Four Common Myths About Prenuptial Agreements

 Posted on January 09, 2025 in Prenuptial Agreements

The idea of a prenuptial agreement may spark heated debates, as many see it as an instrument of distrust or a sign that at least one party expects the marriage to end in divorce. In truth, a prenuptial agreement should protect both parties in the event of a divorce in the same way your homeowner’s insurance protects you in the event of a disaster or your health insurance protects you should you become ill.

A properly prepared prenuptial agreement should be viewed as a form of "insurance," should the unthinkable happen. There are many fallacies regarding prenuptial agreements that are often taken as the truth, while many truths about prenuptial agreements are easily overlooked. If you are considering a prenuptial agreement, having an experienced McKinney, TX family law attorney answer your questions and guide you through the process can be an invaluable asset.

What Is a Prenuptial Agreement?

A prenuptial agreement is a legal contract entered into by two people prior to getting married. The agreement outlines how financial matters, including assets and debts, will be handled in the event of a divorce. A prenuptial agreement can help ensure both parties have similar financial expectations since marriage is both an emotional commitment and a financial partnership. A prenuptial agreement can include:

• Property rights and obligations of each party
•  How property will be divided upon separation, divorce, or death of one party
• Modification to or elimination of spousal support
• Ownership rights to life insurance benefits
• Any other matter that pertains to personal rights and obligations that does not violate public policy or statutes imposing criminal penalties.

A prenuptial agreement may not include any terms that "adversely concern child support." For a prenuptial agreement to be valid, both parties must voluntarily agree to the terms, and both parties must provide full financial disclosure. There must be no duress or coercion involved on either side.  

What Are Some Myths About Prenuptial Agreements?

The first and most common myth about prenuptial agreements is that only the super-wealthy need or have them. Prenuptial agreements can be extremely useful for couples from all walks of life to protect family heirlooms, inheritances, income, real estate, and even debt management. For example, if one partner is coming into the marriage with substantial student loans or another type of debt, a prenuptial agreement can specify who is responsible for those debts in the event of a divorce.  

The second most common myth about prenuptial agreements is that asking for one means you distrust your future spouse. A carefully constructed prenuptial agreement can actually facilitate conversations about finances, responsibilities, and expectations for a marriage. The number of people who enter into a marriage without a single clue about how their partner manages money is staggering – and likely contributes to the divorce rate. Honest conversations about financial matters can remove any future ambiguity about how marital finances will be handled.

A third common myth about prenuptial agreements is that they always favor one party. While this could be true in some cases, a well-drafted premarital agreement will reflect the rights and interests of both parties. Each partner has the right to negotiate the terms of the prenuptial agreement and should never sign an agreement that they do not feel is fair and balanced. Both parties must fully disclose his or her assets and should have independent legal representation to ensure fairness.

The fourth common myth regarding prenuptial agreements is that they are not enforceable in divorce courts. When a prenuptial agreement is carefully drafted and executed, it is certainly enforceable during a divorce, especially when it is fair, includes full disclosure of assets and liabilities, and does not include provisions pertaining to waiving child support or encouraging divorce.

Contact a Collin County, TX Prenuptial Agreement Lawyer

When considering a prenuptial agreement, it is important to view the agreement as a way of ensuring you and your future spouse are financially compatible. A McKinney, TX prenuptial agreement attorney from The Ramage Law Group can help you create a document that is fair to both parties. We are an all-woman firm with a focus on collaborative law, client relationships, and the best interests of involved children. Call 972-562-9890 to schedule an initial attorney meeting.