Engaged couples planning to wed in Arizona should consider how individual assets brought to the union will be handled if divorce or spousal death separate them. Prenuptial agreements are a practical means to ensure protection of either spouse’s individual property in the state of Arizona.
A prenuptial agreement, also known as a prenup, is an agreement made between the prospective spouses as they contemplate marriage. The prenup in Arizona considers effective factors on the prospective union. Although many couples commonly consider the prenuptial agreement focuses on what happens to property in the event of dissolution of marriage, the prenup can be used to detail the couple’s responsibilities to each other. For example, the prenup can memorialize the couple’s health and medical insurance decisions, how any individual debts assumed before the wedding should be paid, and a surviving spouse’s death benefit.
UPAA—Uniform Premarital Agreement Act
There are only 27 states to recognize UPAA, and fortunately, Arizona is one of them. The National Conference of Commissioners on Uniform State Laws created the act to standardize the various prenup laws of different states. Many states recognize UPAA but interpretations of it vary. It is essential to check with an Arizona prenup lawyer for specific guidance regarding UPAA interpretation.
The prenuptial agreement is considered valid only if a written prenup agreement exists. The future spouses must agree to voluntarily execute the agreement. Both must provide full disclosure concerning assets at the time of execution before an authorized notary. An unconscionable or unreasonable agreement can create grounds for future contention.
Alteration of an Arizona Prenup
A prenuptial agreement may be altered or even dissolved when both people execute a second written agreement. Prospective spouses in Arizona can also include a “sunset provision” in their prenuptial agreement. After a certain period of time, the prenup will simply expire. A sunset provision is one of the ways that couples hoping for a long life together place love before money.
Contact an Arizona Prenup Attorney
The Wall Street Journal reported that the American Academy of Matrimonial Lawyers (AAML) believes that all couples planning to marry should sign a prenup agreement. More than half of the participants of the survey said their clients’ prenup activity has increased over a three-year period. Prenuptial agreements can actually promote a stronger marriage by directing the couple’s focus on items that are frequent marital issues. Decisions about how the couple handles money before marriage is one of the best ways to go forward in a loving relationship.
If you’re considering the benefits of a prenuptial agreement, contact Attorney Ron Kossack at 480-345-2652 today.