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Featured / 4.23.2024

Prenups Are NOT Just for the Wealthy: Debunking Common Prenup Misconceptions

Overcoming the Stigma 

Many people wrongly assume that they do not need a prenup or prenuptial agreement if they are not rich. Prenuptial agreements are not only for the wealthy. They can help protect you no matter what kind of assets you have. They can also help to protect you from your partner’s debt.

While prenups frequently get a bad wrap, they are simply a form of protection. Whether you are starting your own business or may inherit money in the future, prenuptial agreements can help ensure that you are protected no matter what happens down the road. 

At Stolar Law Group, we know how challenging these conversations can be, but also how incredibly important they are. Our lawyers are here to help you throughout the process. Contact our office today at (424) 421-0009 to schedule a confidential consultation. 

Can I Get a Prenup If I’m Not “Rich”? 

One of the most common prenup misconceptions is that you either cannot or should not get one if you are not rich. The truth is that prenuptial agreements are not just for wealthy people. They can address issues that all couples face, regardless of their financial situation. They can also protect your inheritance rights and provide for clear communication about how debts are distributed in the event of a divorce. 

Protecting Your Assets, Debts, and Inheritance Rights

Contrary to popular belief, prenups protect more than just a celebrity or ultra-wealthy businessman. They can provide peace of mind for people of all income levels. The benefits of a prenup are plentiful. Their primary purpose, in most cases, is to determine how assets and debts will be divided when the marriage ends. 

In many instances, a prenup can actually reduce tension in a divorce since the agreement is already in place. It can also help to ensure that if you inherit money from a loved one, the inheritance stays with you after the marriage is terminated.  

What Does a Prenup Typically Cover?

A prenup can cover a wide range of topics. However, it cannot contain terms regarding child support or child custody. These issues are decided separately. 

Items that a prenup may cover include information about:

  • Asset distribution
  • Property rights
  • Debt distribution
  • Inheritance rights
  • Retirement accounts
  • Spousal support
  • Tax obligations
  • Business rights

Most people assume that divorce and prenuptial agreements go hand and hand, but they are also effective if one spouse dies. Having a clear plan in place can help reduce the uncertainty and tension that often occurs after an unexpected death.

Benefits of Having a Prenup

It is advisable for all couples to consider a prenup prior to marriage. There are several benefits of having a prenup, regardless of how much money you or your future spouse have in the bank. A prenup for middle-class couples serves the same purpose as one for high-income couples. In either case, it protects your future. 

Financial Transparency and Planning

A prenup is equivalent to financial planning for marriage. It can help ensure transparency in a marriage when it comes to money. A successful prenup generally requires full financial disclosures from both parties. Discussing financial topics prior to marriage can help both parties to be on the same page about assets and liabilities, preventing surprises down the road that can lead to conflict. 

Reduced Conflict in Case of Divorce

Coming to an agreement before marriage can also help to reduce conflict in the event of a divorce. With commonly disputed terms already resolved, it can make a difficult situation less contentious. Since both parties need to consult with an attorney before signing a prenup, you can rest assured that the terms are not unconscionable.

Peace of Mind

Finally, a prenup can give you peace of mind. A prenuptial agreement can provide stability and remove any ambiguity in the event the marriage is ended, or your spouse dies. While its primary purpose is generally protecting assets, it can also help ensure that you are not overburdened by another person’s debts. 

When to Consider a Prenup

Do you need a prenup? In most cases, it is worth considering. You should even think about getting a prenup without being wealthy. Whether you have significant debts, own a business, or have children from another marriage, you will still want to consult with a lawyer about how a prenup can help you protect yourself and your future spouse. 

Stolar Law Group: Your Prenup Partners

At Stolar Law Group, we are here to help you answer your questions and determine the best course of action. Open and honest conversations about your financial situation and your expectations in the future can help ensure a sound foundation for your marriage. Let us help you understand your rights and walk you through the process. We can also help you change a prenup. Contact our office today to schedule a confidential consultation.

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