Prenuptial agreements are rarely an easy topic. Newly engaged couples often cannot imagine the possibility of divorcing their significant other while they are planning their new lives together.
Prenuptial agreements are often taboo for many reasons. Unfortunately, that means that some couples that could use a prenuptial agreement do not make one because they do not want to discuss the topic. Understanding why some of the many common misconceptions are untrue can help you decide whether creating a prenuptial agreement is the right legal option for you.
Myth #1: Creating a Prenuptial Agreements Assumes that the Marriage Will End in Divorce.
Many people think that if you enter a prenuptial agreement, you are dooming the marriage to failure. However, this is simply not the case. Having a preputial agreement is extremely practical, especially when you consider that roughly 50 percent of marriages will end in divorce in the United States.
As a rule, having a prenuptial agreement will not have any meaningful effect on whether your marriage will succeed. In fact, having a conversation about the assets and liabilities that each spouse is bringing into the marriage can be a valuable starting point to discuss finances throughout the marriage. Money is often cited as one of the most common reasons couples divorce, which means starting the discussion early can actually help you communicate with your spouse better.
Myth #2: Only the Rich Need a Prenup.
Prenuptial agreements are more than just for the ultra-wealthy. Prenuptial agreements can be designed to protect any asset; it does not matter how much it is worth or how much you have. The property that you want to protect could have more sentimental value than monetary value, for example. Property such as real estate, business ownership, or specific assets from a previous marriage may all warrant a prenuptial agreement.
Prenuptial agreements are also a good way to avoid a pricey divorce. If you already have most of the major decisions worked out, then you do not have to go through many of the most difficult aspects of a divorce in terms of expenses or heartache.
Myth #3: Courts Generally Ignore Prenuptial Agreements.
Courts will usually uphold prenuptial agreements as long as they meet certain legal requirements. Those that are prepared by experienced family law attorneys will often be confirmed. Generally, a prenuptial agreement will only be invalidated if there is duress or coercion in obtaining the other spouse’s signature. In some situations, a prenup may also be declared invalid if it is grossly unfair and the other spouse did not have an attorney review the document.
Prenuptial agreements can be a valuable tool for any soon-to-be spouse. However, having a properly drafted document is critical for it to be upheld in court. Proper disclosure of assets is vital as well, and a seasoned family law attorney can help with this process. Contact us for more information.