You may be considering a prenuptial agreement now that your engagement is official. Securing this type of legal document can seem like a pessimistic action. However, many of the ideas surrounding nuptial arrangements are misconceptions.
Here, we look at some of the common misunderstandings and myths surrounding prenuptial agreements.
1. Prenuptial Agreements Only Pertain to Divorce
You may think these legal documents only apply to divorce settlements. However, they can also provide a financial framework for your estate plan. Planning what happens with your assets following your death is an essential task.
2. Prenuptial Agreements Are Only for Wealthy Couples
While we often hear about the high-profile prenuptial arrangements of wealthy people, anyone can benefit from this kind of legal plan. Proactive preparation that outlines solutions for financial disputes is beneficial to couples of any income level.
3. Prenuptial Agreements Only Protect the Wealthier Spouse
Both parties benefit from a legally binding contract that creates a property division plan. It addresses any significant differences between each person’s background or financial status fairly.
4. Prenuptial Agreements Do Not Hold Up in Court
If you draft your document with the help of an experienced professional, you achieve an excellent chance of court enforcement. When you have a well-written agreement that follows applicable laws, it is likely to provide successful solutions during divorce proceedings.
Planning for potential issues with a marital agreement helps both parties ensure a fair distribution of property in the event of a divorce. Being prepared does not mean you expect marital strife. It simply provides an outline for working through everything with a caring perspective.