Prenuptial And Premarital Agreements
With more than 50 percent of marriages in the United States ending in divorce, many people decide to protect their finances in the event of a divorce by entering into a prenup agreement. A Prenup is also referred to as a Premarital Agreement or Prenuptial Agreement. It is a written contract entered into by a couple prior to the marriage that outlines the possession of assets, treatment of future earnings, and establishes how assets will be split if the marriage should end in a divorce.
While Premarital Agreement are typically entered into by couples with substantial assets or high earnings, there are many other reasons why a couple may decide to get a prenup, such as a second marriage, children from a previous relationship, ownership interest in a business, or to protect each other from debt.
Requirements for a Premarital Agreement
Under the Arizona Uniform Premarital Agreement Act, for a prenup to be valid and enforceable, the following requirements must be met at the time a couple enters into the agreement:
- The agreement must be in writing.
- The agreement must be voluntarily by both parties
- There must be a reasonable disclosure of property and financial obligation
- The agreement cannot make plans about custody of children or child support
Tips to Ensure Prenups are Enforceable
- Disclose all assets, property, and financial obligations including estimated values of the each and every significant asset.
- Provide the other spouse with the Premarital Agreement well prior to the date of the marriage; at least a month before is suggested.
- Although it is not mandatory, it is generally advisable to have a family law attorney draft the Premarital Agreement.
- Have your spouse review the Premarital Agreement with a family lawyer of their choosing, or at least give them the opportunity to review it with an attorney.
A postnuptial agreement is similar to a prenuptial agreement in that it determines the rights between the parties regarding marital property, except that a postnuptial agreement is entered into after the parties are already married. it should not be confused with a separation agreement, which is generally entered into in contemplation of a divorce.
Get help with Your Prenup
If you plan on having a prenup, it is important to have an experienced family law attorney draft an agreement that will hold up in court if contested. Contact the Law Office of Austin White at (480) 788-0633, or by filling out our online form, to speak directly with a lawyer about drafting a premarital agreement.