Premarital agreements, commonly referred to as prenuptial agreements, are contracts between two individuals planning on getting married. The agreement defines how the couple's assets and liabilities will be divided in the event of a divorce. Despite their growing popularity, many myths exist regarding premarital agreements. It is essential to debunk these myths to see whether a premarital agreement may suit you and your situation. Remember, if you are interested in a premarital agreement, contact an experienced family law attorney to learn more and see whether signing one may be in your best interest.
The Most Common Misconceptions Regarding Premarital Agreements
- Premarital agreements are only for the wealthy – While premarital agreements are commonly associated with wealthy individuals and celebrities, they are not exclusively for the rich. Anyone can enter into a premarital agreement, regardless of their financial situation. In fact, premarital agreements can benefit those who have children from another marriage or own a business.
- Premarital agreements are only necessary if the couple is planning to divorce – Many people believe that premarital agreements are only helpful in the event of a divorce. However, premarital agreements can also be helpful during the marriage. For example, a premarital agreement can specify how household expenses will be paid, assets will be acquired, and investments will be managed. By establishing clear guidelines for financial matters, premarital agreements can help the marriage.
- Premarital agreements are unromantic and can damage the relationship – Some people believe that discussing premarital agreements can be a mood killer and can damage the romantic aspect of the relationship. However, discussing a premarital agreement can actually be a sign of trust and respect. It demonstrates that both parties are committed to being honest and transparent about their financial situation. Therefore, couples can strengthen their relationship by discussing premarital agreements openly and honestly.
- Premarital agreements are not legally enforceable – Premarital agreements are legally enforceable in most states as long as specific requirements are met. To be valid, a premarital agreement must be signed in writing, signed by both parties and entered into voluntarily. Additionally, the agreement must be fair and reasonable when it is signed. It is essential to consult with an attorney to satisfy all necessary legal requirements to ensure the agreement's legitimacy.
Contact a Kane County Family Law Attorney
If you want to learn more about premarital agreements or are ready to sign into one, contact the experienced Batavia, IL family law lawyer at Van Larson Law, P.C. Call 630-879-9090 for a free consultation.