Debunking Common Prenuptial Agreement Myths

Categories: Agreements, Prenup

Prenuptial agreements, commonly known as ‘prenups’, are often misunderstood, which is understandable given they’re most associated with celebrities. Many consider them a sign of lack of trust, or feel that it indicates a couple thinks divorce is likely in the future. Others feel it’s an attempt to take advantage of a partner in a marriage. However, none of these are actually true. 

As experts in prenuptial and postnuptial agreements, Wenup can offer expert advice on creating amiable couples’ agreements. Our work includes challenging the preconceptions of these types of agreements.

Here a few of the biggest misconceptions debunked:

Myth 1: Prenups Are Only for the Wealthy

One of the most pervasive myths is that prenuptial agreements are only for celebrities and the uber rich. Although they are common among high-net-worth individuals, they’re beneficial for anyone who wants financial clarity and security before getting married.

A prenup can help protect an inheritance, someone’s business interests, or the savings that one partner worked hard to accumulate. It is also useful for individuals with children from previous relationships, since it ensures that assets are protected for any heirs.

Myth 2:  It Means You Expect the Marriage to Fail

This is one of the most common misconceptions. However, it’s simply not the case: instead, signing a prenup is a responsible and pragmatic way to plan for the future. Marriage is a big emotional and financial commitment; discussing financial arrangements beforehand can often take pressure off a relationship. 

It means you’re entering marriage with mutual understanding, with no worries about potential conflicts down the line. 

Myth 3: Prenups Are Unromantic and Destroy Trust

While of course they’re not a Valentine’s card, a prenup isn’t a sign of distrust. By discussing financial matters openly before the wedding, you can improve communication and feel more trust for your partner. 

As you might have observed, money is one of the biggest causes of martial conflict. A prenup ensures that both partners are on the same page about financial expectations.

By addressing potential issues in advance, you can avoid misunderstandings and disagreements in the future. Rather than being a sign of a lack of trust, a prenup can be seen as a sign of mutual respect and a commitment to fairness.

Myth 4: Prenups Are Always Upheld in Court

While prenuptial agreements are becoming more influential in UK courts, as we have mentioned, they are not automatically legally binding. A court will consider various factors when determining whether to enforce a prenup, such as:

• Whether both parties entered into the agreement voluntarily and with full understanding.
• Whether each party received independent legal advice before signing.
• Whether the agreement is fair and does not leave one party in financial hardship.
• Whether there was full financial disclosure at the time of signing.

If a prenup meets these criteria, courts are increasingly likely to uphold it. However, if the agreement is deemed unfair or one party was coerced into signing, it may not be enforced. It’s therefore crucial to seek help from experts before creating an agreement, whether it’s lawyers or unbiased experts like Wenup. 

Muth 5: Prenups Only Benefit One Partner

Some believe that prenuptial agreements are designed to protect only the wealthier spouse, leaving the other in the shade. However, a well-drafted prenup should be fair to both parties.

Prenups can include provisions to ensure that both partners are treated equitably in the event of a divorce. For example, they can outline financial support arrangements, how property would be divided, and responsibilities when it comes to debt. The goal is to create a fair and balanced agreement that considers both partners' needs.

Myth 6: You Can Include Anything in a Prenup

While prenups can cover a range of financial and property matters, they cannot override UK laws on certain issues.

For example, provisions regarding child custody or child support are unlikely to be upheld, as courts prioritise the welfare of children. Similarly, any terms deemed unfair, unethical, or unreasonable may be disregarded by the court.

Myth 7: You Can’t Get a Prenup After Marriage

A common misconception is that prenuptial agreements must be signed before marriage. In reality, couples who are already married can enter into a similar agreement called a postnuptial agreement.

A postnup serves the same purpose as a prenup but is signed after the wedding. It can be useful if circumstances change during the marriage, such as one partner receiving a significant inheritance or starting a business. 

Like prenups, postnuptial agreements are more likely to be upheld if they are fair and both parties entered into them voluntarily with legal advice.

Myth 8: A Prenup is Set in Stone

Many people assume that once a prenup is signed, it’s unalterable. However, such agreements can actually be amended if both partners agree. In fact, it’s advised to review the agreement at regular intervals, so that any changes in your life are accounted for. 

By keeping the agreement up to date, you and your partner can ensure that it remains fair and relevant to their current circumstances.

If you’re considering a prenuptial agreement and need advice on the process,  contact us for a free consultation.