5 Misconceptions About Prenuptial Agreements

Have you ever heard the saying, “Ignorance is bliss”? That doesn’t hold true when it comes to a prenuptial agreements. You want to know as much as possible.

A prenuptial agreement is a contract between a couple. In this contract, they outline what will happen to jointly held assets in the event of a divorce.

There are a number of misconceptions circulating about prenuptial agreements or marriage contracts. This article offers you some guidance about this type of contract.

1. Prenuptial Agreements are just for celebrities and millionaires

The first myth about prenuptial agreements is that they’re just for rich people. That isn’t true at all – if you have assets you want to protect, such as a house or a family heirloom, you want to ensure that your plans for them are carried out.

2. They start marriage off on the wrong foot

A second erroneous belief that people hold about this type of contract is that they set a negative tone for the whole marriage. When you sign a prenuptial agreement, you’re saying that there’s a chance the marriage will fail.

While it’s true that such an agreement takes a very realistic approach to relationship outcomes, it’s not correct to say that it sets a negative tone for the whole marriage. Prenuptial agreements enable couples to have a serious discussion about finances. Discussing it before they decide to spend the rest of their lives together helps them avoid fights.

3. They’re not legally binding

Another misconception that people have about prenuptial agreements is that they aren’t legally binding. The only time when this is the case is when the agreement wasn’t drafted with the aid of an attorney, and one of the partners was coerced into signing. Otherwise, your contract will stand up in court.

4. They’re always the man’s idea

A fourth myth about prenuptial agreements is that only men ask for them. Women also have assets to protect. Furthermore, if a wife decides she’s going to stay home to raise the couple’s children, she may want a prenuptial agreement, to ensure that she is compensated for not working outside of the home.

5. They cost too much

Finally, many people wrongly believe that prenuptial agreements are expensive. They think that once lawyers are involved, the costs are not worth it. What they don’t consider is that the cost of a wedding is quite high, as is that of divorce. Couples should see a prenuptial agreement as an insurance policy – hopefully, they never use it, but it’s there in case they need it.

Learn the real facts about prenuptial agreements

Are you about to get married? Call Fine & Associates today at 647-560-1673 to talk to an experienced lawyer about how a prenuptial agreement can strengthen your relationship.

An agreement drafted by a lawyer will stand up in court. Furthermore, it shows that you are investing in your future marriage. Don’t let the myths that other people believe stand in your way of discussing your financial future as a couple – contact Fine & Associates today for more information about prenuptial agreements.

Fine and Associates was named the Top Choice Award Winner – Best Toronto Divorce/Family Lawyers for 2013-2014.