Filthy Rich To Have A Prenuptial Agreement
Whether you are rich or poor, or somewhere in between, a prenuptial agreement is something that any couple going through a divorce will need to address. A prenup can address the protection of your current property and how it will be divided during the course of the marriage. In addition, they typically also cover what happens if one party dies during the course of the marriage.
You don’t have to come from vast riches to benefit from a prenup. Anyone who has any type of asset benefits from having prenuptial agreements in place before getting married even if those assets aren’t worth hundreds of thousands or millions of dollars. No matter where you fall on the financial spectrum, a prenuptial agreement provides peace of mind and benefits for you and your future spouse.
If you’re on the fence about prenuptial agreements, hopefully, we’ve been able to show you that there are many benefits to having one in place. No matter what your situation is, a prenup can help protect you and your loved ones. If you’re ready to get started, give us a call today. Our team would be happy to discuss your options and answer any questions you may have. Thanks for reading!
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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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