Enforceable Arizona Prenuptial Agreements
Prenuptial Agreements in Arizona
The prenuptial agreement, according to Arizona law, is defined as “an agreement between prospective spouses that is made in contemplation of marriage and that is effective upon marriage.” The prenuptial agreement is intended to protect individuals in the future in the event the two spouses end up parting ways.
Arizona is classified as a “community property state”, along with only eight other states. Generally, what this means for divorcing couples is that all property that was acquired during the marriage is split equitably between the two spouses during the divorce; although there are some exceptions to this general rule. Couples who do not have a prenuptial agreement (often referred to as a prenup) could end up with their entire estate in the hands of the courts during an eventual divorce proceeding.
Enforceable Prenuptial Agreements | Who Needs One
An Arizona prenuptial agreement isn’t for everyone, but if you find that one of the following situations apply to you, it may be a good idea to consider a prenup:
One of you is substantially wealthier than the other.
One of you owns your own business.
One of you has plans for a particularly lucrative career (i.e. medicine, etc.)
One of you has large potential future earnings (i.e. stocks, inheritance, etc.)
One of you has elderly relatives or children from a previous relationship that need to be taken care of financially.
To ensure you will be able to enforce your prenuptial agreement, you have to draft the formal, legal document correctly. The prenup must be entered into willingly by both parties and both parties either must receive full disclosure of all assets or debts or waive such disclosure in the written prenuptial agreement. If a prenup is determined by the court to be unconscionable, a judge may refuse to enforce it. It is best to work with an experienced family law attorney to avoid issues in the future.
If you have a question about prenuptial agreements in Arizona, please call to speak to one of our experienced Scottsdale and Phoenix Arizona prenuptial attorneys at (480)305-8300.