In Arizona a prenuptial agreement (sometimes referred to as a premarital agreement) is defined as, "an agreement between prospective spouses that is made in contemplation of marriage and that is effective upon that marriage.”
A prenuptial agreement is used during a divorce to try to protect you and your spouse as you part ways in the future. Arizona is one of nine states classified as a "community property state". What this means is that if you have a divorce, all property acquired after marriage will be split evenly during the dissolution process. Failing to make a prenuptial agreement can result in the courts having power over your future.
Can a prenup be found to be invalid?
Your prenuptial agreement might also be declared invalid if you or your spouse failed to disclose some of your assets before it was signed. Courts don’t want to reward one spouse for hiding assets, or their full value, from the other spouse; a prenuptial agreement signed under such circumstances deprives innocent spouses of the opportunity to fully understand what they are signing. For example, if you thought your spouse had $200,000 in assets, you might be more likely to sign a prenuptial agreement waiving your right to your spouse's assets than if you had known the value of those assets was actually $2 million. Thus, if a court finds one spouse failed to disclose a large portion of his assets, this could invalidate the prenuptial agreement.
Did you know you can have a mediated prenup? In mediation, the couple formulates the terms of the prenup, face-to-face, with the assistance of the mediator. Unlike “lawyering up,” they are modeling communication, collaboration, and mutual understanding and respect in coming to the terms of the prenup. This action at the outset of their marriage is an achievement that reflects the connecting process of a good marriage.
A mediator is a neutral party who works to hear each side and level the playing field. Each of the future spouses will be able to express his/her thoughts about what the prenup should do. A party can also, in the mediation session, express the opinion that no prenup is needed. The mediator can help the couple reconcile differences in a fair way that is satisfactory to each. Mediation does not feel like bullying. The parties are in control of the process.
No matter what always have a qualified party look over any document you are about to sign that will affects aspect of your future life.
At WHYmediate?, Find out if mediation can allow you to resolve Divorce conflicts in a positive learning environment that covers how to deal with all the special days in your life.
WHYmediate? Mediation Services
4500 South Lakeshore Drive Suite 300
Tempe, AZ 85282
(480) 777-5500
http://whymediate.solutions
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