Although it is anything but romantic, the creation of a prenuptial agreement may be more important than many think, especially if the circumstances call for such a document. Prenuptial agreements are not just for the rich and famous; often these legal documents provide for both the financial well-being of each spouse and the overall well-being of the marriage.
Seven Reasons Why You Should Consider A Prenuptial Agreement
- You Will Learn About One Another – to even get to a prenuptial agreement, the couple must discuss a vast array of issues that will be addressed, including each person’s views about money, disclosure of one another’s assets and debts, as well as money management styles;
- Money is the Root of Most Divorces – putting it all in writing makes each other’s obligations to one another clear, as does financial expectations and strategies as to how monetary issues will be handled down the road;
- Keeping the Status Quo – property or other assets brought into the marriage may start off as individually owned, however, it is not uncommon for these to become commingled. Detailing up front, and in writing, the assets – and who will inherit them especially after multiple marriages – will help avoid legal disputes later on;
- Modification of Presumed Spousal Maintenance – some states have a legal presumption that marriages of certain length result in spousal support obligations for life. An agreement can modify or do away with this altogether.
- Reduce the Costs and Delay of Divorce – in the event of a divorce, a prenuptial agreement can likely simplify the break up if properly drafted because it will be approved by the court.
- Keep the Family at Peace – with second and third marriages becoming the norm, a prenuptial agreement will not only provide clarity for the soon-to-be spouses, but can also put the family at ease – particularly those who are afraid of losing their inheritance to the new spouse; and
- The Law May Not Be Fair – a prenuptial agreement gives the couple the power to define the law as it applies to the relationship as they see fit, and not how the legislature or courts think it should be.
There are other issues that a couple may want to address in a prenuptial agreement such as how the holidays will be handled and under which religion the children will be raised, among others. Additionally, while a prenuptial is a binding contract it can be open to being amended by way of a postnuptial agreement if circumstances change.
Contact Our Firm Today
Prenuptial agreements are becoming more important than ever in light of the high divorce rate and the trend of multiple marriages during a lifetime. Although governing state law provides some basic protections for spouses, an agreement can anticipate future assets and liabilities, outline a plan should divorce occur, and side step some obligations imposed by the legislature. If you or someone you know is considering getting married – or is facing a divorce – in Arizona contact a skilled Phoenix prenuptial agreement attorney. Attorney Ronald L. Kossack has been providing sound legal advice to clients across the state of Arizona for years. Contact our firm today by calling 480.345.2652.