Prenuptial and Premarital
Agreements in Arizona
Helping people in Scottsdale, Mesa, Tempe, Gilbert, Chandler, and all areas surrounding Phoenix, Arizona.
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.