How much does an Arizona prenuptial agreement cost? This a common question that couples in Arizona often ask when they are contemplating marriage. Let’s explore this question and review some general information about prenuptial agreements and why they are important.
How Much Does a Prenuptial Agreement Cost in Arizona?
A prenuptial agreement, sometimes called a premarital agreement or shortened to the term “prenup”, is a legally binding contract between a couple who is preparing to get married. Prenuptial agreements establish how property, assets, and debts will be divided if the couple decides to divorce.
The cost of a prenuptial agreement will vary depending on the length of the document, the amount of custom terms, and how many edits are necessary. According to ContractsCounsel's marketplace data, the average cost of a prenuptial agreement in Arizona is $466.67.
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Why Do I Need a Prenuptial Agreement in Arizona?
Prenuptial agreements can be a challenging topic to discuss because most couples don’t want to talk about divorce before they are even married. These contracts, however; are great tools for couples to use to protect their assets and their financial future. This is especially true if one of the spouses has children from a previous relationship.
Arizona is one of nine states in the United States that follows “community property” laws. This means that once a couple marries, any assets or debts obtained are equal responsibility of both spouses. For example, if one spouse purchases a car and takes out an auto-loan, both spouses are responsible for the debt. Additionally, if one spouse purchases a house, the other spouse is entitled to half the value of house even if they didn’t contribute to the purchase.
Many people view community property laws as unfair, but without a valid prenuptial agreement, these are the laws that will govern a couple’s divorce. To avoid being subject to these laws, a couple can discuss what type of property distribution plan would be right for them and detail this plan in a legally binding prenuptial agreement.
Is a Prenuptial Agreement Enforceable in Arizona?
Arizona is one of the twenty-seven states that follows the Uniform Premarital Agreement Act (UPAA) for laws regarding prenuptial agreements. Under this act, for a prenup to be enforceable in Arizona it must meet the following requirements:
- The agreement must be in writing
- Signed by both parties voluntarily (not under duress or false pretenses)
- The agreement cannot be “unconscionable” (unfair)
- The prenup cannot violate public policy
An Arizona lawyer who has experience with prenuptial agreements can help ensure that your prenup meets these requirements and is legally enforceable.
What's Typically Included in an Arizona Prenuptial Agreement
Prenuptial agreements will vary based on the couple’s needs and their financial situation. Prenups are easy to customize, and couples can include unique clauses about things that are important to them like family heirlooms or business.
Arizona prenuptial agreements can legally cover the following issues:
- The rights and obligations of each spouse regarding all assets and debts no matter when they were acquired or where the assets are located
- The rights to buy, sell, transfer, use, manage, and control property
- Allocation of property if a spouse dies
- The modification or elimination of spousal support (alimony)
- The making of a will or trust to facilitate the terms of the prenup
- The ownership rights of the death benefit from a life insurance policy
- The choice of law that governs the agreement
Arizona also allows prenups to cover any other matters including personal rights and obligations as long as the terms do not violate public policy or a criminal law. In addition, the prenup can address child support, but the support cannot be adversely affected by the prenuptial agreement.
Benefits of a Prenuptial Agreement
Prenuptial agreements provide couples with many benefits. The most noteworthy advantages to having a fair, well-written premarital agreement include:
- Protection of assets
- Protection from debts
- Customized plan to distribute assets in a divorce
- Avoidance of a typical divorce settlement
- Comprehensive planning for the future
- Peace of mind knowing that financial matters are settled
Divorces are often emotional and can bring out the worst in people. A prenuptial agreement settles the most tedious matters – financial matters – before the breakdown of the relationship. A prenup will save spouses both time and money in divorce court.
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Prenuptial Agreement Drafting in Arizona
Prenuptial agreements are important documents that can have lasting financial effects on people’s lives. It is important that these legally binding contracts are drafted properly by a knowledgeable lawyer who is familiar with Arizona laws.
Before drafting a prenup, a lawyer will have a consultation with the couple. The lawyer will need to document all the couple’s assets and debts so they can be included in the prenup. It is important not to leave out any information. Once the lawyer has collected all pertinent information, he can draft a customized prenuptial agreement.
Prenuptial Agreement Review in Arizona
Templates for prenuptial agreements are readily available online so it is possible for a couple to draft their own prenup. If prospective spouses choose this route, it is highly recommended that they have a licensed attorney review their agreement before signing. An attorney will look over the contract to ensure that it is fair and abides by all Arizona laws. This will ensure that the contract will hold up in court.
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Arizona Prenuptial Agreement Drafting Cost
When a couple hires a lawyer to draft their prenuptial agreement, they will incur legal fees because drafting a contract requires the time and legal expertise of a licensed lawyer.
According to ContractsCounsel's marketplace data, the average Arizona prenuptial agreement drafting costs are $475.00.
Arizona Prenuptial Agreement Cost
Hiring an attorney to review a prenuptial agreement will also come with legal fees. The lawyer will use their legal expertise and knowledge of Arizona law to review the contract and ensure it is legally binding.
ContractsCounsel's marketplace data shows the average prenuptial agreement review costs in Arizona are $450.00.
How Do Arizona Lawyers Charge for a Prenuptial Agreement?
Hourly Rates for Prenuptial Agreements
It is common for Arizona family law attorneys to use an hourly rate fee structure to bill their clients. Under this fee structure, a lawyer will inform the client of their hourly rate then bill the client for the number of hours spent working on a case or project.
The marketplace data for ContractsCounsel shows the average hourly rate for a family lawyer in Arizona ranges from $200 - $350 per hour.
Flat Fee Rates for Prenuptial Agreements
When a lawyer is hired to complete a drafting project like writing a prenuptial agreement, they may choose to quote a flat fee rate instead of billing by the hour. The attorney will use their experience to estimate how long the drafting project will take then quote the client a fair flat fee for all legal services.
ContractsCounsel's marketplace data shows the average flat fee rate for a prenuptial agreement in Arizona is $466.67.
Get Help with an Arizona Prenuptial Agreement
Do you need help with a prenuptial agreement project? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from family lawyers who are licensed to practice law in Arizona and can handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.
