Chandler is the fourth largest city in the state of Arizona and part of the Phoenix metropolitan area. It has a booming technology industry and a growing innovation hub, making it a major tech center in the Phoenix area with a vibrant downtown.
There has been a gradual increase of signing prenups in recent years because young couples prefer more to protect their separate properties and manage the division of their marital property.
Chandler is no exception to this trend. If you’re getting married and need a prenuptial agreement, contact prenup attorney in Chandler.
What is a prenuptial agreement?
A prenuptial agreement is a legal and written contract signed before marriage by a couple to outline how their assets, money, debts, and properties are divided if the marriage one day ends in divorce.
A prenup also deals with spousal support, deciding how it will be handled after divorce. It helps avoid potential disputes and determine how your finances will be handled.
What should you include in your prenup?
Prenups are generally written based on each individual’s needs and preferences, and mostly assets and debts are covered. They include:
- Premarital assets and debts like real estate, investments, and student loans
- Marital property and income, like future earnings, joint bank accounts, and retirement funds
- Spousal support (alimony)
- Real estate and separately owned properties
- Family heirlooms and inheritances
- Personal property like jewelry, art, and vehicles
- Pet ownership
Why would someone need a prenup? And when can it be necessary?
People often think you only need to sign up for a prenup if you’re rich or a celebrity. This association of prenups with money and fame is long gone. Today, almost everyone is aware that signing up for a prenup can benefit any average person under a lot of circumstances.
When you earn more than your spouse
Without alimony, you could be susceptible to paying more spousal support, and your predetermined agreement can let you pay the fair alimony if there is any.
You have your own business
If you’re running your own business, it can be your spouse’s property after divorce, but a prenup can decide if the business is entirely yours.
You expect a future inheritance and assets
If you’re expecting inheritances and gifts from your family and friends in the future, they can be solely yours by mentioning them in the prenup, and all kinds of assets you earn, inherit, and the family heirlooms will be solely yours too.
You have more assets than your spouse
When you own more properties and estates, you can protect your valuable assets with a prenup and decide they’ll stay yours.
What happens if you don’t get a prenup?
If you don’t sign a prenup, your state will decide how your assets will be divided by equitable distributions vs community property depends on the state, (equitable and not necessarily fair) and/or by equal 50/50 division (community property states).
You have less control over your premarital assets and businesses. The procedure will be lengthier and costlier.
Conclusion
Getting a prenup isn’t always necessary, but it’s recommended for couples with significant assets, businesses, debts, and family inheritance. It can also depend on an individual’s preference.
A prenup attorney can help you draft your prenup by understanding your needs and priorities well.
Key takeaways
A prenuptial agreement is a written agreement outlining how your estate is divided during divorce.
You can include assets in your prenup, like privately owned businesses, family heirlooms, pet ownership, and personal properties.
If you’re earning more than your spouse, owning more properties, and expecting future inheritances, you definitely want to consider signing up for a prenup.
You have less control over your assets during a divorce when you don’t sign up for a prenup.
Hire a prenup attorney to handle drafting your perfect prenup.
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