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Myths about prenuptial agreements, part 1

On Behalf of | Sep 29, 2022 | Prenuptial Agreements |

Most people do not understand prenuptial agreements, and this leads to misunderstandings about them. You may have people in your social circle who try to convince you not to get a prenuptial agreement.

The people in your life doubtlessly want what is best for you and give this advice with the best of intentions. However, that does not mean that it is good advice. Insider debunks some of the most persistent myths about prenuptial agreements.

A postnuptial agreement is as good as a prenup

Family members may tell you that you do not need a prenuptial agreement because you can get a postnuptial agreement if you decide that you need it. Technically this is true, but a postnuptial agreement may not offer you or your spouse as much protection as a prenup because any assets you or your spouse acquire between the marriage and the postnup become marital property.

You can wait to sign the prenup until right before the wedding

Again, technically correct but misleading. If you and your spouse wait to sign the prenup until the wedding is only days or hours at hand, it may look as though one of you coerced the other. This can invalidate the agreement. If you decide on a prenup, it should be one of the first things you take care of after the engagement.

You do not need a prenup because you will never divorce

In the first place, you have no way of knowing what will happen in the future that could precipitate a divorce. In the second place, a prenuptial agreement also helps to facilitate estate planning. All marriages end eventually, but some end in death rather than divorce.

You can learn the truth behind more myths about prenuptial agreements in part 2 of this two-part series.