Myths and Misconceptions About Prenuptial Agreements
Posted on January 5th, 2021 in Family Law
Many of us have heard the early 2000s hit, “Gold Digger” by Kanye West with the iconic, “Holla we want prenup, we want prenup,” line repeated in the verse. While this song was used to highlight a relationship gone sour, many people hold this misconception that prenups are only needed for those who have mistrust in their relationship. But the reality could not be further from the truth.
While some older Pennsylvanians may frown upon the use of a prenuptial agreement before saying, “I Do,” the Millennial generation has flipped the script, creating these important documents more frequently than other age demographics.
But it still begs the question, what are the myths and misconceptions about prenuptial agreements and how do we shed light on the truth? Kalinoski Law Offices is here to debunk these myths and bring truth to prenuptial agreements.
Myth #1. You only need a prenup if you’re wealthy.
Prenups are for couples of any financial background–not just the wealthy. Prenuptial agreements are not only to preserve assets but also helps couples make hard decisions should separation occur. This allows the couple to make clear decisions without emotions coming into play should it be needed in the future.
Myth #2. Prenups only benefit the partner with the most assets.
Prenups are made to be beneficial to both partners, not just the person who brings in more assets to the relationship. The document can be used to lay out how finances will be distributed in the event of a divorce, allowing both partners to plan and save accordingly.
Myth #3. Prenups are only useful for divorces.
Prenuptial agreements are actually used for more than just divorces–they can be used to establish the baseline of estate plans, create financial goals and guidelines for the marriage, and be used to establish expectations for both partners.
Myth #4. Prenups can’t be used in court.
Unless the prenuptial agreement was made incorrectly or is biased to one person, courts will typically uphold the terms of the prenuptial agreement, allowing couples to avoid costly litigation.
Myth #5. Prenups are a sign of a weak relationship.
Many couples who decide to get a prenup actually feel more secured to start the marital relationship as the drafting of the document forces each party to be honest about the assets owned, as well as the compromises that must be met for the relationship to be successful.
Behind infidelity, finances are the second leading cause of divorce. By drafting a prenup, the hope is to avoid these issues and have a long, strong marriage.
Draft your prenuptial agreement with Scranton Family Law Attorney Craig Kalinoski.
Say “I do” to your spouse knowing that you have planned for the future with a prenuptial agreement, alleviating the stress of finances, obligations, and liabilities.
If you need assistance creating a prenuptial or postnuptial agreement, or if you have questions about whether an agreement would be appropriate for your situation, contact us. Our Scranton prenuptial agreements lawyer will review your situation during a free family law consultation and recommend the best course of action.