How To Get a Prenuptial Agreement in Arizona
When you find the person you want to spend the rest of your life with, it's exciting to think about future plans. While you will certainly learn more about each other as your relationship matures, it is important to cover certain things such as financial status and goals before you tie the knot. Signing a prenuptial agreement before you get married can ensure that you, your partner and your children are all protected in the event of a divorce.
How Prenuptial Agreements Work
Any couple can opt to put their financial boundaries in writing, but you may have concerns other than pragmatic transparency that prompt your decision to do so. There are several reasons why you and your partner may be particularly interested in getting a prenuptial agreement:
- Significant assets, such as property ownership or trusts
- Children from previous marriages
- Business ownership (either separately or together)
- A wide disparity in net worth
A premarital agreement is not an assumption that the marriage will eventually dissolve. In fact, talking through these issues and agreeing on what is marital property and what is not may even prevent future misunderstandings about how you handle money together.
Steps for Getting a Prenup in Arizona
The first thing you want to do when you are considering a prenuptial agreement is to consult an attorney. Someone who is well-versed in marital law can guide you through the process and ensure that you don't miss anything that could nullify the agreement later.
Step 1: Division of Property
Each person should start the discussion by divulging all assets and debt. You want to put everything on the table so that both you and your lawyers can get a good idea of what needs to be addressed. Failure to disclose anything can be grounds for voiding the agreement.
Step 2: Financial Obligations During Marriage
You may decide to outline the financial responsibilities each partner will take on during the marriage within your prenup. This is especially useful if one partner is planning to be a stay-at-home parent or if one of you expects to earn significantly more than the other.
Step 3: Debt Management
If you or your significant other have outstanding debts when you get married, your premarital agreement can address whether these debts remain each individual's responsibility or will be shared jointly. You may also consider including how debt accrued during the marriage is to be divided if you get divorced.
Step 4: Decisions Regarding Support
Provisions for alimony can be made in the prenuptial agreement. Again, this is especially common if you or your partner earns more than the other. While neither of you can violate your children's rights by waiving child support in this document, you can set guidelines that protect them so that any inheritance they are in line to receive is not in danger of being jeopardized if you part ways.
Step 5: Final Review and Signature
To be valid in Arizona, your prenuptial agreement must meet five criteria:
It must be processed before your wedding.
It must contain no unconscionable elements.
It must be based on full disclosure of each of your individual assets.
Both of you must have an opportunity for your respective lawyers to review it.
Both of you must sign the document freely and willingly.
Conclusion
It's reassuring to know that you and your significant other are entering into your marriage with full knowledge of each other's financial status and wishes. While it can seem expensive, hiring attorneys to draft and review your prenuptial agreement is well worth the cost. It ensures that the document's terms are legally binding and can protect the interests of both you and your partner.