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Clearing up common misconceptions about prenuptial agreements

Clearing up common misconceptions about prenuptial agreements

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Prenuptial agreements are often utilized to guard pre-marriage assets in case of divorce. They are also used to outline the handling of matters like student debt, incapacity and death. 

This type of legal document is often associated with those possessing great wealth, but according to Business Insider more millennials from different income brackets have been using them in the modern age. In spite of this, there are still many misconceptions surrounding prenuptial agreements. 

They are expensive 

The cost of drafting a prenuptial agreement may be as low as $1200 and as high as $10,000 according to CNBC. So while it may be pricey if there is a great deal of complexity, it does not have to be. It is also often cheaper than the price of a marriage or divorce. 

They are not often enforced

There is a fallacy that prenuptial agreements are either not enforceable by law or not often enforced. This arises from the fact that they are often thrown out in court due to gross unfairness and/or a lack of open and honest communication. Examples of circumstances that may invalidate such an agreement include the prospective spouse not reading it, failure to provide pertinent facts, false information, one side having experienced pressure to sign and illegal provisions. However, prenuptial agreements are subject to contract law. 

They include child custody and child support

Child custody and child support fall under the umbrella of provisions that violate the law when added to a prenuptial agreement. These require information on the involved children’s situations, which is impossible to do before marriage. Having such clauses would render the contract null. 

Prenuptial agreements are tools anyone may use. They protect individuals from losing the fruits of their labor.