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Prenuptial agreements and divorce

On Behalf of | Sep 1, 2015 | Divorce

While some Arizona couples have prenuptial agreements, many others do not consider them because they either find them distasteful or they believe they are unnecessary. Simply entering into a prenuptial agreement does not mean that the party is planning to later divorce, but it may be a good idea for more than protecting assets if the marriage does indeed come to an end.

Prenuptial agreements are of course a good idea when there is a large wealth and income disparity between the two spouses. They are also a good idea for those who are young, just starting out and who have large student loan debt burdens. Couples who are both successful and who will be forming blended families, including children from previous relationships, may also benefit from having this type of a document.

Prenuptial agreements can be a good vehicle for couples to frankly discuss and fully disclose their finances. They can then use the agreement to plan how they will budget, who will be responsible for paying specific bills and how past debts or other financial burdens will be paid by the spouse who incurred them. In this way, they can serve as an effective blueprint that can help stave off later arguments over finances by clearly outlining the responsibilities each will have.

In the event the couple does later divorce, the prenuptial agreement can make their property division go much more smoothly, potentially helping them to come to a quicker resolution of their case. The agreement may also help by clearly defining what will be considered as the separate property of each spouse and thus not subject to the marital property division. As the inclusion of a legally invalid provision may cause the entire prenuptial agreement to be disregarded by the court, it may be important for a person planning to marry to seek help from a family law attorney in drafting one.