Top Myths About California Premarital Agreements
One of the most important things couples need to discuss before getting married is whether they should opt for a premarital or prenuptial agreement (prenup). Almost everyone around you will have some views or the other regarding prenups. Prenups have often been misunderstood and many believe that it means something bad, potentially encouraging or mentally preparing for a divorce before a couple is even married. Below is a list of prenup myths that have been debunked and you’ll find that the agreement is not as bad as it sounds.
Prenups are the reason for divorce
You must have often heard divorcees say that one of the reasons for their divorce was prenups. It is believed that prenups destroy a relationship because it indicates that the one making the agreement is interested in money more than anything else. Although true that prenups are used for protecting financial assets, it is also true that prenups help build a solid foundation for relationships. Couples should be aware of their individual financial standings and should discuss future financial plans with their partners.
Prenups are only used during failed marriages
Another myth regarding prenuptial agreements is that they can only be used when the relationship does not work out. Prenups are useful financial planning tools and help couples determine a good estate plan to save themselves from future financial damage.
Prenups are for gray couples
Contrary to popular belief, prenups are as much for younger couples as they are for older ones. As a matter of fact, young couples should make it a point to sign prenup agreements because it saves future assets for unfair divisions. Nobody knows how much wealth one will accrue over a period of time but it is important to protect financial assets nonetheless.
Prenups are expensive
Compared to your wedding costs, prenups are a bargain. Prenups are protection agreements and are only used when needed. It’s a one-time cost and very helpful in protecting finances.
Prenups are only for the rich
Since prenups are used to protect finances, many people have made it look like they are used only by rich individuals who feel their finances need to be protected. Although true to a certain extent, it is also true that prenups can be used by average earners too. Since prenups protect wealth accumulated during the marriage, it becomes helpful when an average person becomes rich later on in life.
Conclusion
Prenuptial agreements are full of myths and understand the reality should be a matter of priority for married couples. A prenup is a useful tool and can be used for a variety of purposes.
To learn more about the divorce process in California and how mediation can help, please visit our page, What is Divorce Mediation.
Gerald A. Maggio is a trained Orange County divorce mediator who has amicably resolved cases many cases out of court, as well as an experienced divorce and family law attorney. Mr. Maggio founded California Divorce Mediators in 2012 with the belief that although “not every marriage can be saved, every family can” and a mission to save families from the financial and emotional distress associated with traditional divorce litigation. California Divorce Mediators is located in Irvine, California, and serves the Orange County area and other counties in California offering divorce mediation, child custody mediation and mediation of other family law matters.
