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Types of prenuptial agreements

Though you hope your marriage will last for the long run, there is a chance it may not. In that instance, a proper prenuptial agreement can be helpful in creating an amicable split.

Some individuals may not be aware there are different types of prenuptial agreements to choose from. Take some time to review the options so you may select the best one for you and your special someone.

Prenuptial

As the name indicates, a prenuptial agreement is an agreement made before a couple takes their nuptials or enters their marriage. This type of agreement may be beneficial to any couple looking to protect their finances should the marriage end. However, there are certain types of individuals who may benefit the most from a prenuptial, such as:

  • Business owners
  • Parents
  • Those looking to receive a large inheritance
  • Those who are much wealthier or older than their spouses

These are a few common instances where individuals could gain from such an agreement. Also, those looking to set out expectations and requirements within the union may consider a prenup. The Arizona Uniform Premarital Agreement Act details the requirements to make a prenuptial enforceable, as well as its proper execution.

Postnuptial

For those who did not create a prenuptial agreement, a postnuptial may be a viable option. It follows the same parameters as a prenuptial agreement, however, the couple signs it after the marriage has begun. 

Cohabitation

In today's society where some couples do not subscribe to the institution of marriage, co-living is quite common. As such, property and assets begin to comingle and merge. A cohabitation agreement can serve similar purpose as a prenuptial to aid couples if there's a chance the two decide to dissolve the relationship.

Depending on your personal situation, any of these agreements could be beneficial. Consider your options carefully so that you may make the best choice to protect yourself and maintain some peace of mind in your relationship.

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