Prenuptial agreements have been around for a long time. Over this time, a lot of myths have developed about these legal agreements. Today, we will go over two common prenup myths and why they are incorrect.
Myth 1: Prenups are only for the rich
It is true that wealthy individuals can find prenups helpful for their asset protection goals. However, this does not mean that you have to be rich for such an agreement to be useful.
For one, people of many different income groups could have asset protection goals that prenups could help address.
Additionally, prenups can be used to help with a wide range of things beyond protecting nest eggs. This includes goals related to protecting and preventing disputes regarding pets, businesses, the support of family members or a family home. They can also have terms addressing debt issues.
Also, prenups can help create clear expectations about what will happen with property in a divorce. This could help reduce the contentiousness of a divorce, something people of all financial backgrounds could find beneficial.
So, people in all different sorts of income backgrounds could find prenups helpful in protecting their goals and interests.
Myth 2: It’s fine to wait until the last minute to form a prenup
With the stress of wedding planning, there are a lot of things marrying couples may be tempted to put off until the last minute. However, it can be critical to avoid such procrastination when it comes to prenuptial agreements.
For one, rushing the formation a prenup could lead to mistakes being made. This could result in a prenup not having its intended effects and not helping with the goals it was supposed to.
Also, when a prenup is signed very close to the time of a wedding, it could raise questions that could put the agreement’s validity at risk. This includes questions of whether the agreement was coerced.
Getting the right information about prenups
Prenup myths could lead to couples making incorrect assumptions when it comes to these agreements. This could cause them to not have the right information when making decisions regarding whether to have a prenup or what sort of prenup to have. This in turn could lead to missteps that leave a couple’s keys goals unprotected. So, when considering a prenup, individuals may want to go to family law attorneys for accurate information and helpful guidance on these agreements.