Are you soon to get married? Weddings are an exciting time. It is a special day where you are your partner celebrate love for one another and create a future together.
Preparing for the future is essential. Making sure that you have planned for every possible scenario such as kids, the future family home, and where you want to go as a couple is important. Discussing these things can help solidify the marriage and avoid any troublesome obstacles.
A prenuptial agreement is a great structure to planning your future as a married couple. However, I’m sure you will agree with us when we say the last thing you want to do is talk about your prenuptial agreement leading up to the wedding.
Here are the top 7 myths that we have come across.
Myth 1: A Prenup Can Sow The Seeds Of Divorce
Many people are unsure about prenuptial agreements because they think that it indicates a lack of trust or love. This is not the case. A prenuptial agreement just is a backup plan.
In fact, a prenuptial agreement presents a great opportunity and structure for couples to communicate about the future of their marriage. The results of this conversation will make sure you and your spouse are on the same page, making the relationship stronger.
“Marriage is a contract of understanding at many levels and because of the individuals every marriage is different. Having a relationship based on good two-way communication and understanding, built on trust and respect, hold the couple in good stead.” – Janice Killey, Sydney Psychologist
Myth 2: I Don’t Have Assets, A Prenuptial Agreement Doesn’t Apply To Me
It is true that a prenuptial agreement has significant advantages for someone with a lot of assets, however, they are also advantageous for those who don’t have much wealth accumulated yet.
A prenuptial agreement allows for the protection of current or future children the couple may have. It also protects one another from the other partner’s debts.
A prenup can also be used to set up guidelines if you and your spouse end up accumulating wealth. It can help avoid any false financial expectations that could potentially create problems for your marriage in the future.
And, if the marriage does break down, it can lessen the pain of divorce.
Myth 3: It Is Awkward To Suggest A Prenup
Whilst it can be awkward to suggest a prenuptial agreement, it doesn’t have to be. A great way to bring up a prenup is to include it when you do other legal stuff such as the writing of Wills. By pairing a Will and Prenup together, the focus is taken off the prenuptial agreement and more towards a conversation of planning for the future.
Also, take care when you decide to plan the agreement. Getting a prenuptial agreement three days before your wedding will definitely increase the amount of stress around that period. If the prenup is signed last minute, there is often a higher chance of it being disputed.
To avoid further stress and awkwardness, begin the discussion early in your engagement. It is recommended that you have the prenuptial agreement written up and signed at least 30 days before your wedding day. Many couples like to get the legal side of things out of the way as soon as possible to ensure the focus is on the actual wedding day.
Myth 4: I’m Already Married. It’s Too Late!
Don’t worry. If you are already married you can enter into a postnuptial agreement. This is a binding financial agreement couples can enter into after they are married.
Like prenups, the postnuptial agreement will detail how finances and assets will be handled and divided if the marriage breaks down. However, you will need to talk to a family lawyer before you entering into any contractual agreement.
Myth 5: Prenuptial Agreements Are Only Useful For A Divorce
Prenups can also be useful estate planning tool. They provide a great opportunity to clearly outline the handling of money during the marriage, such as how assets will be acquired and how earnings will be spent for what purpose. It allows for a written understanding of these expectations so you and your spouse are on the same page.
Prenuptial agreements can also serve as supporting documents to ensure that the wishes of your Will are fulfilled if you were to pass away.
Myth 6: Prenups Are Unromantic
It is obvious that sitting down and drafting your prenuptial agreement isn’t as romantic as a candlelit dinner, however, it can strengthen your relationship. Sitting down with your partner and planning your future plans and expectations can be incredibly fulfilling and set up a solid foundation for your marriage.
If a prenup is approached with good intentions, it can provide peace of mind to both partners. A prenup can protect any children of the relationship, simplifies financial discussions, and fosters complete transparency on both sides.
Myth 7: Prenuptial Agreements Are Expensive
Compared to the cost of an average wedding or divorce, prenups are a bargain. Prenups can be looked at as insurance. Nobody buys health insurance hoping they end up sick. It is security for when the unexpected happens.
A prenup agreement is for the incidents that can’t be accounted for, however, if something does happen it could potentially save you time, money, and stress for your and your family.
About The Author
Nathan Hughes and his team of Sydney family lawyers at Familylegalsydney.com understand that family legal issues can often be stressful. They are passionate providing Australian newly-weds a high quality and friendly service. Their team is committed to educating couples about their rights and responsibilities in a prenup and helping their marriage start on a solid foundation.
by Nathan Hughes