Five Common Misconceptions About Premarital Agreements
Premarital agreements are important legal documents that can protect both spouses in the event the couple gets divorced. Premarital agreements classify separate and marital property and outline which spouse will be held liable for certain debts and who will receive certain assets. Still, there are many misconceptions and myths surrounding prenuptial agreements. If you believe these myths while drafting your contract, you may find out too late that it does not provide the full protection you thought it did. Below, our Media divorce lawyer outlines the five most common misconceptions about premarital agreements and the truth behind them.
Premarital Agreements are a Plan for Divorce
Perhaps the biggest reason people do not want to draft a premarital agreement before divorce is because they think these contracts are a plan for ending the marriage. However, this is like saying that people purchase auto insurance because they plan to be involved in a crash. Neither is true. Premarital agreements simply provide protection in the event that a marriage ends in divorce. Drafting a contract does not mean that you hope your marriage fails, or that you cannot trust your soon-to-be spouse.
Only the Wealthy Need a Premarital Agreement
When hearing of a rich and famous couple getting a divorce, it is often said that at least one of the parties likely has a fairly strong prenup. However, this does not mean that premarital agreements are only for the wealthy. Professionals with practices, business owners, and anyone who has property they want to keep separate during a divorce will benefit from a prenuptial agreement. People also draft premarital agreements when they want to protect children from a previous marriage or when they are going to support a spouse who wants to further their career or obtain an education.
Only Older Couples Need a Premarital Agreement
Older couples have often acquired more separate property before getting married and commingling some of their assets. Younger couples, on the other hand, are often just starting out in life and have not usually accumulated a lot of wealth or property. As such, it may seem natural to assume that only older couples need a premarital agreement. This, however, is not true. Young people may be planning to start a business once they are married, and know they want to keep that separate from marital property. Premarital agreements can also outline terms in case one spouse passes away, which can help younger couples plan for their future.
Our Divorce Lawyer in Media Can Help You Prepare Your Agreement
Premarital agreements are practical for any couple getting married. It is important to note though, that they can only provide protection when they are drafted properly and therefore, are enforceable by the courts. At Barbara Flum Stein & Associates, our Media divorce lawyer can advise on what to include in your agreement and draft it so it provides the protection you are relying on. Call us now at 610-565-6100 or contact us online to schedule a consultation and to learn more about how we can help.