A prenuptial agreement is an important document for a couple to file before marriage. Below are three prenuptial agreement myths we commonly hear as family law attorneys and the truths that people should know.
Myth 1: Prenups are for couples with lots of premarital property.
Prenuptial agreements are not just for soon-to-be spouses with multiple homes and vehicles. A prenup can also help couples who are just starting their adult lives. On top of the future planning advantages, many young couples have found the following benefits in the prenuptial agreement process:
- Practicing open and honest financial discussions
- Preparing to communicate about difficult topics
- Strengthening their bond and ability to work together
Simply put, a prenup can help any couple plan for the “what ifs” they cannot foresee.
Myth 2: Talking about a prenup is setting our marriage up for divorce.
No couple wants to talk about the possibility of divorce before marriage. However, a prenuptial agreement is more like an insurance policy for your property — just as you have property insurance in case of fire and life insurance in case of premature death. This legally-binding document does the following:
- Determines which property would be marital assets and which would be separate during divorce
- Limits your debt liability
- Protects your children’s (from a previous marriage) entitlement to money and property
- Protects your heirlooms, inheritances, businesses, and other family property
By identifying these goals before marriage, couples can save themselves time, money, and stress if they divorce in the future. If they do not divorce, they will simply never use the document.
Myth 3: We can decide in the prenup who will have custody of our future children.
There are certain things prenuptial agreements cannot include, and child custody is one of them. Should you and your spouse divorce in the future, you will need to agree on custody arrangements then.
We’re here to clear up prenuptial agreement myths.
At Petrelli Previtera Schimmel, we know how important a prenuptial agreement is for any couple. Our family law attorneys are well-versed in creating these documents and reviewing drafts from other firms. If you’re interested in learning more about filing a prenup, feel free to call our firm to talk with an experienced lawyer.