A prenuptial agreement is entered into before marriage and serves as a binding contract under Arizona statutes. A prenuptial agreement sets forth what will happen to your assets and income in the unfortunate event of divorce, separation or death.
These agreements allow couples to outline not only the financial responsibilities of each, should there be a divorce, they can also put in writing the expectations of each as far as behavior during the marriage. The agreements allow the parties to dictate what will occur should their expectations not be met.
Prenuptial agreements are gaining popularity for a number of reasons. In many instances, both partners have property and financial worth to protect entering into a marriage. Prenuptial agreements make this easy. Prenuptial agreements are also common when one partner has children from a former marriage. Such agreements assure a spouse’s separate property transfers to his/her own children.
Prenuptial agreements must be in writing, must be signed by both parties, and must be notarized. They become effective upon the marriage of the parties. These agreements are not enforceable under certain circumstances, such as when one party is coerced into signing the agreement or if one of the parties was not given a fair and reasonable disclosure of the property or the financial obligations of the other party prior to signing.
Prenuptial agreements are a valuable planning tool during our time when many individuals are marrying later in life after accumulating substantial assets and liabilities and perhaps after growing a family with children and perhaps grandchildren. Call us to speak more about the advantages and benefits of prenuptial agreements.
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The professionals at the Law office of Kent Lee, PC represent individuals throughout Peoria, Glendale and the surrounding communities of Maricopa County, Phoenix, Surprise, Anthem, Arrowhead, El Mirage, Avondale, Tolleson, Buckeye, Sun City, Sun City Grand, & Sun City West.
If you need legal representation pertaining to Prenuptial agreements, the Law Office of Kent Lee, PC can help. Please feel free to call (623) 889-7760.