There are plenty of myths that surround the concept of prenuptial agreements. For Minnesota residents, understanding what these documents are and how they really work is important when going through the process of preparing for marriage.
Myth #1: Prenups mean you expect divorce
Many people assume that couples who sign a prenuptial agreement do so because they assume their future marriage is going to end. This is not a productive stance to take on the topic. Just because you have fire insurance on your home doesn’t mean you expect to lose everything to a fire, and a prenuptial agreement doesn’t man that you are anticipating a failed marriage.
Myth #2: Only celebrities need prenups
Another incorrect assumption is that prenuptial agreements are only for multimillionaire celebrities who want to protect themselves in the event of a divorce. There is no minimum amount that you must have in your bank account to be eligible for a prenuptial agreement. Prenups are available for couples regardless of their personal assets.
Myth #3: Prenups mean you don’t trust your spouse
In modern media, prenuptial agreements are often used as a weapon against the partner who brings less money into the union. That is not the point of a prenuptial agreement, though. Prenups can benefit both parties, regardless of their financial standing at the time of the marriage.
Making the decision to have a prenuptial agreement is not one to be taken lightly. Working with an experienced family law attorney is advisable, and legal counsel can help by gathering information about your current assets and other circumstances that are important to take into consideration before the topic is broached with your prospective spouse.