Myths surround prenuptial agreements which essentially discourage couples, same sex or heterosexual, from entering into one. At least five of those myths have been debunked.
- Only wealthy people need prenuptial agreements. Not true. Marrying couples, no matter what their financial status will likely have bank accounts, charge cards, car payments and perhaps student loans and other assets and liabilities they do not think about until it comes times to put together the premarital agreement.
- Prenuptial agreements presume there will be a divorce. Not true. Negotiating the terms of the prenup gives couples an opportunity to discuss their expectations of the relationship which can lead to a more solid foundation than if the topics are not discussed.
- The agreement will not be upheld in court anyway. Not true. A properly executed premarital agreement, reviewed by an attorney and signed by two witnesses and notarized, will, according to Georgia statutes, “be liberally construed to effectuate the intent of the parties.” As long as one party did not exercise coercion or force the other party to sign under duress, the agreement will be upheld.
- A premarital agreement means we do not trust each other. Not true. Discussions about the foundation of the marriage, possibility of divorce, and full disclosure of assets and liabilities, and plans for future accumulations together, can add a layer of trust that is often missing from the relationship where such discussions do not take place.
- Putting together a premarital agreement is expensive. Not True. Divorces are expensive, but they are far less expensive when a valid premarital agreement is in place. It is like an insurance policy. It will save you money in case the event insured against, divorce, ever actually happens.