Requirements for Signing an Arizona Prenuptial Agreement
Marriage marks a huge financial transition in your life. Your assets, savings and accounts will now be tied into someone else's. As such, it is normal to be worried about the future and what could happen if you call the marriage quit.
A prenuptial agreement is meant to offer financial security in cases of divorce or the death of a spouse. The laws revolving around the contract differ from one state to the next, and this guide explains everything about a prenuptial agreement in Arizona.
What is an Arizona Prenuptial Agreement?
A prenuptial agreement in Arizona is also referred to as a premarital agreement. It is a contract signed by prospective spouses to outline how they wish their properties divided during divorce. It also discusses alimony and insurance benefits.
In Arizona, a prenup is under the community property state, meaning that the property acquired as a couple will be divided evenly upon divorce.
Signing a prenuptial agreement is advisable for any couple regardless of their status and amount of assets owned. It gives them a chance to decide how they want their property allocated. Otherwise, they will have to follow the decisions made by the court.
Even better, a prenup prevents messy divorce and conflicts that may arise during property division. You don’t have to attend court hearings as you wait for the judge to make the final call on property division, and you won't feel like your rights have been violated.
If you have children from your previous relationship, a prenup is the most secure way to protect the children’s inheritance. It is also wise to sign a prenuptial agreement if one spouse is wealthier than the other, or you both can accumulate a lot of wealth during the marriage. Similarly, a prenup is essential if one of the spouses brings significant debts to the marriage.
What Does Arizona Prenuptial Agreement Cover?
A prenuptial agreement covers anything related to spouse finances and properties under section ARS 25-203. These include:
- The assets and accounts owned by each spouse
- How the couple wants the property to be divided after divorce
- If they will split debts after divorce
- Whether one spouse will pay alimony or spousal support to the other, the amount to be paid and the duration.
- How they intend to regulate the purchase and sale of properties when married
- How they plan to use joint and separate accounts
- If the spouses are eligible for insurance and other provisions in the event of death
Child custody and support are not part of the prenuptial agreement.
Prenuptial Agreement Laws and Requirements in Arizona
In Arizona, any type of contract is subject to state laws, and a prenuptial agreement is not an exception. The laws expect the contract to be signed by both spouses and notarized using a signature and seal.
Requirements for a Valid Prenup in Arizona
For a prenup to be valid in Arizona, it must meet the following requirements:
- The contract should be in writing.
- Both parties should sign it voluntarily and willingly
- Both parties should be fully aware of each other’s financial situations
- The spouses should be in their right mental states when signing the agreement
Meeting the above requirements makes the prenuptial agreement enforceable. But it is only enforced after the couple gets married.
The court may refuse to enforce the prenup if it in any way violates the laws. In such a case, the court has the right to deny enforcement and impose fines on the couple. Therefore, it is best to seek help from an attorney to avoid any violations that could render your prenuptial agreement invalid.
Be sure to download a free Arizona prenuptial agreement form from this site to guide you through contract filling.