4 Myths About Prenuptial Agreements
Prenuptial agreements provide a number of important benefits to couples, but many people look on prenups in an unfavorable light. Our San Diego family law attorneys at the Law & Mediation Firm of Klueck & Hoppes, APC want to help dispel some of the negative connotations associated with prenups and communicate the ways in which a well-drafted agreement can actually strengthen your marriage.
We’ve identified and debunked four common myths about prenuptial agreements:
- Myth #1: Prenups are only useful in a divorce. Did you know that prenups are also a useful estate planning tool? Having a written understanding of how money will be handled during your marriage can ensure that you and your spouse are on the same page. They can also serve as supporting documentation to ensure that your last wishes are fulfilled if you were to pass away.
- Myth #2: Prenups are only for people who have a lot of money and assets. While individuals with greater amounts of assets can reap significant advantages from a prenup, there are still plenty of advantages to people who haven’t yet accumulated much wealth. A prenup can help establish financial expectations for the future, protect each party from the other person’s debts, and protect the futures of any children they may have.
- Myth #3: I’m already married – it’s too late to draft an agreement. While it may technically be too late for a prenuptial agreement after you are already married, you can still create a postnuptial agreement that accomplishes the same things. Postnuptial agreements detail how assets will be divided in case the marriage comes to an end.
- Myth #4: Prenups are expensive. Compared to the cost of a contested divorce, prenuptial agreements are not expensive and are well worth the cost. Nobody buys health insurance hoping that they end up sick. Similarly, one shouldn’t look at the cost of a prenup and hope to get their money’s worth out of it. Think of it like insurance – it’s there to give you peace of mind and protect you in case the unexpected happens.
If you are interested in creating a prenuptial or postnuptial agreement, the San Diego family law attorneys at Law & Mediation Firm of Klueck & Hoppes, APC are available to help. Request your initial case review today when you call (619) 577-4900.