Nearly 50 percent of all marriages in the United States end in divorce or separation. Even if couples are aware of this statistic, many of them still do not think a divorce could happen to them. Whether or not a couple expects to be confronted with a divorce or not, it is wise to think through the “what ifs” of a marriage. What would you do if you were faced with a divorce? What would happen to your finances? Who would get the house? What part of the family business would you receive, if any?
Since many marriages end in divorce, the topic of prenuptial agreements, while not an enjoyable subject to discuss, is an important one that can bring clarity to financial issues should a divorce occur. There are many misconceptions about prenuptial agreements, and to help you make an educated decision on whether a prenup is right for you and your marriage, we listed a few of those myths below:
Misconception #1: Prenuptial Agreements Are Costly
While creating a prenuptial agreement involves a fee, the amount of money a couple would have to pay to litigate divorce related issues is more costly. Since many divorces are caused by money, paying a one-time fee to create a prenuptial agreement may not be a bad idea since everything would be understood and written out in the agreement should anything go wrong in the marriage.
Misconception #2: I Can Protect My Own Finances
Some people may believe that they can protect their own finances without having to create a prenuptial agreement. The truth is that the money each person makes during a marriage is considered marital property and more than likely will need to be shared with the other spouse if a divorce were to take place. A prenuptial agreement can help to protect a spouse’s earnings and assets that are important to them.
RELATED: Read these top considerations for creating a marital agreement.
Misconception #3: Prenuptial Agreements Cause Relationship Problems
The thought of getting a prenuptial agreement may be a bit awkward for a couple at the beginning, but for many couples, having talked through all of the “what ifs” can help to make their relationship even more comfortable since everything is laid out on the table. Having this agreement in place can take away some or all of the surprises and concerns related to divorce.
Misconception #4: Prenuptial Agreements Are Not Enforced
We hope this information can help to clear up the many myths that come along with the topic of prenuptial agreements. If you are interested in creating a prenuptial agreement, our experienced divorce attorneys at Wilder Mahood McKinley & Oglesby can help you to draft, implement, and defend a prenuptial agreement or simply answer your questions so you can figure out if a prenuptial agreement is right for you.
For more information, contact us online or call our office in Pittsburgh, Pennsylvania, at 412-261-4040.
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