Three Common Misconceptions About Prenuptial Agreements

 Posted on February 02, 2017 in Family Law

There has long been a stigma surrounding prenuptial agreements. Chances are, you have at some point interacted with someone who decided to pursue a prenup as a part of their marriage plan, or who at least considered one prior to their decision to tie the knot. Whatever your perception of the concept, the reality is that prenuptial agreements - as controversial as they may be - can be useful, efficient tools for couples. This is particularly true for those who have a lot at stake individually, in terms of assets and cherished belongings.

The Purpose Behind the Agreement

Prenuptial agreements are about much more than simply determining who gets what should the marriage ever come to an end. They are about ensuring each party is financially sound and able to care for themselves in the event the marriage ends, once income and money management circumstances have changed. They also serve to establish a foundation of honest, open communication between a couple early on in the union.

Uncovering the Truths and Sifting Through the Rumors

Although prenups offer these advantages, they are still at times perceived in a negative light, usually due to the belief that they must indicate a lack of trust. Depending on the circumstances, prenups can certainly stir up tension between a couple, but when they are handled respectfully and professionally, the positives often outweigh the negatives.

Here are some common misconceptions about a prenup agreement that tend to deter couples from pursuing one:

1. They only apply to the wealthy. While it is true that a prenup is unnecessary if both parties have no money, the myth that only the wealthy need one is just that - a myth. If you and your spouse have little to modest assets, you can still benefit from one. For example, you can specify financial stipulations that cover you in the event you quit your job to raise a child, forfeit your employment security, but end up divorcing years down the road.

2. Once a prenup is official, it cannot be modified. You can modify a prenup at a later time if both parties agree to make the changes. If you wait until you get married to create a contract, you are no longer eligible for a prenuptial agreement, but you may instead pursue a postnuptial agreement.

3. A prenup means there is no trust in the relationship. This myth implies you do not love or trust your partner if you are considering a prenup, which is simply not the case for most couples. Look at it this way: Creating a financial agreement before your marriage gives you both the opportunity to be realistic about your financial wellbeing, should the worst case scenario ever unfold. It is a tool that helps you protect one another and discuss your financial needs, goals, and priorities. The contract is not an omen for divorce.

Contact a Kane County Family Law Attorney

Determining whether or not a prenuptial agreement is right for you is something only you and your future spouse can decide. You can, however, turn to a knowledgeable Kane County prenuptial agreement lawyer for guidance and the resources you need to make a decision. Call the Goostree Law Group today at 630-584-4800 for a special consultation.

Source:

http://www.foxbusiness.com/features/2013/07/11/questions-youre-embarrassed-to-ask-about-prenups.html