The decision to get married is one of the most important and intimate choices two people can make. Similarly, the use of a prenuptial agreement is a very personal matter and no one solution will be right for every couple planning to walk down the aisle.
Bringing up the topic of a pre-nuptial agreement with your significant other can be a difficult topic to broach as there can be a stigma of distaste or distrust; however, the reality is that many of the topics covered in a pre-nuptial agreement will need to be discussed before you are married either way. A pre-nuptial agreement drafted together with your loved one can actually protect both personal assets and each party’s finances depending on the situation. Below, we’ve detailed a series of questions that you and your future spouse can review together to decide if a pre-nuptial agreement is the right choice for your marriage.
- Is one member of the relationship substantially wealthier than the other?
- Do one or both members of the marriage own a business or part of a business?
- Does one person have a particularly lucrative career such as a doctor or lawyer?
- Do you have the potential to earn a large amount in the future (stocks or inheritance)?
- Do you own real estate?
- Aside from real estate, do you have more than $50,000 in assets?
- Do you earn more than $100,000 a year in earned income?
- Do you have more than one year’s worth of retirement benefits?
- Do you have employment benefits such as stock options or profit sharing?
- Do you or your partner plan to go to school for an advanced degree, while the other works?
- Does a part of your estate name beneficiaries or heirs other than your partner?
- Does either member of the relationship have children from past marriages or relationships?
If either of you has answered yes to several of the bullet points listed above, it is recommended that you at least look into the possibility of a pre-nuptial agreement. Once you’ve made the decision to set up an agreement there are a number of questions and topics you must consider further. We’ll review this information in a future blog.
This narrative is not intended as a comprehensive explanation of pre-nuptial agreements in all cases and under all circumstances in Arizona. The law must be applied to the specific facts of each case. Our Judges interpret these laws and the cases interpreting these laws in fluctuating manners depending on a number of factors, giving varying weight to the different factors sighted in our statutes, rules and case precedence. If you are interested in a comprehensive consultation on your rights in the state of Arizona as they pertain to and are written by our prenup attorneys. We can provide you with the answers you need. Please feel free to call (623) 889-7760 to schedule an appointment and discuss your options.