So, you've found the one, and wedding bells are ringing in the near future. Congratulations!
But before you say "I do," you might want to consider protecting your assets with a prenuptial agreement. As Elizabeth R. Carter, law professor at Louisiana State University and advisor to First, asserts in her 2016 research paper on prenuptial agreements: “Everyone that’s getting married should have a prenup.”
Not sure where to start? Don't worry, we've got you covered. Here's your guide to getting a prenup in the Grand Canyon State:
1. Understand What a Prenup Is Let's start with the basics. A prenuptial agreement, or prenup for short, is a legal document that outlines how assets and debts will be divided in the event of a divorce or separation. It's like an insurance policy for your finances, providing peace of mind and clarity for both parties.
2. Know What You Can Include In Arizona, prenups can cover a wide range of financial matters, including property division, spousal support (alimony), and even provisions for pets! However, child custody and support cannot be addressed in a prenup, as these issues are determined by the court based on a child's best interests at the time of divorce.
Reasons to consider a prenup in Arizona include:
Protecting Separate Property: If one spouse enters the marriage with significant assets or expects to inherit a large sum, a prenup can protect their assets from being divided during a divorce.Clarifying Financial Expectations: A prenup can reduce conflicts over finances by establishing clear expectations about income, property, and debt management.Protecting Business Interests: If one or both spouses has an ownership interest in business, a prenup can protect the business from being considered community property and thus subject to division during a divorce.3. Start Early Timing is key when it comes to prenups. It's best to broach the subject well in advance of the wedding, preferably several months before the big day. This allows both parties enough time to fully understand the agreement and seek legal advice if needed.
4. Full Disclosure Transparency is essential when drafting a prenup. Both parties must fully disclose all of their assets, debts, and income. An Arizona court may render a prenup invalid if either party fails to disclose all of their premarital property and liabilities.
5. Consult with a Lawyer While you can technically draft a prenup on your own, it's highly recommended to seek legal counsel. A qualified attorney can ensure that the agreement is fair, enforceable, and compliant with Arizona law. Plus, having a lawyer involved adds an extra layer of protection and peace of mind, and with certain decisions made in a prenup, you absolutely need to have a lawyer to ensure enforceability.
6. Review and Revise Life changes, and so can your prenup. It's a good idea to review the agreement periodically, especially after major life events such as the birth of a child or a significant change in financial circumstances. If necessary, you can always amend the prenup via a postnuptial agreement.
7. Execute Correctly In Arizona, prenups must be in writing, signed by both parties, and notarized in order to be enforceable. Each party should also retain a copy of the agreement for their records.
8. Consider the Future While nobody enters a marriage planning for divorce, having a prenup in place can provide peace of mind and financial security for both parties. It's an investment in your future together, ensuring that you're both protected no matter what life throws your way.
Drafting a prenup can help you reclaim your own power from the nuances of state law – without one, Professor Carter notes “you’re assuming that your state legislature has the best rule for what happens to you at either death or divorce, because all marriages end in one of those ways.”
But getting a prenup in Arizona doesn't have to be complicated or stressful! With the right knowledge and guidance – and a prenup partner in First – you can protect your assets and start your happily ever after on the right foot.
