Debunking Misconceptions About Prenuptial Agreements
As many couples today marry later in life, either for the first time or again, accumulated assets are more likely to influence the upcoming nuptials. Both parties should protect their assets, and one of the best ways to do this is with a prenuptial agreement. If you are getting married and considering a prenuptial agreement, contact your attorney to begin the process. As you prepare, consider these common misconceptions surrounding prenuptial agreements.
Misconception #1: A Prenup is a Predictor of Divorce
This is a myth. You may be under the impression that if your spouse makes you sign a prenuptial agreement, they do not trust you and this indicates a future divorce. However, there is no factual evidence that shows prenuptial agreements influence divorce rates.
Couples sometimes site money concerns as a factor in their divorce. As you work together to craft your prenup, you should discuss your financials and your beliefs regarding money management in the marriage. Discussing the details of your finances prior to marriage could actually help you avoid divorce.
Misconception #2: One Partner May Present a Prenuptial Agreement Moments Before the Wedding Ceremony
Prenuptial agreements are sometimes portrayed dramatically in film and television, but the reality is often uneventful. Because a prenuptial agreement is a written document where both parties disclose their financials, it includes much preparation and discussion. It is not something that one party’s family law attorney draws up and presents without input from the other party. And, if a future spouse is forced to sign moments prior to the ceremony, the agreement could be declared invalid. A person should not sign a prenuptial agreement under duress.
Misconception #3: Prenups Only Protect One Party
Prenuptial agreements written together by both parties provide protection for everyone. Some elements that may be included to protect both parties are:
- Disclosure and protection of various pre-marital assets including retirement accounts
- Protection of business assets
- Promise or limitations of alimony
- Exclusion of existing trusts from becoming joint marital assets
- Provisions for keeping inheritance intact for existing children from previous marriages
- Division of post-marital property and debt in the event of divorce
Wagstaff Law Office Can Help
Not only can we help you with your prenuptial agreement, but we can also help you update your wills, trust, financial and medical powers of attorney. If you are looking for an experienced family law attorney, call Wagstaff Law Office. Reach us at (727) 584-8182 or fill out our contact form to request your confidential consultation.