Prenuptial agreements, or “prenups” for short, are one of those family law matters where it’s almost impossible to feel neutral about if you’re a party to it, and one that a lot of people have varying opinions on. Depending on whom you ask, having a prenup can either mean a couple is starting a marriage off on the right foot, or they’ve signed a blueprint for divorce. Don’t let the popular media and gossip magazines put you in the latter camp. Drafted fairly and with the right attitude from the start, prenups are meant to clarify and protect the respective rights of each spouse now and in the future.
Below are five of the most prevalent myths about prenups, and why they are exactly that: Myths.
Myth No. 1: Signing a prenup means you don’t trust each other
While it’s true that some couples demand a prenup for precisely this reason, it’s not the de facto reason for signing one. On the contrary, prenuptial agreements are actually the ultimate expression of trust. You have to be open and comfortable with each other enough to the extent that you can discuss finances, future child-rearing practices, and other sensitive topics without the conversation escalating into conflict. Creating a prenup gets you both on the same page and can keep you there.
Myth No. 2: Prenuptial agreements are only for the rich
You don’t have to live on the same street as Bill Gates or Oprah Winfrey to benefit from a prenuptial agreement. If you have a bank account, a house, or any assets at all, you can properly identify and protect them in a fair and equitable agreement. Prenups are also valuable if you have children from a previous relationship and want to earmark certain property for their future inheritance.
Myth No. 3: Prenuptial agreements only benefit the wealthier spouse
This myth ties in closely with myth number one. There are some spouses who demand a prenup solely to avoid sharing their valuable assets if the marriage breaks down, but that’s a case of using an important and practical legal tool for sinister purposes. If an agreement is too one-sided and leaves the other spouse at a severe financial disadvantage, a prenup can be thrown out in court.
Myth No. 4: Prenuptial agreements are not usually enforced in court
This myth is sometimes true—if the agreement is unconscionable or was signed under duress. Otherwise, any prenup that is not blatantly one-sided or a violation of state or federal law can be, and is usually, enforced. When you work with an experienced family law attorney who understands what you want to achieve, the result is generally legally enforceable.
Myth No. 5: Prenuptial agreements are only useful in the event of divorce
Prenups are more than simply financial safeguards in the event that you divorce. Prenups are often used where the spouses have children from previous relationships and want to ensure their children inherit certain assets upon death. The reality is that they provide guidelines, clarify expectations, and eliminate ambiguity—three accomplishments that can put any marriage on stronger ground.
Regardless of your financial circumstances or personal situation, having a prenuptial agreement can give you peace of mind and a strong marriage built on trust and good communication. For assistance in drawing up a prenup that accomplishes these goals, contact Fraser, Wilson & Bryan at (254) 965-7270 today!
