A Prenuptial Agreement is a written agreement entered into by parties contemplating a marriage. A Prenuptial Agreement must be signed by both parties and becomes effective on their marriage. Prenuptial Agreements are governed by theArizona Uniform Premarital Agreement Act, A.R.S. §§ 25-201, et seq.
A Prenuptial Agreement is a contract which sets forth the rights and obligations of each of the parties in any property of either or both of them whenever and wherever acquired or located. These agreements also indicate which party or parties has the right to manage and control the property listed in the agreement. The parties may abrogate community property as if it did not exist or may choose to designate some property as community and the remainder as sole and separate.
A Prenuptial or Premarital Agreement may contain a direction on how property is to be divided on separation, marital dissolution or death. These agreements may modify or eliminate spousal maintenance in the event of a dissolution or legal separation.
A Prenuptial Agreement may also govern the rights of a surviving party upon the death of their spouse, providing for a will, trust or other arrangement to carry out the provisions of the agreement. The agreement may also govern the disposition of life insurance proceeds.
Full disclosure of all assets and debts is vital to an enforceable agreement. The agreement must be executed freely and voluntarily with enough notice prior to the wedding to give both parties adequate time to review and understand it. The provisions must not be unconscionable.
Prenuptial Agreements are often used where one or more of the parties has children from a prior union or where one of the parties holds substantially more property than the other and wishes to protect it in the event of a death or divorce.
* The information contained in this message is general and should not substitute for the advice and counsel of a licensed attorney.