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3 Myths about Prenuptial Agreements

by Norris Law Group on July 25, 2014

3 Myths about Prenuptial AgreementsThe previous installment of this blog went over what a prenuptial agreement actually is, and some stipulations which engaged couples might want to include in one. In this installment, we will continue to examine information from an article from LearnVest which explains prenups and also aims to dispel three common myths about prenups.

“Myth #1: Prenup Means Betting Against Your Marriage”

LearnVest contributor Allison Kade interviewed Sandra Schpoont, a divorce attorney based in New York City, who says that getting a prenuptial agreement needn’t “kill the romance” of an upcoming marriage. She also says that if a marriage does end in divorce and a prenups was in place, the divorce typically goes much more smoothly and costs the divorcing couple much less in attorneys’ fees. The process of drafting a prenups also forces engaged couples to talk seriously about money. According to Schpoont, “Making decisions while in love usually leads to more peaceable results in the end.”

Myth #2: Prenups Are Just For The Rich.

Schpoont calls this an “outdated” idea. Prenups can be a good idea for any couple, especially if they go on to accumulate wealth together or build a business, or if one spouse stays home to care for children.

Myth #3: Once You’re Married, It’s Too Late.

After a marriage has taken place, it is too late to get a prenuptial agreement. But there is such a thing as a postnuptial agreement. Postnups are very similar to prenups, although courts tend to favor enforcing prenups, as they are created prior to a marriage and therefore less likely to have been set up with the intention of keeping or hiding assets from one spouse.

Kade concludes with a few reasons why engaged couples may wish to get a prenups or a postnup:

  • One spouse will make much more money than the other;
  • One spouse comes to the marriage with heavy debt;
  • One or both spouses has children from previous relationships; or
  • One spouse plans to leave the workforce to care for the family at home.

Attorney Graham Norris and his associates at the Norris Law Group serve the residents of Utah County and throughout Utah in the area of family law, including prenuptial agreements. Contact them today at 801-932-1238 or online for a free consultation.

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