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What are some common myths about prenuptial agreements?

On Behalf of | Jul 20, 2021 | High-net Worth Prenuptial And Postnuptial Agreements |

For many years, prenuptial agreements have had a stigma surrounding them, and while this has lifted somewhat in recent years, it still persists to some extent. As a result, you may feel nervous about even bringing up the subject with your future spouse.

Because prenuptial agreements are an uncomfortable topic of discussion, a lot of misunderstandings grow up around them. Here are some myths that you may have heard about prenuptial agreements and the truth behind them.

A prenuptial agreement is not necessary because you can always get a postnuptial agreement

There is a grain of truth to this. A postnuptial agreement accomplishes approximately the same thing as a prenup and is available at any time following the ceremony. However, postnuptial agreements are more complex because any property you and your spouse have accumulated together in the intervening years is marital property under the law.

You can wait to formalize your prenup until the last minute

Again, it is technically true that you are eligible to sign a prenup until the moment you walk down the aisle. However, if it appears that one party coerced the other one into signing the prenup, it may be possible to invalidate it. It may appear to be coercion if you and your spouse signed the prenup within days of the wedding.

A prenup dooms the relationship

A lot of people mistakenly believe that to sign a prenup is to doom the relationship to divorce. However, this is like saying that taking out a homeowners insurance policy dooms you to losing your property in a fire or tornado. Insider cites statistics showing that there is no predictable impact on the success of marriage from signing a prenup.

Prenups are not romantic, which may be part of the reason why people are reluctant to talk about them. Divorce is not romantic either, but it can be a lot less painful if you and your spouse have a prenup already in place.