Perhaps this is something to think about post Valentine’s Day, if you happen to get engaged! And yes, we get it – a prenuptial agreement probably sounds like a pretty unromantic concept…
But, there are pros and cons which can be discussed with your partner and an experienced family solicitor.
Although it may feel like you’re jinxing your marriage, taking precautionary measures to protect your assets can be a really sensible thing to do.
What is a Prenuptial Agreement?
The purpose of a prenuptial agreement is to take precautionary measures to protect your assets in the event of a divorce. It’s an official agreement made between you and your partner before you marry. The agreement could deal with just one asset or could set out how you wish to divide all assets and income should you separate. It is an adaptable document that will be tailored to your needs.
5 reasons to make a Prenuptial Agreement?
It’s a myth that prenups are solely for the wealthy, so they can protect their assets in the event of a divorce. Although it is likely for those with money to be more protective of their assets, prenups are no less suited for people with regular incomes.
It does not depend on your wealth to decide whether a prenuptial agreement is for you. If you have worked hard to earn something it makes even more sense to take precaution for your assets.
A prenuptial agreement is popular among second marriages. For example, some couples may have acquired their own assets at this point or have children of their own. This is the same for first-time marriages for those who marry later in life. In this case, both partners may wish to leave their assets to their own children, which can be agreed in a prenuptial agreement before marriage.
A prenuptial agreement can protect your assets from your partner’s pre-existing debt, this includes securing any wealth that the children may be entitled to after the divorce proceedings.
Reducing legal disputes
Prenuptial agreements are highly useful in reducing lengthy legal disputes and the associated costs of these. Having a well drafted prenuptial agreement allows you and your partner to quickly resolve common legal issues, which typically cause divorces to drag on, preventing you from being stuck in costly court battles.
As mentioned previously, it may not be the most romantic of proposals, but it is the most upfront. It is about being truthful with your partner about each other’s assets, to discuss and plan for the future. People often say that getting a ‘prenup’ is preparing for the worst-case scenario but realistically, it is dividing the assets to ensure both partners are secured if in event of divorce.
A family solicitor at PGM can guide you through the prenuptial process. Do speak to one of our experts on 01792 468684 or email firstname.lastname@example.org.