Many times the idea of a premarital agreement gets dragged through the mud, as people typically hear about them in conjunction with celebrity divorces. The fact of the matter is that premarital agreements benefit everyone, not just those with a lot of money. They are used to protect your assets and make sure your plans for the future are clear.
Often times people hear or read myths about premarital agreements that lead them to believe they don’t need one or shouldn’t have one. We are here to debunk 4 myths that you should ignore:
- Premarital agreements assume you’ll divorce each other eventually – Instead of viewing this agreement as a means to plan for an impending divorce, many couples take the viewpoint that it can actually help the relationship to flourish and grow. This type of document can help to solidify your estate plans, make specific arrangements for children from previous relationships, or can help clarify other expectations. Often times it’s this type of communication that can truly benefit a relationship, allowing for everyone to be on the same page.
- Premarital agreements won’t hold up in court – This statement can be true if your agreement is simply written on a piece of paper. However in instances where your agreement was drafted with the help of an attorney and it can be guaranteed that neither party was forced into signing it, the court system will typically enforce the document.
- A premarital agreement shows my partner doesn’t trust me – This myth couldn’t be further from the truth, as premarital agreements are often originated from good faith and compassion for one’s partner. Many times couples opt for signing this type of document so that one of them will be protected from the other’s debt that was accumulated prior to their marriage, or one of them wants to protect a specific asset should the other pass away.
- Creating a premarital agreement is too expensive – If finances are a concern, it makes sense that this might be the type of myth you’d be susceptible to believing. The cost for drafting a premarital agreement is actually small compared to the amount of money you could lose in the event of a divorce. Many people like to think of this agreement as a type of insurance policy, where you hope you don’t need it but you’re glad it’s there if something happens.
The team at Goldsberry & Associates want to help you every step of the way with creating a premarital agreement. We aim to ensure that your needs are met and your desires are accurately reflected in this important document. Contact us today to get started!