While no one plans to divorce when they get married in Arizona, the divorce rate still hovers around the 50% mark for first-time marriages. One way to make a divorce go easier is by having a pre-nuptial agreement in place prior to the marriage. However, when one is not signed, a postnuptial agreement can work just as well.
DivorceNet.com lays out what it means for Arizona to be community property state. “Arizona does not require the division of marital property in divorce to be exactly equal, but it must be fair and will usually be approximately equal.” The couple can have the court decide how to divide the property or the couple can come to terms ahead of time.
Separate property is not part of marital property but distinguishing between the two becomes more difficult the longer the couple has been married. There are a variety of ways to separate debts and assets including one spouse buying out the other and paying off marital debt prior to divorce.
Forbes wrote an article about how postnuptial agreements can help prevent a divorce from becoming disastrous. A correctly filed agreement can help a couple take care of the financial negotiations before they are in the heat of divorce. With less drama, the divorce can cost less and end sooner.
With money being the number one reason couples file for divorce, a postnuptial agreement may even save the marriage. The agreement can outline who is responsible for paying what bills, outline how to divide assets upon separation whether through divorce or death and even make provision for children from prior marriages.
Contact our Chandler high asset divorce attorneys today.