8 Myths About Prenuptial Agreements
Prenuptial agreements are a practical, common-sense step in the marriage process. This is evidenced by their growing popularity, especially among younger people and those entering a second or third marriage. While prenuptial agreements are becoming commonplace, misperceptions persist. Here are 8 myths that may be keeping many from securing their relationship with a prenuptial agreement.
MYTH: Prenuptial Agreements are Something New
Actually, marital agreements or prenuptial agreements date back over 2,000 years to Ancient Egypt. In the United States, they have become increasingly popular over the last 50 years. Their popularity among modern entertainment figures has given them more popularity and visibility in recent decades.
MYTH: Prenups are not Valid in all States
All 50 states recognize valid prenuptial agreements, but each has their own statutes with regard to what provisions they may include. This is why it is important your prenup attorney is licensed in the State of Florida and is familiar with family law in the state. This also makes it important to review your prenup should you and your spouse move to a different state.
MYTH: Prenuptial Agreements are Only for the Wealthy
While prenuptial and marital agreements were once considered for only the wealthy and elite, that is changing, and changing rapidly. Today, it is estimated that overall, 15% of all couples have prenups, and that number is now 40% of young marrieds under the age of 35. More couples are recognizing that individual rights don’t stop with marriage, and there should be an agreement with how premarital and marital assets will be handled.
MYTH: Prenuptial Agreements Demonstrate Lack of Trust
This is still a myth that is probably still being spread by an aunt of yours. A prenuptial agreement is neither a sign of lack of trust nor bad luck. More and more couples are recognizing that it is a serious, legal, and appropriate way to solidify their marriage. A prenuptial agreement adds transparency to a relationship and can, in fact, build trust.
MYTH: Prenup Agreements Protect Only the Partner with the Most to Lose
A prenup states who owned what upon getting married, who owed what, and how those premarital and eventual marital assets would be handled in a divorce. It identifies assets and is a way couples can acknowledge the contributions of each. It should be a fair, mutually respectful, and beneficial process.
MYTH: Prenups Are Expensive to Prepare
Prenuptial agreements can get pricey in complex situations with abundant assets. But even in these situations, they are a bargain compared to entering a marriage without one. If you and your spouse are generally in agreement on what is right and fair, a prenup agreement can be surprisingly affordable. It can also be rewarding.
MYTH: Prenup Agreements can Determine the Fate of Children
If it is your intention to use a prenup to help determine the fate of any children, present or future, in a marriage, that is not possible in Florida. The courts in Florida are charged with determining what is best for minor children, and that can’t be trumped by a prenuptial agreement. On the other hand, it can be used to set the parameters for alimony.
MYTH: A Person can be Coerced Into Signing a Prenuptial Agreement
Some may avoid getting involved in a prenuptial agreement out of a fear that they may be forced, coerced, or tricked into something that may not be in their best interest. In Florida, a party signing an agreement under pressure or coercion could invalidate the agreement. A person signing such an agreement should do so of their own free will and without threat of negative ramifications.
We do our best to help our clients understand this, and have a policy that prenups should be executed at least 30 days prior to marriage to help ensure it is being signed under appropriate circumstances.
Don’t let myths, misperceptions, or misconceptions stop you from exploring the benefits of a prenuptial agreement. We are here to answer your questions, explain your options, and make the process simple and straightforward. Contact us to schedule your no-cost, no-obligation initial consultation. Discover the peace of mind a prenuptial agreement can bring to your relationship. Contact us today.
If you have questions about a prenup agreement or a postnup agreement or require legal assistance in other areas of Family Law in Tampa, Florida such as high asset divorce you may always contact Damien McKinney of The McKinney Law Group to discuss your case further. He can be reached by phone at 813-428-3400 or by e-mail at [email protected].
We now offer online prenuptial agreements. Contact us to inquire further about our online prenup option.