Prenuptial agreements have a negative reputation they don’t deserve. If you’re one of the many couples in Iowa who feel apprehensive about prenups, you might be picturing distrust, an impending divorce, or an unnecessarily complex legal agreement for the rich. An Iowa prenuptial lawyer from Stange Law Firm, PC, can help you understand how to create one that is beneficial for you.
Prenups can offer benefits beyond wealthy individuals. In fact, done right, prenups can be effective planning tools that encourage transparency, protect both spouses, and minimize conflict later on.
Myth 1: Prenups Are Only for the Wealthy
One of the most persistent prenup myths is that only couples with significant assets need one. The reality is that prenuptial agreements in Iowa are most often used by couples with more modest assets who simply want clarity and protection. A prenup can outline how couples will handle issues such as:
- Home ownership or land
- Debt, particularly student loan debt
- Businesses
- Retirement
- Inheritances
Limited assets don’t mean no protection. A prenuptial agreement is one way to spell out what is and isn’t marital property if a marriage ends. While Iowa courts generally uphold properly drafted prenups, most Iowa couples with modest assets don’t need a prenuptial agreement. Many couples can benefit from prenuptial agreements despite common misconceptions.
Myth 2: A Prenup Is a Sign of Impending Divorce
In Iowa, the divorce rate is 1.9 per 1,000, and the marriage rate is 5.2 per 1,000. Married couples between the ages of 20 and 25 have a 60% higher divorce rate. Those who wait until they are over 25 to get married have a 24% lower divorce rate.
Many of us fear the day our marriage ends, and for that reason, the idea of a prenuptial agreement might seem like a betrayal of the relationship. Prenuptial agreements represent just another method for couples to plan responsibly, along with retirement and insurance plans, and estate matters. While Iowa’s divorce laws include provisions for equitable property division, a prenuptial agreement is a way to plan together for that and decide on the rules.
Divorce in Iowa works on the principle of equitable distribution, which means dividing property in a manner that is fair, but not necessarily equal. A well-crafted prenuptial agreement can protect both parties by defining what’s fair before marriage. This lets couples take control of their future rather than leaving divorce settlements entirely up to the courts.
Myth 3: Prenups Are Unfair
A common misconception is that a prenuptial agreement is inherently unfair to one spouse. Although poorly drafted prenups can be challenged in Iowa, a prenuptial agreement must meet certain basic standards to be enforceable. In Iowa, a valid prenup should include the following:
- Full disclosure of all assets
- Agreement between both parties and not made under duress
- Reasonable terms
When couples enter prenuptial agreements under pressure or with unfair terms, courts will not enforce these agreements. A prenuptial agreement in Iowa can be customized to protect both spouses, not just one. Prenups can include specific protections for both parties, including spousal support, property division, and responsibility for debts. The key to a successful prenup is to help both parties plan, not create an imbalance.
Myth 4: Prenups Can Decide Everything
Assuming a prenuptial agreement allows couples to determine all terms of a future divorce is another common myth. This is especially the case when people imagine a prenup can control outcomes involving children. In Iowa, prenups can’t dictate outcomes regarding children because Iowa courts reserve jurisdiction over those issues.
Custody and support decisions made in a prenuptial agreement will not be binding. When it comes to matters involving children, Iowa courts make decisions in the best interests of the child at the time of divorce, not based on an agreement made before the child’s birth.
About Stange Law Firm, PC
At Stange Law Firm, we understand the important and personal nature of marriage planning and family law issues. Since 2007, we have been exclusively devoted to divorce and family law matters, including prenuptial agreements.
Serving clients in Iowa and other states, our experienced attorneys work hard to provide the clarity, communication, and practical legal solutions you need to protect your future. Whether planning a marriage or dealing with a family law concern, we are here to help you move forward with confidence.
FAQs
Q: Are Prenuptial Agreements Legally Enforceable in Iowa?
A: Yes, prenuptial agreements are enforceable in Iowa if they are validly executed. This means that both parties must voluntarily sign the agreement, provide full financial disclosure, and execute it without duress or coercion. A court must refuse to uphold a prenuptial agreement if it proves to be unconscionable or was signed under unfair conditions.
Q: Can a Prenuptial Agreement Address Debt in Iowa?
A: Yes. A prenup can clearly spell out how debt is to be treated during the marriage and in the case of divorce. This can include student loans, credit card debt, and business debt, among others. This is one way to help avoid conflict and prevent one spouse from being liable for the other’s debt.
Q: Can a Prenup Waive Spousal Support in Iowa?
A: Yes, in some circumstances. Iowa courts will enforce a provision that limits or waives spousal support if the terms are fair and reasonable at the time of enforcement. Courts may not enforce such provisions if enforcement would work a real and substantial hardship on one of the parties or be unfair under the circumstances.
Q: What Happens if a Prenuptial Agreement Is Challenged in Court?
A: A prenuptial agreement will be set aside, at least in part, if a court reviewing it finds deficiencies in the areas of financial disclosure, voluntariness, timing, and unfairness. If the agreement complies with the legal requirements, it will probably be enforced. If it does not, the whole or part of the agreement may be disregarded at divorce.
Contact Stange Law Firm, PC
Although not every couple may need to have a prenuptial agreement, many people are unaware of how common and useful they are. Knowing your options under Iowa law is crucial, regardless of whether you are getting married for the first time, getting married for the second time, or bringing large assets or debts into the union.
If you are considering a prenuptial agreement, Stange Law Firm, PC, can help you work with your fiancé to craft one that is fair and reasonable. Contact us today for a consultation.