It is not surprising that so many people have some misconceptions about prenuptial agreements. Not only is it a thorny topic to tackle with your soon-to-be spouse, but movies and television have not exactly gone out of their way to portray these documents with any kind of accuracy. You probably have a few mistaken impressions about prenups too, so let a prenuptial agreement attorney in Mountainside bust some myths for you.
Aren’t Prenuptial Agreements Pointless Unless You Are Extremely Rich?
This actually is not true. Many couples can benefit from the use of a prenup, even if they are not that wealthy. A prenuptial agreement is basically just there to set expectations and establish ownership of specific assets. You do not have to own multiple properties or a rare artwork collection to benefit from a prenup.
Don’t Prenuptial Agreements Only Protect the Richer Spouse?
Another misconception is that a prenup is basically just there to protect the spouse with more assets, but this is not the case. A prenuptial agreement is designed to protect both spouses and their assets, giving both partners less to worry about in the event of a divorce.
Isn’t Getting a Prenup Drawn Up Expensive?
Drawing up a prenuptial agreement will cost you money, that much is true. It is like any other service you go to a lawyer for. You are going to be charged for their time, but it is worth it because you will have a legally binding agreement that will stand up to scrutiny.
So, you would have to spend a bit of money now, but the tradeoff is that you could end up saving a significant amount of money in the future. This is because getting divorced without a prenup can be costly for both spouses.
Having a prenuptial agreement means that you have already decided on how most assets will be divided. Without one, you have to take the time and expense to divide up everything. If you cannot come to an agreement and need to enter into litigation, that process is going to be far more expensive than writing up a prenup would have been.
Is a Prenup Just a Self-Fulfilling Prophecy?
Some couples also worry that even talking about a potential divorce dooms their marriage, so they do not even want to explore a prenup. This is silly though. You are not dooming your marriage by talking about what would happen if it ended. You are being responsible and setting important expectations.
Schedule a Consultation
Now that you learned a bit more about how prenuptial agreements actually work, you may want to consider having one drawn up for you and your spouse. If that is the case, you should contact Ross & Calandrillo, LLC and schedule an appointment. We are ready to help you protect yourself and your assets.