A prenuptial agreement is defined by Oxford as “an agreement made by a couple before they marry concerning the ownership of their respective assets should the marriage fail.” This can apply to financial assets as well as property and copyrights. Essentially, it predetermines what will happen to each party’s assets should the marriage, unfortunately, come to an end.
Alternatively, a couple can choose to make this agreement even after they’ve married. This is called a “postnuptial agreement” or “postmarital agreement”. It is equally as valid as a prenuptial agreement (often referred to in shorthand as a “prenup”) but may be slightly more difficult to procure.
Regardless of which method you choose, an Atlanta prenup lawyer can help you. Before you get started, here are some of the most common myths we hear about prenups and the true benefits of such an agreement.
#1 Prenups are Only for the Wealthy
Regardless of your economic background, you are eligible for a prenuptial agreement. Many couples today are using these to allocate student loan debt payments and assets purchased before the marriage such as homes and cars. They can also provide provisions for future assets and the financial responsibilities of each partner when it comes to raising children.
#2 Prenups Only Protect the Spouse with the Most Assets
A prenuptial agreement is entirely customized to the couple. Therefore, each party can decide what to include and exclude. If anything becomes biased towards one party, it can be thrown out in the court. The main goal of a prenuptial agreement is to provide fairness to both parties in the event of a break up.
#3 Prenups Cost a Lot of Money
Most of the time, prenuptial agreements are fairly straightforward and reasonably affordable. When you compare the cost of a prenup to the hours of litigation you may encounter in a divorce proceeding without one, you may be saving yourself thousands of dollars.
#4 Prenups Only Matter When You Get Divorced
Although protecting yourself in the event of divorce is the primary concern of a prenuptial agreement, they can also be used to set financial expectations for each party or to develop an estate plan. Having a prenuptial agreement set forth makes future money conversations easier to have.
#5 Prenups Mean You Don’t Love Each Other
Being able to talk with your partner about financial matters can be difficult, and it takes a loving and trusting couple to do so without arguing. On the contrary, a prenuptial agreement means you care enough about each other to see that each party is financially secure in the event the relationship ends.
Get in Touch with Daniele Johnson Today
Whether your big day is quickly approaching or if it’s already flown by, contact Daniele Johnson & Associates today. As an Atlanta prenup lawyer, we can answer all your questions about this legal agreement and get you set up for a successful future together. Please call 470-746-6485 to learn more.