How Common Are Prenups?
Legally referred to in Arizona as premarital agreements, “prenups” are legal documents that allow prospective spouses to outline their financial rights and responsibilities before entering into marriage. While often considered a step only taken by the rich and famous to protect their assets, prenups are slowly becoming more commonplace.
According to a Harris Poll conducted by AXIOS in September 2023, 50% of adults in the United States supported prenuptial agreements in some form, with 20% of married couples currently having one in place. This is an increase from 2022, where only 42% of U.S. adults were in support of such premarital agreements, with 15% of couples having signed one.
AXIOS’ research found that this upward trend is a result of adults now waiting to get married until later in life, causing them to be more likely to have significant individual assets to be concerned with. Many such single adults want to prevent these assets from becoming community property or protect themselves from being required to take on another person’s debt. Additionally, many have seen the strife caused by finances from their parents’ own divorces and want to avoid potentially living through their own version of that scenario.
Prenuptial agreements can also be worthwhile in community property states, like Arizona, by detailing how specific assets will be divided in the case of a divorce, as well as covering issues such as spousal maintenance, retirement accounts, and owned businesses.
While the choice of couples to sign a prenup may have once evoked doubts as to durability of the marriage, premarital agreements are slowing becoming an option seen as reasonable rather than alarming.
Rideout Law Group handles cases throughout the entire state of Arizona, with offices located in Scottsdale and Lake Havasu City. Our attorneys are experienced in handling premarital agreements. For a free consultation, call 480-584-3328.