A prenuptial agreement is a written contract between two soon-to-be spouses that outlines how assets and income are to be handled if the couple divorces. While prenups are fairly common in today's world, they remain a topic rife with myths and misconceptions, which can sometimes prevent a couple from designing and benefitting from one. Here are a few falsehoods that keep people from signing the agreement.
What Are Some Common Prenuptial Agreement Myths?
1. A Prenup Means There’s a Lack of Trust
If your partner suggests a prenup, they’re not in any way indicating that they don't trust you or that they have a doom-and-gloom outlook on the prospects for the marriage. Instead, they’re demonstrating that they want both of you to be protected in case the relationship doesn't work out.
They’re showing a commitment to maintaining an honest relationship and sharing an ongoing respect for one another's needs, even if divorce happens some day. Consider it as a protective measure and not a sign of distrust, skepticism, or suspicion.
2. Prenups Are Only for the Rich
When a celebrity couple divorces, much commotion is made about the existence or details of their prenup. This has led to the misconception that these contracts are only intended for the wealthy or for those who have a lot of assets.
In reality, any couple in any income bracket can be protected by a prenup. Any assets the two of you own are divided in the ways you've mutually agreed upon before the marriage. You can make specific plans for certain assets that a judge or a court would treat as another piece of property, like the custody of pets or the ownership of family heirlooms.
3. Prenups Are Rarely Enforceable
As long as a prenup complies with state and federal laws, it is perfectly enforceable. Only rarely are these agreements nullified. For instance, if someone signed a prenup under duress, or if one of the parties tried to hide valuable jointly-held assets, then the legitimacy of the document might be called into question, but that is unusual. For most divorcing couples, a prenup is enforced with no issue, thereby streamlining the divorce and providing much peace of mind.
Look out for your soon-to-be spouse and yourself by designing a prenuptial agreement. We the People of NY is here to help. For over 25 years, they’ve been providing legal document preparation services to clients throughout New York City. In addition to prenups, they prepare the paperwork for uncontested divorces, simple wills, bankruptcies, and other legal situations. Call (212) 633-2200 or visit their website to start drawing up a prenup.