Prenuptial agreements have seen a significant increase in popularity in the United States in recent years. According to a survey, about 15% of couples signed prenups in 2022, up from just 3% in 2010. This increase demonstrates how more couples now recognize the value of financial planning before marriage.
Yet, despite this growing acceptance, many misconceptions still surround these legal documents. What common myths do people have about prenups, and how do these beliefs compare to reality?
Myth #1: Only the wealthy need prenups
Many people believe prenups only serve those with millions in assets. In reality, couples from all financial backgrounds can benefit from these agreements. If you enter a marriage with student loans, a small business or family heirlooms, a prenup can protect both your and your spouse’s financial interests. This legal tool helps you openly discuss and plan for your shared financial future, regardless of your current wealth.
Myth #2: Prenups show a lack of trust between couples
Many people believe that prenuptial agreements are a sign of distrust in a relationship. This misconception often leads couples to avoid discussing this legal document altogether. However, creating a prenup actually fosters open communication between you and your partner. Furthermore, it sends a powerful message to your spouse that you care deeply about securing their financial future, no matter what happens to your marriage.
Myth #3: Once signed, prenups are set in stone
If you are worried that a prenup is a permanent decision, rest assured that it is not. While a prenup constitutes a legal contract, you and your spouse can modify or even revoke it after marriage, provided you both agree. For instance, if you experience a significant career change or inherit unexpected assets, you can update your prenup to reflect your new financial situation. Life often brings unexpected changes, and your prenup can evolve alongside your relationship.
Setting the record straight
As you stand on the cusp of a married life, remember that financial planning is a cornerstone of a strong and healthy relationship. With a prenuptial agreement, you and your spouse will be able to focus on what matters – building a life together, free from financial worries.