There are many misconceptions regarding drafting a prenuptial agreement. If you are planning on drafting your own prenup, it is important that you understand the myths that are commonly spread about the legal document and how to avoid being mistaken about the process. Continue reading to discover if prenuptial agreements are only for rich people, if they are too pricey to be worthwhile, and if they are even held up in court. If you require assistance with your prenuptial agreement, do not hesitate to reach out to our experienced divorce attorney who will happily guide you through the process.
Prenuptial agreements are only for rich couples
Prenuptial agreements are not only used for protecting your money and assets. Prenuptial agreements are for anyone, no matter their bank account. It is a smart decision to draft a prenuptial agreement given the divorce rate in our county, the high legal fees or a divorce, and the emotional turmoil that may come from the split of your marriage. It is important to have this document in order to keep your belongings separate. Most prenuptial agreements call out one or two items at most. Some of those assets might include a home brought into the marriage, a retirement account, rare memorabilia, and even pets.
Prenuptial agreements are pricey
In the grand scheme of things, a prenuptial agreement, for what it’s worth, is far less expensive than the monetary cost and emotional toll of a divorce without a prenuptial agreement. It is common for couples to view a prenuptial agreement as a one-time insurance policy that is taken out on their marriage. Of course, you would never want to lose your marriage, just like you would never want to total your car, you still do the responsible thing and take out an insurance policy, just in case something were to happen.
Prenuptial agreements are not held up in courts
There are a few circumstances that lead to prenuptial agreements being invalided by the court, they are as follows:
- Only one side was represented by counsel
- There was coercion where one partner was made to feel they were being forced to sign the agreement
- Financial disclosures were not obtained or were fraudulent
With the assistance of an experienced divorce attorney, if you have property drafted your prenuptial agreements with representation on both sides and without duress, there would be no reason for your prenuptial agreement to not be held up in court.
Prenuptial agreements are not needed if you have separate bank accounts
Without a prenuptial agreement, both spouse’s income is considered community property, even if deposited into a separate checking or savings account.
CONTACT OUR EXPERIENCED NEW YORK FIRM
Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.