Understanding Prenuptial Agreements: Debunking Common Myths
Prenuptial agreements are legal documents that outline how you and your spouse-to-be will divide your assets if the marriage ends in divorce. They’re an important part of any marriage, but many people don’t know about them or what they can do for them.
In this article, we’ll debunk some common myths about prenups and explain why it’s so important to have one before saying “I do.”
Understanding Prenuptial Agreements
A prenuptial agreement is a legal document that you and your spouse-to-be sign before getting married. It covers everything from how property will be split in case of divorce or death, to how much money each person will contribute to the marriage.
Prenuptial agreements have been around for centuries, but they’ve become more common in recent years as people marry later in life and have more assets than ever before. In fact, according to one survey conducted by Nolo Press (a publisher of legal resources), over half of all marriages now involve prenuptial agreements!
How to Create a Prenuptial Agreement
Creating a prenuptial agreement is not difficult. The first step is to talk with your partner about what you want to accomplish with the document, and make sure they are on board with it. If they aren’t, then you may need to look for another lawyer or reconsider whether or not this is something that’s worth pursuing.
Once both parties have agreed on their goals for creating a prenuptial agreement, it’s time for them both to meet with their own separate attorneys who can help them draft up the contract itself. This process should take place over several sessions (usually three) where each party will meet individually with their respective lawyers so that no one finds out about anything else being discussed until everything has been finalized in writing by all parties involved in creating said document(s).
Frequently Asked Questions
Are prenups required to be in writing?
No, they are not. However, it’s a good idea to have your prenup drafted by an attorney and signed by both parties before the wedding day. Some states require that the document be notarized as well (see below).
What kind of information should I include in my prenup?
You’ll want to include all relevant details about assets and debts, as well as any agreements regarding spousal support or child custody/support if you have children from previous relationships. You should also specify whether or not either party will retain their own separate property after marriage–this can be useful if one partner has significant wealth that would otherwise become part of any divorce settlement down the road.
Common Misconceptions
Prenuptial agreements are not just for the wealthy.
A prenuptial agreement can help you protect yourself and your assets in case of divorce, but it’s important to understand that they’re not just for people with lots of money. In fact, some couples who have little or no assets may want a prenup more than those who have a lot because they don’t want their spouse to feel like their lack of wealth will hold them back from getting married.
Prenups mean I don’t trust my partner enough to commit without one in place first (or at all).
It’s true that many people think prenups are about distrusting one another or not being able to commit without having everything spelled out ahead of time–and this idea has been perpetuated by pop culture references like Jerry Seinfeld’s famous line: “Why would we need a piece of paper? We got love!” But if you’ve decided you want to spend your life with someone and build something together, then why wouldn’t you want some protection against unforeseen circumstances?
Conclusion for Understanding Prenuptial Agreements
If you’re in a committed relationship and want to protect yourself and your partner, a prenuptial agreement may be right for you. Prenuptial agreements can help couples feel more secure about their relationship by ensuring that both parties are protected in the event of divorce. They also help prevent future problems from arising if one party is not on board with the terms of an agreement.
If you would like more information about prenuptial agreements or would like us to review yours, please contact us today!