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 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 parties understand the arrangement, it does not contain false or misleading information, and it is properly drafted and executed, it should stand up in court during a divorce. Of course, there are always exceptions, such as in the case of Owens v Owens, which we discussed at length in a recent post.
2. Only the Wealthy Need Prenuptial Agreements
While the absolute amounts at stake may be higher for the wealthy, financial losses can impact individuals with lower incomes even more severely. 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 and customizable to a couple’s specific desires and circumstances. Besides dictating how assets should be split in case of divorce, they can also establish responsibilities for both parties during the marriage. A qualified divorce attorney in Virginia can help couples strategize to get diverse utility out of these agreements.
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 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.