In this day and age, it’s more important than ever to do anything you can to protect your financial situation. Whether you want to make your intentions with certain investments clear, or preserve assets from a potential divorce, signing a prenuptial agreement has become an increasingly common part of getting married. There are endless factors to consider when drafting and negotiating a prenuptial agreement in Tempe, Arizona. It requires anticipating events that could happen in the future, and what kinds of legal terms would best prepare you for if those events were to occur. It also requires drafting and presenting the agreement in a way that doesn’t cause the other party to call off the wedding. Lawyers are an essential part of the prenuptial agreement process, and you wouldn’t want to be bound to a contract with such great control over your life that hasn’t been reviewed by a lawyer. Our Tempe Prenuptial Lawyers offer fair pricing for unbeatable legal services. Schedule your free phone consultation today at 480-680-9126 or click here.
Reasons To Consider A Prenuptial Agreement
Anyone who is getting married could stand to benefit from a prenuptial agreement. There are some situations that make a person’s finances more precarious than others, making a prenuptial agreement strongly recommended. Some of the situations that call for a prenuptial agreement in Tempe include:
- One partner has significantly more assets or a much higher income than the other partner
- One partner is still working while the other is retired
- One party owns a business or a share in a business
- One or both partners have children from prior relationships
- One or both partners have substantial debt
- One or both partners anticipates being named as an heir in a will
- This is one or both partners’ second or subsequent marriage
- One partner will be pursuing further education while the other partner supports them
Many spouses get married without becoming aware of the contractual nature of their weddings. A.R.S. § 25-211 declares Arizona to be a community property state- it is only one of nine states to use this method of property division, with the rest of the country relying upon equitable division. Anything and everything acquired by either spouse during a marriage can be considered community property divo
rce. This applies to assets and earnings, as well as debts- even debts acquired in only one spouse’s name. Both spouses have equal rights to all assets in the community estate. This includes both spouses’ earnings, and purchases and investments made with those earnings during the marriage. The only exception is property acquired by gift or inheritance. The spouses begin acquiring separate property against once a petition for divorce, legal separation, or annulment has been filed. This can all become more complicated when community funds are used on separate property assets, and vice versa. A prenuptial agreement can help couples with
work out these issues in case the spouses ever get divorced or legally separated.
While Arizona uses community property to divide marital assets, it is possible that the spouses might move to a different state during the marriage. Divorcing spouses are typically required to file out of the state in which they currently reside, which means following that state’s laws and procedures surrounding dissolution of marriage. Signing a prenuptial agreement eliminates any confusion about how property division laws vary from state to state.
Everyone’s situation is unique, and prenuptial agreements can be worded specifically to reflect that. Finding the right words to use is difficult if you don’t have an extensive Arizona family law background. Learn more about what our Tempe family law team can do for you with your free consultation today- click here or call 480-680-9126 to get started.
Requirements For A Valid Prenuptial Agreement In Tempe
A judge won’t consider just any document or statement as a factual prenuptial agreement. There are certain requirements that must be met for the judge to consider a prenuptial agreement during property division in a divorce. Without these requirements, spouses could forge prenuptial agreements once divorce proceedings are initiated, and would be a waste of court time and resources to resolve. The requirements for a valid and enforceable prenuptial agreement in Tempe are set forth by A.R.S. § 25-202. Unlike some contracts, a prenuptial agreement does not require consideration to be enforceable. However, all prenuptial agreements must be in writing and signed by both parties. The agreement must be executed voluntarily, and must be conscionable. The parties must provide full financial disclosures so they are aware of each others’ financial situations, or the prenuptial agreement could be invalidated.
Some spouses use prenuptial agreements to keep creditors from pursuing one spouse for the other spouse’s debt. But simply signing a prenuptial agreement won’t put creditors on notice that there is a legal contract separating the spouses’ finances. Here, the spouses must record the prenuptial agreement as they would with deeds and conveyances. This provides public notice of the agreement to creditors. This step is inconvenient, but makes the prenuptial agreement binding on creditors so that the agreement can serve its intended purpose. Have more questions about signing and recording a valid prenuptial agreement in Tempe? Click here or call 480-680-9126 to schedule your free consultation by phone with one of our experienced family law lawyers.
Protect Your Interests In Marriage With Our Tempe Prenuptial Lawyers
Without a valid prenuptial agreement in place, property division and spousal maintenance disputes during a potential divorce could take months, if not years, to resolve in court. This is time you’ll never get back, and could be highly expensive to both parties through filing fees and other legal costs. It will become even more expensive if one spouse is ordered to pay the other spouse’s attorney’s fees. While it is an uncomfortable topic to bring up, the reality is that about half of married couples get divorced. A prenuptial agreement can straighten out financial issues when the spouses are already dealing with the emotional fallout from a breakup. Asking for a prenuptial agreement can be a sensitive subject that is best approached with knowledgeable and experienced legal counsel.
