Five Things to Know About Prenuptial Agreement (“Prenups”)

Unfortunately, many couples decline to establish prenuptial terms prior to their wedding day. This can lead to huge financial hardships and courtroom stresses down the road. Here are some points to keep in mind when considering prenuptial mediation agreements.

Who Needs a Prenup?

Everyone can benefit from a prenuptial agreement. These documents are in place to protect you, your children and your property in the event of divorce. You can establish separate property that cannot be taken away from you in the event of a divorce. These agreements can also establish boundaries for child support and alimony

Don’t Worry About Upsetting Your Fiancé

Many people hesitate to dive into prenups because they think their fiancé will be upset at the suggestions. It is possible for the conversation to get off to an awkward start, but it is a great time for couples to clarify their respective financial goals and boundaries, and to create a legally binding document to fall back on in case of conflict.

Do I Need a Lawyer?

Fortunately, prenuptial mediation agreements can be drawn up by a professional mediator rather than a lawyer. Going to a mediator rather than a lawyer will save you thousands of dollars.

How Long Does a Prenup Take?

Professional mediators can draft your prenups in a few weeks or less. Choosing a mediator over a lawyer saves you time as well as money.

Is it Expensive?

Since it is unethical for the same lawyer to represent both you and your spouse, you would have to pay all fees twice. With a mediator, you can take care of everything together.

It’s human nature to hope and assume that everything is going to work out, and this leads many couples to optimistically jump into a marriage without legal documentation in place to protect them. Prenuptial mediation agreements can protect you and your fiancé against financial hardships in the future.

About Oliver Ross

Oliver Ross, JD*, PhD founded Out-of-Court Solutions Inc. in 1995 and since then has mediated over 3,000 divorce and family matters. He is a select member of the Maricopa Superior Court Family Mediation roster