When people in Arizona think about getting married, they may be very excited to take that next step forward in their lives. Amid all of the decisions that come with wedding planning and thinking about the future, it can also be important to consider practical steps to protect both parties’ financial present and future. Many experts advise that a prenuptial agreement can be important to avoid future problems.
In general, no one wants to think about the possibility of getting a divorce when they are just deciding to tie the knot. However, a prenuptial agreement doesn’t only need to be about pessimism. As more couples marry later in life, they often have substantial independent assets or children from prior relationships that can be a priority. A prenuptial agreement can exclude certain premarital property from property division under state law. The discussions that come with the creation of a prenuptial agreement can allow both parties to share information about their financial values and views of marriage and divorce.
There are several reasons why people might want to opt for a prenuptial agreement. When one person goes into the marriage with extensive assets, he or she may want to exclude these properties explicitly, especially if they include intellectual property, shares of a private business or family-held real estate. Dividing these types of property in a divorce can have significant negative repercussions. In fact, many business partnerships require relevant prenups to be put in place. However, prenups can also be important for a lower-earning spouse. The agreement can include an entitlement to alimony or additional support for child raising after divorce.
A prenuptial agreement is intended to support both parties’ interests rather than one person at the expense of another. During the process, each future spouse should be represented by a lawyer. A family law attorney can work with people to draft prenuptial agreements and represent them throughout the negotiation process.