If you’re thinking about getting married, or even if you’re already planning your wedding, the idea of a prenuptial agreement may have crossed your mind. These legal documents are at least considered by most people prior to marriage, but in the vast majority of cases, the idea is dismissed because of the many negative beliefs about them. The reality is, however, that most of the negative thoughts about prenuptial agreements are simply myths or misconceptions. In this blog post, we identify several of the most common examples of this, and explain why a prenuptial agreement may actually be a great option for you and your soon-to-be spouse.
Prenuptial Agreements Betray a Lack of Trust
One of the most common objections to getting a prenuptial agreement is that anyone who would ask for one clearly doesn’t trust their spouse-to-be. While this can be the case in some relationships, in far more cases these agreements have nothing to do with trust. Instead one, or both, parties want to be prepared for whatever comes their way. While almost all marriages start off with the best of intentions, around 50% of them end in divorce, regardless of the level of trust present on the day of the wedding. A prenuptial agreement will help ensure trust, since both parties will need to reveal their assets, debts, and beliefs about how things should work financially in a marriage. In addition, should the marriage fail, this type of agreement really helps to streamline the divorce process for both parties.
Creating a Prenuptial Agreement will Ruin Your Relationship
This is another major myth related to prenups. The reality is that going through the process of creating a prenuptial agreement will often strengthen your relationship. This is because you will need to go over a lot of different issues that can be much harder to discuss once you are married. If your relationship is already weak, the prenup process may expose that. Most people would agree, however, that exposing problems in a relationship ahead of time is much better than jumping into a marriage blind to potential problems. Additionally, although talking about money is uncomfortable for everyone, everyone can benefit from practice dealing with financial issues, and finding a place of compromise and compatibility so that money problems don’t break you up later on.
Only the Very Wealthy Need Prenuptial Agreements
While it is true that wealthy individuals are much more likely to seek a prenuptial agreement, it is false that they are the only ones who need it. In fact, there is a strong argument to be made that those with more modest bank accounts actually need them more. After all, if someone gets married with $50 million in assets, and loses half of it in a divorce, they are still very well-off. Someone who has just $100,000 in assets, on the other hand, will take a massive hit if they lose half of it (or more).
Prenuptial Agreements are There to Protect the Spouse with the Most Assets
It is typically the person in the relationship who has greater assets who is going to ask for a prenup, but both parties actually benefit. First of all, when drafting a prenuptial agreement, it is necessary to disclose all assets and debts, which will help both partners to get a full picture of their soon-to-be spouse’s financial background. It will also allow greater transparency about the debts that are going to need to be paid during the marriage, so that you can budget properly as a couple. In addition, if there is a significant difference in financial statuses or backgrounds, it will need to be dealt with during the marriage anyway, so it’s best to get it out into the open now, and discuss how you’re going to live as a married couple, and what you think is fair in the event the marriage doesn’t work out.
The Courts Won’t Enforce a Prenuptial Agreement Anyway
This is a myth that has been getting more and more popular in recent years. If you have a well-written prenuptial agreement that is done properly by an experienced attorney, you have an excellent chance at the courts enforcing it every time. If you need to have your prenup written up, please contact us to go over all your options today.