Why Prenuptial Agreements Are Not Only for the Wealthy
Prenuptial agreements, also known as premarital agreements, are excellent ways to settle property issues in the instance that a marriage falls apart. The mess of deciding who is entitled to what becomes easier, as it’s already been decided before the two partners decided to end their marriage.
Both parties can otherwise be fighting for their rights to property, but with a prenuptial agreement, this scenario is usually a lot different. Even with the benefits of prenup known, people are still a little unclear on how obtaining a prenup will benefit them.
Naturally, they think that such agreements are only for people with wealth. This is a misconception. The reasons listed here debunk this and many other myths that have formed over the years about prenups:
1. Prenups are Only Reserved for the Wealthy
Let’s get this one out of the way. Every marriage isn’t perfect, there are flaws, and when those become too much to bear, people separate. The legal fees incurred during the divorce proceedings are yet another problem especially for the ordinary couple. With a prenup in hand, everything is there in writing. Hence, if you own a lot of real estate or run a successful business and divorce rears its ugly head, you will be glad that you and your partner signed a prenup.
2. Prenups are Only Valuable if the Relationship Ends
Business-minded folks who regularly invest in property could benefit from a prenup in many ways. First, the majority of the estate will stay with you. Second, your partner won’t be able to cut you out of your own property. Third, your children from a previous marriage (if you have any) can remain financially secured.
3. Prenups Send Negative Signals to Your Partner
You may have a lot of money saved, while your partner might not. So, why take a chance with losing half of it if the marriage crumbles. You don’t have to spring the prenup on them, but get them to gradually agree by stating some facts. Remember that signing a prenup isn’t forecasting the end of the marriage, it is merely clarifying the rights of the parties concerning property and support issues.
4. Prenups Won’t Uphold in Court
This can occasionally be true is the legal requirements of such agreements in your state have not been met. For example, California law requires that the parties have their own independent attorneys to draft, review, and counsel them concerning such agreements. Also, the party who is presented with such agreement must have had at least 7 days from presentment of it before signing it. A prenuptial agreement presented the day before the wedding is simply not going to be enforceable in California. A prenuptial agreement drafted with the assistance of an attorney who understands the legal requirements is much more likely to be upheld in court. Prenups aren’t Expensive
The bottom line is that divorce costs more than getting a prenuptial agreement. Getting a prenuptial agreement isn’t expensive and in the future can save you from a lot of trouble, because it is a one-time cost that’s sure to save you a lot of money if your marriage ends.
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