A post-marital agreement is much like a prenuptial agreement, also commonly known as a prenup. These legal documents outline the distribution of property in the event of a divorce. The main difference is that the parties put together a prenuptial agreement before the marriage and a post-marital one during the marriage.
What can I include in a prenup or post-marital agreement?
Arizona state law allows for prenuptial and post-marital or postnuptial agreements to cover a range of issues including:
- Disposition of property. The parties can state who will get which property in the event of a divorce. This can include business interests.
- Use of spousal support. The agreement can also state how the couple will modify or at what point eliminate alimony, also known as spousal support.
- Use of a will to help carry out the agreement. In some cases, the parties may need to list the other in their will or otherwise include that individual in their estate plan to help ensure the goals of the pre or post nuptial agreement are satisfied.
- Use of life insurance policies. The agreement can also state that one party should list the other as a beneficiary to a life insurance policy to provide benefits in the event of the other’s death.
One important caveat: state law does not allow for the agreement to address child support obligations. This is a separate matter, and the courts will require the parties to negotiate it as such.
Is there anything else I should know before getting a pre or post nuptial agreement?
The strength of the agreement is only known when one party chooses to challenge the document. As such, it is important to take care when drafting a pre or post nuptial agreement to make sure it meets legal requirements and does not run afoul of public policy. The document will likely withstand a courtroom challenge if these two factors are met.