Misconceptions about prenuptial agreement can make people drop the idea of having a prenup in place. It is significant that you do not base your decision on some wrong information. Here are some of the common misconceptions and learn that a lawyer can help you create a prenuptial agreement that will give you peace of mind.
PRENUPTIAL AGREEMENTS ARE JUST FOR THE WEALTHY
Although it is true that prenups are more likely sought by wealthy people, it is not true that they are the only ones who need it. This can also be extremely helpful to everyone in any financial circumstance. Any couple who has any assets they wish to protect can benefit from a prenup.
Through the years, couple’s lives tend to become complicated as they earn more, and acquire assets during the marriage. Everything owned by a married couple can become a probable source of conflict later on. With a prenup, each party can specify premarital properties to remain as their respective property throughout the marriage. Throughout the prenup preparation stage, couples can discuss and agree on issues that are often major sources of conflict in a divorce trial. Having detailed and honest discussions regarding how you’ll handle personal and joint finances will ensure that there won’t be conflicts later on.
Moreover, prenups can also help with any debts accumulated before marriage. Under Thai law, you can use this agreement to protect the assets of the other spouse from seizure to satisfy all separate debts incurred before the marriage. Without it, your future spouse’s liability and negative credit history can become your own. As a result, creditors can go after the marital property even though only one spouse is the debtor.
PRENUPTIAL AGREEMENTS ARE EXPENSIVE
When compared to the potential cost of litigation that could result without a prenuptial agreement, prenups can apparently save couples a lot of money in the event of divorce. A couple with a well-drafted prenup can easily go through an uncontested divorce because they have already had an agreement on many issues. Legal court fees significantly exceed the amount of money spent on a prenup. That is why carrying it out can save a huge amount of money that would otherwise be spent on divorce litigation fees. Lawyers are able to draft legally binding prenuptial agreements for a reasonable cost.
I DON’T NEED A LAWYER, I CAN WRITE A PRENUP MYSELF
In some cases, couples try to draft their own prenuptial agreement or download forms from the internet. You have to remember that prenups drafted without seeking the help of a lawyer may not be sufficient and may not be legally binding. If you are not familiar with the law, it is always best to have a consultation with a lawyer, or at least have a lawyer review your prenuptial agreement before signing it. Otherwise, its validity may be contested in the future, thus making the prenup useless.
There are various misconceptions about premarital agreements that you can address by discussing them with a lawyer. Book for appointment now if you need help in creating a prenuptial agreement. Talk to our lawyer if you have uncertainties about whether it would be suitable for you. Our lawyer will assess your situation and recommend the best way forward.
