The number of married couples entering into prenuptial (prenup) agreements is increasing with time, but the number is still not that high. Some couples avoid signing this agreement due to misinformation.
Here are three prenup myths debunked.
Prenups are only for wealthy couples
Some people believe prenups are only for wealthy couples, as they have assets worth a lot of money they would wish to protect if their marriage ends. But this is not true. Prenups protect couples from all financial backgrounds.
A prenup does more than asset protection. It can protect you from your future spouse’s debt if they have any coming into the marriage. Further, you and your partner can determine each party’s financial responsibilities, how to provide for children from previous relationships and so on.
Prenups show a lack of trust
Some people avoid telling their partner they want a prenup because they believe it may be viewed as a lack of trust. If anything, initiating this conversation shows you are willing to have serious financial conversations before the marriage and are taking a step to ensure you have a peaceful divorce if the marriage doesn’t work.
Prenups can lead to trust – they encourage partners to be honest about their finances and expectations.
You can’t change a prenup
The agreements you include in your prenup are not permanent. With legal guidance, you and your spouse can agree to make modifications in the future or even revoke the agreement.
Prenups offer many benefits. You should get legal help to create one to protect yourself and your spouse-to-be.