4 Myths About Prenups That You Should Be Aware of Before Signing One

 Posted on October 16, 2020 in Family Law

When you hear the word "prenuptial agreement" or "prenup" you are likely picturing high-dollar celebrity divorces that you have seen splashed across the pages of magazines near the grocery store checkout line. In the past, prenups may have been reserved for the rich and famous, with the thought that the Hollywood industry would destroy their marriage and leave them with a hefty amount of combined assets to divide. This is one of many false ideations that continue to surround prenuptial agreements and drive couples away from signing one. In reality, prenuptial agreements have become commonplace over the past few decades as couples are deciding to get married at an older age with larger cumulative assets to bring to the table. With divorce statistics continuing to sit around 50 percent, it is important that couples are fully informed about prenuptial agreements and consider their legal options before saying, "I do."

Prenuptial Agreements Are Only for the Wealthy

As described above, many still believe that prenups are reserved for the rich and famous. In today’s world, this is far from the truth for a number of reasons. Because couples in the past got married at a much younger age, many of these individuals came into their marriages with hardly any savings or assets. Now that many couples are waiting to tie the knot at a more mature age, they are bringing significantly more debts and assets into the marriage than ever before. Signing a prenuptial agreement is a way to protect both yourself from losing your lifelong savings and your spouse from being saddled with your debt in the instance of divorce. Another reason that divorce rates have risen, and thus the need for a valid prenuptial agreement, is an increase in gender equality. In the past, when women lacked the social ability to earn a liveable wage and support themselves independently, divorce was not a valid option. Now that society has modernized and equality between men and women in the workplace has improved, women are more able and willing to file for divorce if necessary. This increased possibility for divorce is yet another reason why prenups have become more common.

Prenups Can Be Created Without an Attorney

In the age of Googling and DIY projects, many turn to the Internet for help with just about anything—legal issues included. Boilerplate prenuptial agreement forms can be found with a quick Internet search, but that does not mean that they are the right option for your situation. Not only can these generic documents be thrown out in court, but the lack of legal guidance can also leave you in a tight spot moving forward. Prenups are meant to protect you in the event of a divorce. For this reason, it is imperative that each spouse seeks out his or her own attorney who will advocate on his or her behalf. Because prenups are created before any conflict actually arises, it can be difficult to separate your emotions for your partner and what would be best if you do indeed divorce. Working with an attorney is the best way to safeguard your own interests in the instance that divorce becomes a possibility.

I Can Sign a Prenup Right Before My Wedding

It is always advisable to begin the legal process of putting together a prenup well in advance of your wedding day. Like any legal proceeding, creating a prenuptial agreement can take much longer than anticipated depending on the circumstances. What you thought may take one legal meeting could turn into months of discussions and decisions. Preparing your prenuptial agreement in advance will reduce the stress of the legal process and of your upcoming wedding. Additionally, a prenup that is signed right before the wedding date could be questioned in court. One spouse could easily argue that he or she was coerced to sign the paperwork or that he or she was unsure about the marriage altogether in a court of law.

Prenuptial Agreements Are Set-In-Stone Once Created

Just because you create a prenuptial agreement does not mean that it will hold up in court. This is yet another reason why seeking out reputable legal help is imperative when creating this legal document. There are a number of terms that cannot be included in a prenup, such as determining child custody or not fully disclosing your assets, and if these terms are included, a judge may decide to invalidate the prenup in its entirety. Additionally, couples may decide to alter their prenup later in their relationship. For instance, if either of you receives a significant inheritance or asset, this can be included in the details of your prenup.

Contact a Geneva Prenuptial Agreement Lawyer for Help

Are you considering signing a prenuptial agreement but are unsure of how it can help you? Or perhaps you need advice on how to discuss signing a prenup with your soon-to-be spouse? For any newly engaged couple, it is important to discuss the possibility of signing a prenuptial agreement and acknowledging the benefits that come along with one. McSwain Rapp Law, LLC will help guide couples through the process of building a prenup and the difficult conversations that come along with it. Our compassionate legal team is prepared to advocate on your behalf, mitigating the possibility of a contentious legal battle later on. For more information about prenuptial agreements or assistance in creating one, contact our skilled Kane County prenuptial agreement attorneys at 630-581-2877 to schedule a free consultation.

Sources:

https://www.nbcnews.com/better/lifestyle/prenuptial-agreements-what-prenup-should-i-get-one-ncna993616

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2087&ChapterID=59