A prenuptial or postnuptial agreement is considered a responsible way for many married or engaged couples to protect their individual interests. In Arizona, those about to wed — or who are already married — can have a legal contract drawn up to make their wishes regarding marital assets formal. If one party has more assets than the other, such an agreement can protect that person from unfair financial losses in a divorce. However, these agreements also provide protection for gifts received, as well as inheritance money, and can even ensure that one keeps his or her beloved pet in the event of a divorce.
The aim of a prenuptial agreement is to formalize which assets of both parties will form part of the marital property, which assets will be excluded from the marital property and what financial claims will be considered should the parties divorce. However, these agreements are not entirely foolproof and can be declared invalid. In some cases, such an agreement can become completely void. Sometimes just an inserted or missing word can lead to the agreement no longer being sound.
There are five broad reasons for a prenup or postnup to be declared invalid. These reasons are easily understandable, but not always easy to prove when the case goes to court. The reasons include fraud, coercion, improper filing or lack of legal representation. However, these are not the only reasons for these agreements to be contested. Recent case law has proved that the smallest detail can lead to such an agreement becoming invalid.
Individuals planning their wedding who have assets they wish to protect, or married persons who have something they want to protect in the case of divorce, would be prudent to get legal advice on the matter. Couples in Arizona can only benefit by consulting with experienced lawyers specializing in family law to assist them in drawing up an agreement that will stand up to any challenges. A well-formulated agreement is the best way to protect one’s financial future.
Contact Our Phoenix Divorce Attorneys
If you have any further questions, contact our Phoenix divorce attorneys can help. Call the Law Offices of Janice M. Palmer, P.C. at (480) 820-4771 or toll-free at (888) 352-7725 for a consultation.
Source: forbes.com, “How Key Portions Of Prenups And Postnups Can Be Invalidated“, Jeff Landers, Oct. 16, 2014