Prenuptial agreements, often just called “prenups,” is often a taboo topic. However, prenups can be very powerful and effective for couples. With so much negativity attached to the word prenup, it’s essential to gather all of the facts before believing everything you hear about prenups.
We will debunk three of the most common myths about a prenup and show how these documents can be helpful for people.
Myth 1: A Prenup Means I Plan on Getting a Divorce
Wrong- The purpose of a prenuptial agreement is to have a plan in place for distribution of assets should you ever choose to get a divorce. While no one enters into marriage in the hopes of getting divorced; a prenup is an excellent way to plan for anything that might happen. Planning for the unexpected, like a divorce, separation, or sudden death, is smart.
Prenups can get couples talking about their finances in more detail, what the expectations are moving forward and what specific financial obligations each party in the marriage will have in the future. A prenup can actually state who is responsible for the mortgage, while the other spouse pays for utilities.
Myth 2: Only Wealthy People Need Them
Wrong again- Anyone can benefit from the use of a prenup. Not only wealthy people who have more assets than most. You do not have to be rich to have assets that you want to protect in case of a divorce. Somethings will mean more to others, a prenup will clear up what those things are and who will have claim over them if there is a separation.
Again, a prenup can be used to define the financial obligations that each partner in the marriage has. One can also make a divorce far less costly and time-consuming if a couple does end up getting a divorce down the road.
As a result, getting a prenup in place can be a good idea for people who may not be rich or have a ton of assets, but who still want to establish certain obligations and protections for the future.
Myth 3: The Spouse with More Money has the advantage
False- A prenup affords protection to all parties. A prenup that does not follow the law can be invalidated by the courts. A prenup that is skewed towards protecting one person more than the other, courts can deem them to be “unacceptable” and, as a result, declared invalid. One party can’t be put at a disadvantage from a prenup. Both parties who sign the prenup should be doing so under their own free will.
Prenups can be highly effective and useful agreements, offering protection for both people in marriage while clarifying the marital financial responsibilities. Each person has a say what goes into a prenup and should never feel they are at a disadvantage. There are laws and lawyers to protect individuals when it comes to prenups.
There is no “perfect plan” to dealing with a separation, but here at the Law Office of Thomas D. Bumgardner, we help minimize the added stress you have by walking you through the legal process of separation and divorce, spousal support, property division, child custody and child support.
Please call us for a free consultation at 704-887-4981. We’re experienced and we’re here to listen to your situation and to offer our professional guidance.