Should you or should you not get a prenup? Having this agreement can be daunting for many couples. How does it affect divorce? What does it cover? To answer these questions, learn the facts and myths about prenuptial agreements here:
1. One Needs to Have Significant Assets to Have a Prenup
False. The primary purpose of a prenup agreement is to protect each other’s interests, including assets. After all, it’s only fair that the person for it gets to enjoy and preserve it regardless of what happens to the marriage later.
However, one need not be filthy rich or a high-net-worth individual before they can consider having a prenuptial agreement. Depending on the rules of the state or the provisions of the deal, what the couples walk away after divorce, for example, can differ from what is on the prenup.
That’s why couples who plan to separate in New Mexico need to work with a divorce lawyer to ensure the process is fair for all parties, especially if they signed a prenup before getting married.
Note that a prenup agreement can also go beyond the protection and division of assets. It might also include the responsibilities of each party during the marriage and touch on sensitive issues like alimony or spousal support.
2. Only One Party Has to Request for a Prenup
Partly true. A couple maintains only one prenup agreement, but both of them need to agree with the terms and conditions.
The agreement is void if one couple can prove that the other coerced or influenced them to sign a prenup. It might also be unenforceable if the conditions are unfair to one of them or either or both fail to disclose all their assets before marriage.
3. Prenups Make Marriages Shaky
False. Many people think those prenup agreements can lead to disastrous marriages because it plants the seed of distrust or doubt. However, the Institute for Family Studies shares other factors can cause divorces:
- Lack of communication
- Substance abuse
- Constant arguing
- Lack of commitment
Although several couples can fight over money or finances, usually, these happen not because of the prenup. Writing for Forbes, Heather Locus even believe that this agreement can help couples whether they stay or leave the marriage.
If they remain, this agreement will encourage both to discuss money issues and be more transparent about their assets. If they divorce, this prenup can decrease the chances of heated battles.
4. Prenups Cannot Include Custody
True. A prenup agreement can cover many topics besides the division of assets. It makes the transfer of assets after the death of one of the parties easier and faster. It also limits or dictates some rules on alimony or spousal support.
However, this agreement doesn’t talk about children for one reason: children’s rights that no parent or document can control or encroach.
With custody, the court will always have the best intention or interest of the kid. The ruling can differ from what the parents want should the laws allow prenup agreements to discuss custody.
Although both parties can already talk about spousal support or alimony and include it in their agreement, the courts still value fairness. The figures and outcomes, therefore, might not be the same.
The bottom line is that couples need not fear a prenuptial agreement. It offers peace of mind, confidence, and practicality whether they stay together forever or not.