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A prenuptial agreement is a contract between two people who intend to marry. These agreements generally are valid in Arizona—if they are in writing, if both partners' assets are completely revealed and properly valued, and if the agreement is fair and its terms are clear. The signatures on these contracts must be notarized, too. Prenuptial agreements often are used by a partner who has substantially greater assets than his or her future spouse. This generally prevents the financially weaker spouse from obtaining an interest in certain property in the event of a divorce. In other situations, however, both partners may enter a marriage with assets each would like to protect in case of divorce, disability or death. Many people who have children from prior marriages want to preserve their children's inheritances. A prenuptial agreement can help protect such inheritances. Prenuptial agreements also may include special considerations for spouses who intend to be full-time homemakers, or who intend to work while the other spouse goes to school. Arizona is a "community property" state. This means that the income of both partners generally is considered jointly owned and equally shared. If you want to alter this arrangement, a properly prepared prenuptial agreement may help you do so. Property acquired during a marriage by one spouse through gift or inheritance generally remains the separate property of that spouse. A prenuptial agreement, however, may be useful in insuring the continued separate identity of these assets. Premarital debts also may be addressed in prenuptial agreements. This helps insure that one spouse will not be saddled with the other's obligations. Self-help prenuptial agreement kits are available in many bookstores throughout Arizona. If your assets and debts are relatively modest, you may be able to prepare such a contract without direct legal assistance. If, however, the stakes are more substantial, you would be wise to consult a lawyer experienced in these matters. The cost of professional assistance pales in comparison to the potential costs of doing nothing. If you have questions about your rights or duties in connection with an impending marriage, and you do not already have a lawyer, contact your county bar association for an appropriate referral. |