Purpose of a Prenuptial Agreement
So what exactly is the purpose of a prenuptial agreement? How does it protect my personal interests the event of filing divorce? A prenuptial agreement or “premarital agreement” is a set of documents prepared by a Phoenix divorce lawyer prior to their client moving forward on a marriage. The prenuptial agreement protects all assets and property that the client of the Arizona divorce lawyer is representing in the event of the divorce, and are off limits so to speak in the event of the divorce because the assets were that of the client’s prior to the marriage. This sort of agreement list all assets and describes all debts, assets, expenses, etc. in writing for both parties in effort to protect the property and assets of one or both parties prior to marriage in the State of Arizona. In Arizona, child custody and child support premarital agreements are usually not enforceable by law. Many business owners, and wealthy individuals are typically the type of client that often require prenuptial agreements to protect their assets and businesses prior to marriage, but it is not uncommon for your average couple to request this type of agreement if not for peace of mind, but to protect their property.
Often times, if a premarital agreement was already in place prior to marriage, it usually speeds up the divorce process because there is typically very little property and asset division to cover. Many attorneys would highly recommend implanting a prenuptial or premarital agreement for any couple thinking about getting married for several reasons. The bottom line is the fact that a prenuptial agreement is designed to protect one or two individuals’ assets from being acquired by the other party if the other party played no role in obtaining said assets. This document is almost like an insurance policy on one’s assets to prevent one from losing it all or half after a marriage is dissolved.