Your life is changing — in a great way. And, you need a plan.
In Arizona, a prenuptial agreement is “an agreement between prospective spouses that is made in contemplation of marriage and that is effective on the date of marriage.” A pre-nup outlines things like property division, ownership of asset. what children from before the marriage may receive, and what would happen if the marriage ends.
The purpose of a Pre-Nuptial is not to anticipate divorce. Instead, it is a wise and helpful document so both parties understand the financial positions and expectations of the other. Money is the primary source of conflict in couples. Thus, a Pre-nuptial agreement which both parties understand and agree upon, is likely to make the marriage stronger and less likely to misunderstanding and strife over financial concerns.
In HLO experience, most people who request a pre-nuptial agreement have typically been in previous relationships and want to financially protect their former children or other family members and ensure all rights and assets are not inherited by new spouse / and new spouses family.
Another common reason people seek pre-nups is when one party has significant assets that he or she wants to protect from their new spouse and his/her heirs receiving.
Many couples outside the “typical” scenario for pre-nup could benefit from considering and executing pre-nuptial agreements. HLO offers discounts in drafting pre-nuptial or cohabitation agreements to all current and former family-law client. We highly recommend that each person consider making pre-agreements before entering into any new relationship that involves sharing living quarters/ or considerable assets.
While it may have a negative connotation and seem to violate the rules of love and romance, living with another person, and/or legally marrying that person is a contract. And, wise people understand that it is best to have it written “just in case” document. Rather than be considered anti-romantic, parties may want to view a pre-agreement as a prudent, cost saving contract which should reduce the potential need for possible future legal battles.
In general, a properly drafted pre-nuptial or co-habitation agreement is a smart and legal method to prepare for your future, protect your family, and create healthy boundaries in new relationships.
You may need a prenuptial/ Cohabitation agreement, if you or your partner have:
- Children from another relationship
- a significant imbalance of assets or wealth
- Large debt
- A Business
- Future money, like an inheritance
- You want to avoid a possible battle in the future
HLO can help you navigate creating a fair, complete Prenuptial or Co-habitation Agreement, so you can get on to more important things — like planning your dream honeymoon – or moving…
Cohabitation agreements, for homosexual and heterosexual couples
A cohabitation agreement explains a couples’ understanding of the financial expectations and other agreements expected while the parties share living quarters. Without a cohabitation agreement, it may be possible for one party to allege an implied contract based on the behavior of the other party… among the many possible legal pitfals when romantic couples / roommates live together and don ‘t have a clear understanding of what belongs to whom… and how bills are paid.
Have questions about a Prenuptial Agreement or a Cohabitation Agreement? Contact us and schedule a free 30-minute consult.