If you’re planning to spend the rest of your life with another person, you may be dubious about the necessity of a prenuptial agreement. These agreements, often publicly discussed in the context of high-profile celebrity divorces, are often unfairly maligned in the press, due to prevailing misconceptions regarding what they are and how they work.
Here are five common, damaging myths about prenuptial agreements.
1. A court will not uphold a prenuptial agreement.
This is rarely the case, especially if the couple worked with qualified Alexandria family law attorneys to craft a fair agreement. As long as both people understand the arrangement; and it does not include false or misleading information; and it is properly drafted and executed, it should stand up during a divorce. Of course, there are always exceptions, such as the case of Owens v Owens, which we discussed at length in a recent post.
2. Only those with high-valued assets or wealth need prenuptial agreements.
Although the absolute amounts at stake in a divorce may be higher for the wealthy, losses can impact lower incomes individuals harder and cause more financial problems. Bottom line: anyone with money or property to protect can benefit from a prenuptial agreement.
3. Prenuptial agreements only apply to divorces.
These legal documents are versatile, customizable to a couple’s specific desires and circumstances. Besides dictating how assets should be split up should the couple divorce, they can also establish responsibilities for both parties during the marriage. A qualified divorce attorney in Virginia can help the couple strategize to get diverse utility out of these documents.
4. Non-earning spouses don’t benefit from prenuptial agreements.
Each agreement is different, but a carefully-crafted document should protect the interests of the non- or lesser-earning spouse as well as the breadwinner.
5. Asking for a prenuptial agreement is a signal of distrust.
Each party comes to the marriage with different expectations; a prenuptial agreement simply serves to document the couple’s preferences and create accountability. By clearly articulating their preferences before the marriage, couples can build a strong, stable foundation.
Choosing to get married is a life-altering decision, and drafting a prenuptial agreement may be a smart choice, as you and your beloved prepare to begin your life together. For more information about prenuptial agreements in Northern Virginia, call DiPietro Law Group, PLLC today at (888) 530-4374.