Issues To Address With A Prenuptial Agreement In Tempe
There are limits to which issues can be addressed in a Tempe prenuptial agreement. A.R.S. § 25-203 sets forth 8 types of issues that can be discussed in prenuptial agreements:
- The rights and obligations of both parties in any of the property of either or both of them and whenever or wherever acquired or located
- The right to buy, sell, use, transfer, exchange, abandon, lease, consume, expend, assign or create a security interest in, mortgage, encumber, dispose of or otherwise manage and control property
- The disposition of property on separation, marital dissolution, death, or the occurrence or nonoccurrence of any event
- The modification or elimination of spousal support
- The making of a will, trust, or other arrangement to carry out the provisions of the prenuptial agreement
- The ownership rights in and disposition of the death benefit from a life insurance policy
- The choice of law governing the construction of the prenuptial agreement
- Any other matter, including their personal rights and obligations, not in violation of public policy or a statute imposing a criminal penalty
This actually gives the parties a wide scope of issues that can be laid out in a prenuptial agreement. The spouses aren’t just limited to defining property rights in case of death or divorce. They can address personal issues, like whether they will have children, if one spouse will be a stay-at-home parent, even down to who will handle certain household chores. If you have been presented with a prenuptial agreement that governs these types of personal decisions, you should discuss the impact it will have on your life with an experienced Tempe family law attorney. Schedule your free consultation with our firm today at 480-680-9126 or click here.
Property Division With A Prenuptial Agreement In Place
In Arizona, if a spouse files a petition for dissolution of marriage, or files for divorce, there are a few main issues that the court must oversee. If the spouses share minor children in common, the court will need to preside over child custody and child support issues. The resolution of these issues can’t be predetermined in a prenuptial agreement. What can be predetermined in a prenuptial agreement is spousal maintenance and property division.
Spousal maintenance goes by many names, including alimony and spousal support. They are payments- usually monthly, but they can be lump-sum- from one spouse to another to provide financial support after divorce. How long spousal maintenance lasts depends on many factors, like each party’s earning potential and resources, each party’s physical and mental health, the duration of the marriage, and more. A judge is more likely to enter an order for spousal maintenance for marriages of long duration. But some spouses are ordered to pay spousal maintenance until one of the parties passes away, or the recipient spouse remarries. Prenuptial agreements can allow one spouse to avoid the drain of spousal maintenance payments. The parties can agree to no spousal maintenance, or a set amount, which can be based on whether certain factors were met during the marriage.
Property division can be a contentious issue in Tempe divorces because Arizona is a community property state. Many spouses spend an amount comparable to their marital estate on attorneys’ fees to fight over their assets. This is when the parties may be more likely to dig their heels in to be vindictive, rather than out of concern for what is fair or for their financial situation. The spouses can negotiate a prenuptial agreement before any issues occur that sour the relationship and the agreement negotiation process. This is about more than just protecting property. A prenuptial agreement can save the spouses endless headaches and thousands of dollars in attorneys’ fees by predetermining division of at least some of their marital estate. Prepare for a worst-case scenario with our experienced and honest Tempe family law team. Get started today with your free consultation by phone at 480-680-9126 or click here.
Tempe Prenuptial Agreement Frequently Asked Questions
When might a family law judge invalidate a prenuptial agreement?
In some situations, it would be unconscionable for a judge to enforce a prenuptial agreement in divorce. If the spouse presenting the agreement had a lawyer but the spouse who signed did not, there could be questions of whether the process was fair and the spouse knew what they were signing. A prenuptial agreement could be unenforceable if either of the parties were mentally incompetent or under the influence of drugs or alcohol during the signing. The judge might ignore a prenuptial agreement if enforcing it would force one spouse to live on public assistance. A judge might not enforce a prenuptial agreement if one spouse hid assets or debts, or was dishonest during their disclosures. Lastly, a judge can overturn a prenuptial agreement if the signing party was found to be under duress.
Can I enter into a prenuptial agreement after I have already gotten married?
Yes, although it technically would not be a prenuptial agreement, but a postnuptial agreement instead. A postnuptial agreement can cover all the same issues that would be included in a prenuptial agreement. A postnuptial agreement can also be used to modify an existing prenuptial agreement.
How much spousal support will the court order to avoid one spouse’s reliance on public assistance?
If a judge invalidates a prenuptial agreement to avoid one spouse going on public assistance, spousal support will only be ordered to the extent that it keeps that spouse from qualifying for government support programs.
Is a prenuptial agreement invalidated if one spouse cheats?
A prenuptial agreement is effective regardless of the spouses’ fidelity, although the agreement can contain provisions for what happens if either spouse cheats. Some prenuptial agreements will become ineffective or give the spouse a higher payout if the other spouse is caught cheating.
Should I retain a lawyer for my prenuptial agreement?
Drafting a legal agreement is difficult enough without anticipating what kinds of issues could become relevant throughout the course of your marriage. A lawyer can help you create a prenuptial agreement that works for you and your loved ones and make sure it is executed so that it will be held valid and enforceable in divorce court if ever needed. Your spouse should also be encouraged to seek legal counsel when reviewing the agreement, as it reduces the chances of the agreement being invalidated due to unfairness or misunderstanding of the contract.
