Premarital Agreements in Arizona
In Arizona, premarital agreements (also called prenuptial agreements) were once against public policy. Along with many other states, Arizona has adopted the Uniform Premarital Agreement Act, which determines the guidelines and enforceability of premarital agreements. In Arizona, a prenuptial agreement is defined as: an agreement between prospective spouses that is made in contemplation of marriage and that is effective on marriage. They are meant to protect each party of the marriage if the relationship were to dissolve in the future. Because Arizona is classified as a “community property state,” in the case of a divorce, all property that is acquired by the couple during the marriage is split evenly during the divorce process. If there is no prenuptial agreement, the court has power over the estate of the couple.
In order for a prenuptial agreement to be valid, it must be in the form of a legal, formal document signed in front of a notary or Phoenix family law attorney. Both parties must willingly agree to a prenuptial agreement.
Who Should Have a Prenup?
Not every couple decides to have a prenuptial agreement, but here are several situations that may make you and your spouse god candidates for one:
– One party has more money than the other
– One or both parties own separate or joint businesses
– One party is en route to a well-paid career, such as one in the law or medical field
– One or both parties have the potential to earn a large amount of money in the future, whether through stocks, inheritance, etc.
– If one or both parties have children from previous relationships or elderly grandparents that need taken care of
Prenuptial agreements are permanent, but you or your spouse can decide whether or not the agreement is still necessary. A formal, signed document that states you and your spouse’s written agreement to revoke the terms of the prenuptial agreement is required. Adding a “sunset clause” to the agreement will set a specific time in which the document will expire, which can be any length of time.
At Thrush Law Group, we treat each case with the delicacy and respect our clients deserve and strive to distinguish ourselves by our personal consideration of our clients’ cases and needs. The attorneys of Thrush Law Group have extensive experience in family law and know that quality counsel is essential when dealing with one’s family and its future.