Common Misconceptions About Prenuptial Agreements

Common Misconceptions About Prenuptial Agreements

It is common for individuals to hold misconceptions about prenuptial agreements and how they function. However, a prenuptial agreement can provide significant benefits by offering a clear, legally recognized plan for the division of assets and financial responsibilities. In this blog, we dispel some of the most frequently encountered misunderstandings surrounding prenups. By doing so, we aim to equip readers with a better understanding of the legal and financial implications of entering into a prenuptial agreement. 

Prenuptial Agreements Are Only for Wealthy Couples

While it’s true that high-asset couples may be more motivated to sign a prenuptial agreement, anyone can draft one regardless of their financial standing. A prenup can be tailored to suit the specific needs of each individual couple and can include everything from property division to future income.

Prenuptial Agreements Are Only for People Who Don’t Trust Each Other

This is another common misconception that can quickly be dispelled. Prenuptial agreements are simply legal documents that define what happens in the event of a divorce. It’s not uncommon for couples to see it as a practical matter and prefer to have the guidelines of how their assets will be divided already established in the event of divorce. A prenup doesn’t mean the couple doesn’t trust each other, simply that they’re planning for the future.

Prenuptial Agreements Expire After a Certain Length of the Marriage

Illinois does not have a law that states a prenuptial agreement expires after a set amount of time. Additionally, a prenup is not rendered invalid after a certain length of marriage. It’s important to think of prenups as comprehensive legal agreements to be taken seriously for the entirety of the marriage. It’s the couple’s choice to revoke or revise the prenup at any time if the situation changes.

Prenuptial Agreements Are Only Valid if They Meet Certain Criteria

Prenuptial agreements can be comprehensive, but they don’t need to meet many legal guidelines to be efficient. In Illinois, prenuptial agreements only need to meet a few fundamental legal criteria. The agreement must be voluntarily and fairly entered into by both parties without coercion. Otherwise, they will be deemed invalid.

You Can’t Enter Into An Agreement After Marriage

Contrary to popular belief, you can indeed enter into an agreement after marriage; this is known as a postnuptial agreement. It can cover the same issues as a prenuptial agreement, such as the division of assets, property, and future income. However, postnuptial agreements may also address additional issues that arise after the couple is married. 

Contact An Experienced Attorney to Learn More About Prenuptial Agreements

At Andrea Heckman Law, we believe in being transparent with our clients about all aspects of the law and prenuptial agreements. Prenuptial agreements are nuanced and can be personalized for each couple’s situation. If you’re preparing to get married and are curious about a prenup, don’t hesitate to reach out to the experienced family lawyers and Andrea Heckman Law. We strive to provide our clients with the best possible legal support and make sure they can make the most educated decisions.