There are a lot of misconceptions and myths that circle around prenuptial agreements. It is easy to get caught up in these misunderstandings. Before you make a decision one way or the other, it is important to understand what is true and what is not when it comes to prenuptial agreements. Continue reading to discover the top four myths about prenuptial agreements to consider. If you require assistance drafting your prenuptial agreement, do not hesitate to reach out to our experienced divorce attorney today to learn more about our services.
Prenuptial agreements are not held up in courts
The circumstances that lead to prenuptial agreements being invalided by the court 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
However, if you have property drafted your prenuptial agreements with representation on both sides and without duress, your prenuptial agreement should be held up in court. This is especially true if your prenuptial agreement was drafted with the assistance of an experienced attorney.
Prenuptial agreements are pricey
When considering the monetary cost and emotional toll a divorce can have without the protection of a prenup, the cost of a prenuptial agreement is far less. It helps to consider a prenuptial agreement as a one-time insurance policy for your marriage. Just like you would take out an insurance policy on items of value such as a car. Of course, you would never want your car to be totaled, but you do the responsible thing by taking out insurance, just in case something were to happen. You should also transfer this point of view to your marriage and drafting a prenuptial agreement for protection.
Prenuptial agreements are only for rich couples
Prenuptial agreements are for anyone, no matter how much money they have in the bank. This is true because prenuptial agreements are not only used to protect your assets. Most prenuptial agreements call out one or two items such as a home brought into the marriage, a retirement account, or even a pet. It is important to have this document in order to keep your belongings separate, should you have to divide your assets in a divorce. It is also smart to consider drafting a prenuptial agreement simply due to tot the divorce rate in our county and the high legal fees for a divorce.
Prenuptial agreements are not needed if you have separate bank accounts
Even if you have deposited your earnings into a separate checking or savings account, without a prenuptial agreement, both spouse’s income is considered community property.
Contact our experienced New Jersey firm
If you require strong legal representation for matters related to divorce or family law, Haber Silver Simpson & Russoniello is here to help. We proudly represent clients in Morris County and throughout the state of New Jersey. Contact our firm today to schedule a consultation.