A prenuptial agreement is a binding contract entered into by a couple before they get married. While the specific terms can vary, a typical prenuptial agreement addresses issues related to the division of assets, debts, spousal support and other financial matters.
While common, many myths about prenuptial agreements persist. Knowing what these myths are can help couples understand the true purpose of prenuptial agreements.
Myth: Prenuptial agreements are only for the wealthy
Prenuptial agreements can benefit any couple and according to NPR, in 2022, approximately 15% of married couples had a prenuptial agreement. One common myth is that prenuptial agreements are exclusively for the wealthy. In reality, these agreements can benefit individuals of all financial backgrounds.
Myth: Prenuptial agreements predict divorce
Some believe that signing a prenuptial agreement is a predictor of an eventual divorce. A prenup is a precautionary measure, not a sign of an impending separation. It serves to establish clear expectations and guidelines in the event that circumstances change during the marriage.
Myth: Prenuptial agreements are unromantic
Another misconception is that prenuptial agreements are unromantic or indicative of a lack of trust. Discussing and planning for potential future scenarios demonstrates a mature and responsible approach to marriage.
Myth: Prenuptial agreements only address finances
While financial matters are a common focus, prenuptial agreements can cover various aspects of a marriage. These include property distribution, debts, spousal support and even matters related to personal habits, such as lifestyle choices and religious preferences.
Myth: Prenuptial agreements are irrevocable
Contrary to this myth, prenuptial agreements are not set in stone. Couples can revisit and amend their agreements as circumstances change throughout their marriage.
Myth: Prenuptial agreements are only for older couples
Age is not a determining factor for considering a prenuptial agreement. Younger couples can also benefit from the security and clarity that such an agreement provides.
Before getting married, couples should consider the option of creating a prenuptial agreement. This can help spouses preserve family assets, clarify debt, protect their assets and allow for more financial transparency.