NASCAR Driver Danica Patrick’s Divorce Finalized Utilizing Prenuptial Agreement
After announcing it in late 2012, NASCAR driver Danica Patrick’s divorce was recently finalized by an Arizona court. According to media reports, the prenuptial agreement between Patrick and her husband was used in the quick settlement of their uncontested divorce. A prenuptial agreement, or “prenup”, is a written legal contract entered into by two people prior to their marriage. Prenups usually list the property owned by each spouse, including any debts, and indicates what each spouse will be entitled to in the event of divorce.
Prenuptial agreements on the rise nationwide
Although pre-nuptial agreements often make headlines in celebrity divorces, these types of legal agreements are a useful tool for couples nationwide, helping each spouse protect the assets they bring into the marriage. Although no official statistics exist to track the number of prenups made across the United States each year, a recent survey by the American Academy of Matrimonial Lawyers found that nearly 75 percent of matrimonial attorneys reported a rise in the use of prenuptial agreements. This rise may be linked to the economic crisis, which prompts future spouses to protect their assets prior to marrying.
What can be included in a prenup?
Arizona law allows for the following issues to be addressed in a prenuptial agreement:
- Rights and obligations of each spouse to property singly or jointly owned by them, regardless of when it was acquired or where it is located
- Rights involving the management or control of property, including the right to buy, sell or mortgage any property
- Allocation and distribution of property in the event of separation, divorce, death or any other event
- Amount or elimination of spousal support, or “alimony”
- Will-making or trust-creation matters to comply with the prenup
- Allocation of life insurance policy benefits
- Other matters that do not violate public policy or other laws
Prenuptial agreements can address a wide variety of issues and, due to their high technicality and complexity, should be created with the counsel of a Tucson divorce attorney who can tailor an agreement that meets your unique needs.
Fulfill your prenuptial agreement needs – contact us today
If you are planning on getting married and wish to protect your personal assets, a prenuptial agreement can bring you peace of mind. Benavidez Law Group, P.C. has helped clients across Tucson, Cortaro, Marana and Pima counties protect their assets prior to marriage. Contact us today for your initial consultation.