The venue is booked, the flowers are ordered, and both you and your fiancé are counting down the days until you both say “I do.” At this point, some couples wonder whether a prenuptial agreement should be part of their marriage preparations as well. Many couples consider the creation of prenuptial agreements as a “doom and gloom” response to an otherwise joyful time. Far from being ominous, a prenuptial agreement serves the dual purpose of protecting both spouses and providing the foundation for a strong marriage. Read on for 6 common myths and misconceptions about prenuptial agreements and learn how an attorney can help you craft a prenuptial agreement that will provide peace of mind on your big day.
1) Prenuptial agreements are only for wealthy couples
Any couple can benefit from a prenuptial agreement, regardless of their income level. One of the great benefits of a prenuptial agreement is that it proactively resolves potential future financial disputes, saving couples of all incomes time and money.
2) Prenuptial agreements only protect the spouse with the most assets
Prenuptial agreements protect both spouses and their assets. Agreements that are too one-sided are often thrown out in court. For the spouse with the lesser financial status, a prenup can provide peace of mind and certainty about their financial entitlements as the marriage begins, and save money later in the event of divorce.
3) Prenuptial agreements are expensive
In most cases, prenuptial agreements are relatively straightforward and affordable. When compared to the potential cost of litigation that could result if a prenuptial agreement isn’t created, the relatively low cost of a prenuptial agreement can save you thousands of dollars in the future.
4) Prenuptial agreements are only relevant in the event of divorce
Many couples think that prenuptial agreements are created only for a safeguard in the event of a divorce. In reality, prenuptial agreements can achieve a number of outcomes, such as outlining financial expectations and ownership, as well as helping establish an estate plan.
5) Prenuptial agreements are a sign of a weak relationship
Completing a prenuptial agreement requires the ability to discuss financial matters and reach compromises: both skills that are a sign of a strong future marriage. Creating a prenup can strengthen your relationship and prepare you for future financial discussions later down the road.
6) Prenuptial agreements are rarely enforced in court
Although there are times when prenuptial agreements are not enforced in court, the majority of them are. In rare cases where prenups are not enforced, it is usually because one spouse was coerced or under duress when signing, or when proper legal procedures are requirements were not met when the agreement was created.
At McConnell Family Law Group, we understand that establishing a prenuptial agreement enhances the strength of your relationship and provides the foundation for a strong marriage. If you would like to learn more about our prenuptial agreements and other legal services, visit us online at www.mcconnellfamilylaw.com.