The words “prenuptial agreement” seem to carry negative connotations for many people. It’s typically the last thing couples want to discuss or even think about before they join hands in matrimony. Nevertheless, having a prenuptial agreement in place before you walk down the aisle is essential to protecting your future goals. In fact, if done properly, a prenup can actually lead to many happy years together as a married couple.
Here are the top three misconceptions about prenups:
Prenups Mean Divorce: One of the most popular misconceptions about prenups is that having one means divorce is inevitable. On the contrary, a prenup can actually produce the opposite effect. When you and your significant other create a prenup, you are essentially working toward the same goal, financial stability and protection of your assets.
This means that couples need to be honest with their goals and clear in their communication with one another to arrive at a mutual agreement. With a prenup, everything is laid out in a legally binding contract, so there are no surprises down the road, which can reduce stress surrounding money and finances.
Prenups Benefit Only Wealthy Couples: Another misconception is that prenuptial agreements are pointless for couples who own smaller assets. For this example, try not to think about your physical property but instead consider your financial investments. Your 401(k), IRA, pensions, and more will likely be affected after a divorce. So, although you may not own a house or commercial property, you still have other valuable assets to protect.
Prenups Don’t Run in the Family: It’s not unusual for couples to argue against getting a prenup simply because their parents never had one. If your parents never signed a prenup and have been married for 30 or 40 years, that’s still not a valid reason for you and your significant other to avoid getting one. Today, more and more couples are getting married later in life and most of them come to relationships with their own savings, children, pets, and even debt. A prenup is the only way to protect your assets and family’s future in the event of a divorce.
Whether you’re considering a prenuptial agreement or need attorney legal services concerning family law or estate planning, contact KTF Law Firm. Our Minneapolis attorneys will guide you through the process and provide professional contract drafting to help you create a well-rounded prenuptial agreement.