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Both Prenuptial Agreements and Postnuptial Agreements dictate the process by which financial debts, obligations, and assets are split in case of a divorce. Most family law professionals say that marriage agreements such as prenups are on the rise. This is because as people are marrying older, more and more are seeing the wisdom in clarifying the division of assets rather than leaving it up to the arbitrary rulings of the court.
Whether you are already married or thinking about getting married, it’s important to seek the advice of a qualified attorney to ensure that your marital agreement is valid and enforceable.
The professional family law attorneys at The Valley Law Group can help you understand the types of marital agreements and determine which may be feasible for you.
What Is a Premarital Agreement?
Also referred to as a prenuptial agreement or an antenuptial agreement, a premarital agreement is a legal agreement that two people voluntarily enter before they legally marry. The purpose of a prenuptial agreement is to clearly outline the rights and responsibilities of both spouses in case the marriage does end in divorce or the death of one spouse. This contract must be finalized before the marriage certificate is signed.
While discussing the terms of these agreements can be a difficult conversation to start, marital agreements are designed to ensure that the interests of both parties are protected. A prenuptial agreement provides certainty during a variety of trying times that could take place, including if a marriage ends in divorce, a spouse becomes disabled, or a spouse dies.
The plans put in place regarding the couple’s assets can help both parties ensure that the court will handle the division of these assets – whether between the couple or among their children – according to the agreement. This means that spouses can keep and distribute certain assets that would normally become marital property and be divided equally, as a fair and valid prenuptial agreement supersedes community property laws.
10 Things to Know When Drafting a Prenup - A Free Guide
A prenuptial agreement is not about expecting the worst. It is about creating clarity, security, and peace of mind as you start your life together.
With the right guidance, it can strengthen communication and protect both partners.
This free guide walks you through the essentials so you can feel confident, prepared, and fully informed before taking the next step.
Who Can Benefit from a Marital Agreement?
The Valley Law Group can help any couple draft a pre- or post-marital agreement to protect their assets. Still, couples with significant assets, an imbalance of wealth, children from previous marriages, and more may especially benefit from marital agreements.
Couples of Advanced Age
In recent years, more individuals are waiting until they are older to marry or even remarry at an advanced age. When older couples marry, there are often substantial assets coming into the marriage, children from previous relationships, and other considerations like businesses, retirement accounts, and more. This is why many older couples choose to draft a prenuptial agreement to protect their hard-earned assets and ensure they are distributed fairly if the marriage ends.
Couples with Children from Previous Marriages
A blended family can create a household of happiness and love. Still, when it comes to your existing children, a premarital agreement is important to eliminate confusion and ensure their rights to your separate assets are protected. You’ll be able to clearly define what happens to each partner’s assets in the event that your marriage ends due to divorce, death, or disability – and your children won’t be left to handle the fallout with their step-siblings.
Couples with an Imbalance of Wealth
It is not uncommon for two individuals entering a marital agreement to have an imbalance of financial wealth. A premarital agreement can clearly define how wealth would be distributed in the event of a divorce. This helps to protect the wealthier spouse from losing money gained prior to the marriage. This can also provide a lower-earning spouse with a fair, clearly defined cushion if the marriage ends.
Couples with Significant Assets
One of the most common reasons to consider a prenuptial agreement is to protect each spouse’s existing assets. For example, if you own properties, own a business, or have considerable capital before marriage, an agreement supersedes community property laws and ensures you don’t lose the assets you acquired before marriage.
The Prenuptial Agreement Process Marital Agreement?
In general, the process of creating a prenuptial is fairly straightforward but must be completed carefully to ensure the agreement will remain valid.
Factors such as current economic status, children, and assets can all factor into how complex the process may become. In addition, in Arizona, the agreement must be voluntarily signed by both parties and provide fair and reasonable disclosure of financial obligations, property, and any rights or responsibilities the couple wants to address.
In most circumstances, each spouse meets with an unbiased attorney who can draft a fair agreement and carefully examine the various provisions to ensure their client understands the details of the agreement. It is not uncommon for a prenuptial agreement to go through numerous drafts before both parties are completely satisfied.
The attorneys at The Valley Law Group can help you draft a fair prenuptial agreement that not only protects your assets but will also stand up against the scrutiny of Arizona Family Court.
