Why Have Prenuptial Agreement

What is Prenuptial Agreement:

Prenuptial agreement, or prenup is an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.

Without a prenup, spouses legally inherit 50 percent of all assets because Arizona is a community property state. A prenup allows spouses to designate where the other half of their property goes upon their death.

What Prenup Can Do:

Prenuptial agreement in can help you define property rights. It can also help you define limits on spousal maintenance. Prenup can define inheritance rights in the case of death.

Some individuals who marry later in life. Because of that, both parties are introducing separate assets into the marriage. Many of couples in community property states benefits from creating a clear agreement. Couples specify what assets are separate. By doing so, you will be able to separate your community property from your own assets. Your separate assets will not commingle with community assets.

What Prenup Cannot Do:

Prenups cannot hide your assets, but will help you identifying them. Prenup cannot limit child support. In some States, a prenup cannot penalize adultery. Some states recognize adultery as ground for divorce. Some States are a no-fault In some States, you cannot have infidelity clauses that are legally enforceable. The law requires that each party fully disclose their true financial pictures. That includes all assets and liabilities, but separate in nature. Child support is usually determined by State guidance. Agreement between the spouses cannot have provision that would adversely impact child support amount. In the event of divorce or separation, the State guidance will apply.

An independent paralegal can help you prepare and complete your prenuptial agreement.

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