Prenuptial agreements always invoke unease to couples nearing the monumental stage of their relationship. In fact, society looks at it as a sign that a marriage will fail in the future.
But, according to the Law Offices of Ian S. Mednick, a family law attorney in Long Island, prenuptial agreements are now a necessity. While it’s indeed not a pleasant subject, if you consider the rate of divorce in the country, protecting one’s asset has never been more crucial.
Below are the myths lies surrounding this agreement and why you might need it before it’s too late.
Prenups Set Future Spouses Up for Divorce
Although prenuptial agreements highlight the terms for a possible separation in the future, it’s not only for divorce. In reality, this contract protects the personal assets and financial obligation within a marriage. In turn, this sets things straight from the start and enables both spouses to determine what responsibilities to perform.
Prenups are for Rich People Only
Contrary to popular belief, prenuptial agreements work for everyone regardless of financial status. It doesn’t only keep businesses and assets separate for the wealthier partner, it also spells out which individual debts will remain exclusive. This protection is essential for people who aren’t particularly rich but want to avoid liabilities in the future.
Only Married Couples Have Prenups
Technically, only those who are marrying officially can have a prenuptial agreement. But, there are also instances where people living together and have a romantic relation for an extended period will legally appear as married. This is a dangerous situation because you’re going to share full liabilities. Without any prior arrangement, this can force a partner to carry unwanted financial obligations.
Prenuptial Agreements are Rarely Enforceable
While there have been many cases where the court invalidates a prenuptial agreement, these are usually the ones without legal aid. But, with a good divorce attorney, the agreement holds up.
Prenuptial agreements protect not only the couple’s interests, but also their relationships after a divorce. It manages the expectations of each partner and sets things with a clear path.