What Items Can a Prenuptial Agreement Include?
The details of a prenuptial agreement can vary depending on the needs of the couple.
Common items that are addressed include:
- Determining whether premarital assets will remain separate
- Deciding whether inherited assets are separate
- How to treat retirement assets
- Whether income during the marriage will be considered joint or separate property
- Who will own the assets
- How expenses will be paid during the course of the marriage
- Defining entitlement to spousal maintenance or alimony in the case of divorce
- What happens to assets if a death occurs
- What happens to assets if the couple has children, one spouse sacrifices a career for the family, or in instances of infidelity
There are numerous reasons to choose a premarital agreement. While prospective couples often don’t like to consider a potential divorce before the wedding day, it is a mature, essential way to protect both spouses.
Consult with one of the leading family law attorneys at The Valley Law Group to get started.
What Is a Postnuptial Agreement?
A postnuptial agreement is much like a premarital agreement, except that it takes place following the legal marriage and not before.
This agreement can clearly outline how debts, assets, and other obligations should be divided if the two parties were to divorce. This agreement can also help provide peace of mind when it comes to future decisions concerning ownership and responsibility after a spouse dies.
While there are additional considerations, since the two spouses are already legally tied to one another and hold fiduciary duty, postnuptial agreements typically cover the same topics that would be addressed in a prenuptial agreement.
This includes the division of property, retirement plans, debt settlement, spousal support, and more.
Arizona Marital Agreement FAQs
While marital agreements can be fairly straightforward, it is essential to get all the details right to ensure the court will uphold the agreement during a divorce.
Here are some of the most common questions regarding marital agreements.
The process of divorce can cause high tensions, and in many instances, one spouse may try to challenge the prenuptial agreement. This could be due to a desire to gain the upper hand during divorce proceedings. However, if your agreement was properly written and filed, it can be difficult to mount a successful challenge. The challenger must prove that they did not willingly sign the prenuptial agreement or that the agreement they signed was deceptive or unconscionable.
Child support payments in Arizona are calculated based on the gross income of each parent, healthcare expenses of the child, daycare expenses in the case that the parent is not working at home, education expenses of the child, the number of children living in the home and their ages, and the amount of visitation time of each parent, as well as other factors.
Typically, the child support payment amount calculated using the calculator from the Arizona Child Support Guidelines is considered to be the final amount that each parent will need to pay or receive. However, in some outstanding cases, the courts may decide to adjust the payment amounts based on the details of the case.
The timeline varies depending on the type of adoption, but most cases take several months to a year.
When calculating the amount of child support that each parent will need to pay or receive based on the Arizona Child Support Guidelines, there are parts of a parent’s income that are not included. Support from the government, such as food stamps, Temporary Assistance for Needy Families, and Supplemental Security Income, is not counted towards income. Additionally, the child support payments themselves will not be included.
In Arizona, each parent is responsible for providing financial support for their child according to their parenting time and income. Therefore, even in joint custody arrangements, one parent will likely still be making child support payments to another parent. The only way child support payments would not need to be made is if the parents made the exact same amount of money over a certain duration and if their visitation time was exactly the same, which is highly improbable.
Emancipation occurs when a 16 or 17-year-old in the state of Arizona is granted guardianship over themself. However, it is granted only if they are able to show that they can support themselves financially. If your child is emancipated in Arizona, you will first need to submit paperwork to the family court stating that your child is now emancipated. If approved, your payments should be reduced in amount, and you can get paid back for any overpayments that were made during this process.
Your Arizona Prenuptial and Marital Agreement Attorneys
While you may not want to consider how divorce or death can impact your life, marital agreements can provide you with the peace of mind that comes with knowing all expectations, boundaries, and responsibilities have been established.
Whether you are planning a marriage or are already married, prenuptial and postnuptial agreements are designed to ensure each spouse is protected in the event of a divorce or death. A fair, mutually agreeable marital agreement can make all the difference if divorce eventually occurs.
Each spouse should secure representation from an Arizona marital agreement attorney to ensure a comprehensive, fair agreement. If you are in the Phoenix area, let the professionals at The Valley Law Group guide you through the marital agreement process.
Learn More About AZ Marital Agreements
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