Prenuptial Agreement Without Lawyers: Is It Possible and How to Do It
Getting married is an exciting and significant event in anyone`s life. However, before walking down the aisle, many couples decide to sign a prenuptial agreement (commonly known as a prenup), a legal document that outlines how assets and liabilities would be divided in the event of a divorce.
While prenups used to be associated with only the wealthy, they have become more common among people of all income levels. According to a survey conducted by the American Academy of Matrimonial Lawyers, 62% of lawyers reported an increase in prenuptial agreements over the past three years.
However, hiring lawyers to draft and review prenuptial agreements can be costly and time-consuming, and not everyone can afford it. So, is it possible to create a prenup without hiring a lawyer? The answer is yes.
DIY Prenuptial Agreement
Creating a DIY prenuptial agreement involves downloading a prenuptial agreement form from a reputable online source and filling it out with your partner. You will need to provide accurate financial information including:
– Assets: property, investments, and bank accounts
– Debts: mortgages, credit cards, and loans
– Income: salaries, dividends, and bonuses
The prenuptial agreement should also include provisions for handling these assets and liabilities in the event of a divorce or separation.
Some of the most common provisions in a prenuptial agreement include:
– Division of property: How assets will be divided in the event of a divorce or separation.
– Spousal support: Whether or not one spouse will receive support payments from the other after a divorce or separation.
– Debts: How debts will be divided between the spouses.
– Inheritance: What happens to assets received through inheritance.
– Business interests: How a business owned by one or both spouses will be handled in the event of a divorce.
Once the prenuptial agreement is complete, both parties should sign it in the presence of a notary public or witness.
Pros and Cons of DIY Prenuptial Agreement
The main advantage of a DIY prenuptial agreement is cost savings. Hiring a lawyer can cost anywhere from $1,500 to $10,000, depending on the complexity of the agreement. By creating your own agreement, you can save a considerable amount of money.
However, there are some disadvantages to DIY prenuptial agreements. The legal language in prenuptial agreements can be complex and difficult to understand, so it`s important to make sure that both parties fully understand what they are signing. Additionally, if the agreement is not drafted correctly, it may not hold up in court.
Conclusion
A prenuptial agreement can provide peace of mind for both parties entering into a marriage. While hiring a lawyer is the safest option for creating a prenuptial agreement, it`s not always financially feasible. If you choose to create your own prenuptial agreement, make sure to do your research and use a reputable online source. It`s also a good idea to have the agreement reviewed by a lawyer to ensure that it is legally binding.