What are some of the most common misconceptions about prenuptial agreements?
As you and your fiancé eagerly anticipate your wedding day, you may wonder whether a prenuptial agreement should be part of your marriage preparations. In most cases, couples feel that signing this type of legal contract before they tie the knot indicates they are anticipating a divorce in the future. However, that is not necessarily true. Although asking your spouse to sign a prenuptial agreement may dampen the romance, it is a wise decision as you are simply ensuring your protection. There are several stigmas and myths surrounding prenups that cause paranoia. If you are getting married, it is best to consult a knowledgeable Nassau County Prenuptial Agreement Attorney who can help you safeguard your assets from unexpected situations. Please continue reading to learn about some of the most common misconceptions about prenuptial agreements.
What is a prenuptial agreement?
Firstly, a prenuptial agreement is a legal contract made by a couple before their union concerning the ownership of their respective assets if the marriage doesn’t pan out. This type of agreement is highly beneficial as it can minimize future conflict over custody, support payments, and property division, as couples can stipulate essentially who gets what in the event of a divorce. Sadly, many misconceptions about prenuptial agreements cause couples to have misgivings about how it will affect their marriage.
Despite the misconceptions surrounding prenuptial agreements, they can benefit both spouses by providing extra protection. Rather than viewing a prenuptial agreement as a negative omen, it can be seen as a strong foundation for a successful marriage as it fosters trust.
What myths often make couples reluctant to create a prenuptial agreement?
Generally, people think prenuptial agreements are only for wealthy couples, but that’s not true. Couples can benefit from this agreement regardless of income level, as it protects both spouses’ assets. Couples can stipulate their separate property, which will help them avoid future financial disputes. Couples also hesitate to draft a prenup because they think it’s too expensive. However, compared to the potential cost of litigation that could result if a prenuptial agreement is not created, it is worth the money. Ultimately, it can save couples thousands of dollars they would have to spend on divorce proceedings to iron out issues regarding the terms that will apply to the termination of their marriage.
Moreover, couples often assume that prenuptial agreements are only necessary in case of a divorce. However, these agreements can help couples establish financial expectations, clarify asset ownership, and assist with estate planning. Alongside the misconception that these agreements are only relevant in the event of a divorce, couples often believe the myth that they are rarely enforced in court. The only time the court will not enforce a prenup is when it is discovered that one spouse was coerced into signing it, it is one-sided, or the proper legal procedures requirements were not met when it was signed. In most cases, the majority of times, the terms stipulated will be enforced by the court.
If you are considering creating a prenuptial agreement, contact a trusted attorney from the legal team at The Pollack Law Firm, P.C., who can help you determine whether creating this agreement is the right decision for you. Our firm is prepared to help you protect your hard-earned assets.