AI Streamlines Prenups, But Could Skipping Lawyers Cost You In The Long Run?

It's no secret that AI simplifies certain aspects of our lives. It changes how we handle complex tasks, making them easier and more accessible. Many jobs have even started incorporating AI into everyday processes to streamline mundane tasks. 

Why not use AI to help write prenuptial agreements (prenups) and other legal documents?

More and more, millennials and Gen Z-ers are turning to AI to create tailored prenups that outline their assets, lifestyle, and earnings before getting married. 

Financial expert Suze Orman has emphasized the importance of having legal protections in place. "I get too many emails from older women and men telling me that they've just lost everything because of a divorce," Orman says. 

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While many believe that a prenup is simply preparation for a divorce, Orman states that having conversations about finances can actually strengthen your relationship. Getting a prenup forces you to look at the details of your combined finances before getting married. 

Younger generations getting married may be on the right track by discussing their finances and getting the prenup process started with AI. 

While AI tools are often convenient and more cost-effective than traditional methods, skipping professional advice could be costly in the long run. 

Artificial intelligence platforms make drafting prenups and contracts seem easy. You simply input your personal information and financial details into the system, and the AI generates a document specific to your unique situation. Who wouldn't find that easier than going through a lawyer? 

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But let's not get carried away. There are definite risks in using AI to create legal documents, particularly if you aren't a legal expert. 

AI can't replicate the nuanced understanding of the personal and legal intricacies that a professional attorney brings. 

AI-generated prenups often overlook important details, miss crucial clauses, or leave out specific legal requirements that make the prenup binding in your locale. 

AI cannot see into the future. It does not anticipate career changes, inheritances, or children’s births and the clauses that a legitimate prenup must account for should these events occur. 

It is important to utilize an attorney when creating a legally binding document like a prenup. They'll ensure the i's are dotted and t's are crossed, and they know the right questions to ask to include all the necessary information. 

It's very likely that AI will be part of the prenup-creation process, even if you use an attorney. Recent data shows that 51% of law firms already use AI in some capacity, and 73% of lawyers expect to start using generative AI next year. 

However, the key here is that the law experts will review the contract after the AI generates it. While AI is rapidly evolving, it doesn't have the best understanding of the law … yet. 

Another critical step in creating a prenuptial agreement is enlisting the help of a financial advisor. Financial advisors understand the full scope of your financial situation and goals, and their perspective is essential. 

They can ensure that the prenup covers all important financial aspects, including investments, retirement accounts, and future earnings. 

AI isn't going away, and it's not bad to utilize AI to simplify the complex tasks in your life. However, combining the expertise of a lawyer and financial advisor can help you ensure your prenup has the best protection for your financial future. 

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