It seems that most people are aware of prenuptial agreements, especially those considering marriage. However, even though many people have heard about prenuptial agreements, there are still many common misunderstandings about these agreements, including the following:
- Prenuptial agreements are only for celebrities or the wealthy. Statistically, about 50% of all marriages will end in divorce (even though only about 10%-15% of people polled think that their marriage might end in divorce). Thus a huge number of people – including an overwhelming number of people who never thought that there was any chance of them getting divorced – will have to go through the often difficult and acrimonious process of a divorce. Prenuptial agreements can be used to eliminate or minimize the cost, significant time, and adversarial negotiations associated with many aspects of a divorce. As a result, they are beneficial to nearly all couples.
- Prenuptial agreements only cover property division. Prenuptial agreements can cover virtually any aspect that would arise in connection with a divorce, including custody and child support (however, as with all matters governing children, the court must agree with the terms of a prenuptial agreement affecting children – such as child support – and will be free to set aside any agreements that it believes are not in the best interests of the children).
- Prenuptial agreements won’t get me anything more than I would be entitled to in the event of a divorce. This is not the case. Depending upon the agreement, you may be able to get far more than you would in a divorce, particularly in terms of property division and spousal maintenance.
- Prenuptial agreements can be expensive. In most cases, this is not true, especially if a couple has spent time prior to meeting with legal counsel in thinking about how certain aspects – such as property division and spousal maintenance – should be handled. In fact, the legal fees for a prenuptial agreement are often relatively small in comparison to the cost of many weddings.
How We Help Those Considering a Prenuptial Agreement
We offer a free initial consultation with a partner, so that you can discuss whether a prenuptial agreement may be right for you. If you would like to proceed, we will want to meet with you to understand your objectives and financial condition so that we can best represent you.