It is not uncommon for couples to seek a Prenuptial Agreement in Arizona. We prepare about 3 or 4 per week.
In a nutshell, the Prenuptial Agreement documents any assets and debts that the couple would like to document.
The most common reason for a Prenuptial Agreement is to list assets. For example, someone may want to document that they had a certain amount of money in an investment account, before they married their spouse. Meaning, they don’t want the investment account to be “up for grabs” in the case of a divorce.
Other times, people want to document specific debt. For example, Party B acknowledges that they have $25,000 in student loans which is their own separate responsibility.
A Prenuptial Agreement can be also be used for special clauses. A common special clause is that both parties agree that no alimony (spousal maintenance) shall be paid.
The State of Arizona has chosen to adopt the Uniform Premarital Agreement Act (UPAA), a statute created for the purpose of standardizing the requirements of prenuptial agreements between states.
As such, the Agreement we draft will be worded based on the notion subscribed to by the UPAA that prenuptial agreements should be “entered into voluntarily and fairly upon the exchange of disclosure between the Parties.”