You may be someone who has always been financially conscious. As a result, you may have made a number of wise money-related moves throughout your life, chosen a lucrative career and done your best to protect your assets where possible. Of course, you likely did not want money to act as the sole focus of your life, and as a result, you pursued love just like numerous other Arizona residents.
Now that you have found the person you believe you could spend the rest of your life with, you may feel a great deal of excitement. However, you likely still want to remain financially conscious, and though you may not plan to divorce your betrothed, you understand that it is a possibility. As a result, you may want to create a prenuptial agreement.
What is a prenup?
You may have a vague idea that a prenuptial agreement could help you protect your assets, and with the right terms, it can. You and your future spouse would sign the document before you tie the knot and after you come to terms that feel agreeable to both of you regarding who gets what in the event of divorce or even death. These terms must also meet state law requirements.
What is fair?
Though you may want to protect as much of your assets as possible, your prenup must also be considered fair in the eyes of the law. If your document indicates that you keep two houses, a car and most of the savings funds while your spouse would only get a small payout, the court may not uphold your agreement. However, the fairness of the prenup will depend on your specific circumstances. Fortunately, you can work to create terms that are fair but still protect your property.
What about premarital assets?
In most property division cases, premarital assets remain the property of the person who owned them before the marriage took place. The same logic applies to prenuptial agreements. You can use your prenup to reiterate this point and ensure that separate property remains separate.
Who can help?
When creating this type of document, it is wise for you and your future spouse to each have your own legal counsel. Your attorney can help you decide the best terms for protecting your property while also remaining fair, and you can work together to create a document with which you feel comfortable.