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Prenuptial agreements may be a good thing

On Behalf of | Aug 11, 2017 | Divorce

Arizona residents who are planning to get married might be concerned when their partners want them to sign prenuptial agreements. Discussing one does not mean that the partners are planning for their marriages to fail and may offer benefits to the marriages and both parties.

When people get married, they essentially enter into agreements with each other. This affects the financial interests and rights of both parties, and it makes sense to ensure that those interests are protected both during the marriages as well as if they come to an end. Many couples use prenuptial agreements to plan how to handle their financial responsibilities and roles during their marriages, which may help to reduce potential conflicts.

Negotiating prenuptial agreements requires that both parties are completely honest about their finances. Having these discussions may give both parties better ideas about how each views money, savings and other matters. The agreements may also be used to determine how any differences in wealth or earnings power may be handled during the marriages in addition to how assets may be divided if the marriages do end.

During divorce proceedings, having valid prenuptial agreements in place can make the property division phase much simpler. Issues can arise if the prenuptial agreements were not drafted correctly, leading to judges ruling that they are invalid. If this happens, then the courts may divide the assets under applicable state law rather than as called for in the agreements. People who want to draft prenuptial agreements might benefit by getting help from experienced family law attorneys to make certain that their agreements comply with all of the legal requirements. Each party should have separate legal counsel.