A postnuptial agreement is a written agreement between a married couple which identifies their respective rights regarding certain property.
A postnuptial agreement can be used to resolve financial issues both during marriage as well as in the event of a dissolution of their marriage (divorce).
It can address the spouses ownership rights in current and future assets. It is different from a separation agreement which is entered in resolution of a divorce. A post-nuptial agreement is also different than a prenuptial agreement which is entered prior to marriage.
Spousal Rights for Post-nuptial Agreements in Arizona
Arizona law recognizes the right of spouses to determine their rights in property presently and prospectively by a post-nuptial agreement, but such an agreement must include built-in safeguards to ensure the agreement is free from any fraud, coercion, or undue influence; that the parties acted with full knowledge of the property involved and their rights therein; and that the agreement is fair and equitable.
There are many reasons why a married couple may decide to enter into a post-nuptial agreement. Most often, a postnuptial agreement is used to resolve a financial dispute between spouses, such as when one party believes a particular investment or purchase is a good idea while the other spouse does not.
Post-nuptial agreements are often incorrectly associated with marriages that are struggling. This is not necessarily the case. A well-drafted post-nuptial agreement that treats each spouse fairly in relation to property or debts actually can help strengthen a marriage.
A Post-Nuptial Agreement is a written agreement entered into between spouses, after they have already married. Its purpose is to establish the parties rights and responsibilities in relation to certain assets or debts. Spouses may decide to enter into an agreement to avoid potential stress and confusion should problems arise in the marraige in the future. Like a Pre-Nuptial Agreement, a post-nuptial agreement can address issues such as property and debt – but anything relating to children or childcare is not binding upon the Court.
To be legally enforceable, the agreement must be in writing, and must be made after both parties make full and clear disclosure of their complete financial situation and resources. Post-Nuptial Agreements must be fair and equitable, and both parties must sign the agreement having been educated as to the terms of the agreement, with the opportunity to first consult with legal counsel and not under any sort of threat, stress, duress, pressure or coercion to sign.