Drawing up a prenuptial agreement, or prenup, before you get married is an excellent way to protect your assets if you and your spouse later separate or divorce. It’s difficult to think about the end of your marriage before it has even begun. However, it’s worth the time and effort and can be a bridge to some excellent communication.
You may be tempted to opt for a DIY (do-it-yourself) prenup. A DIY prenup may save you money now, but it could end up costing more later. The best idea is to work with an experienced attorney rather than getting a DIY prenup.
The Risk of a DIY Prenup
When you sign a DIY prenuptial agreement, it’s like taking a leap of faith. You hope – but don’t know for sure – it will protect you in the event of a divorce or separation.
Unfortunately, you won’t find out how good your DIY prenup is until you need it. By then, it’s already too late; you could wind up losing a lot of the wealth you have worked so hard for over the years. The key reason a DIY prenup is so risky is, you don’t have the necessary legal knowledge a professional Arizona attorney does.
Inadequately Anticipating the Future
If you decide to get a DIY prenup, you’ll need to think about the many ways your life might change in the future. For example, you may advance in your career, increasing your income in the process. Because of this, you may choose to invest in real estate or other valuable acquisitions, like jewelry or fine art. Your prenup should outline how to divide these assets, even if you could never afford them in your current financial situation.
You and your spouse might have children from a previous marriage or have children together. A DIY prenup may not be enough to help you reach the custody and child support arrangement you desire. An experienced family attorney can help you iron out these and other important details to ensure you protect your family. Overlooking even minor details can have a major impact on the end results.
Over the last few years, the courts have changed the way they look at certain laws – spousal support is an example. As these views change, it’s important to evaluate the impact it could have on your future. Only an experienced family law attorney is aware of how these views have changed and what it means to you. They know the best ways to protect you for these unknown changes.
You’ll need to think about any properties you and your spouse might acquire over the years. If your home is inherited and has sentimental value, you may want this asset for yourself. You may need to compromise in other areas to ensure everything is divided fairly. However, having an Arizona attorney develop your prenup will allow you to focus on the assets that are likely to be important to you after the divorce.
Work with an Experienced Attorney
Even though you’re tempted to do a DIY prenup just to save a bit of money today, this shortcut can be incredibly damaging and costly later. At Ogborne Law we will be happy to assist you and your future spouse in drawing up a prenuptial agreement that is agreeable to you both. Contact our office today to learn more about our services and schedule a free consultation.
Engaging with an attorney to protect your family is never an easy step. Whether you need to protect your family from the unthinkable or restructure your family through collaborative divorce, we’re here to help. When you’re ready to schedule a consultation with Michelle Ogborne, please visit the scheduling page to get started.