Getting married can be one of the most important days of your life and, of course, you want to it all to go exactly as planned. Couples often see something like a prenuptial agreement as unromantic, especially when they are just about to tie the knot. When you’re in love, of course, it’s easy to think that everything is going to be fine.
But in certain circumstances, prenuptial agreements make perfect sense and give both parties a good deal of security when moving forward together in the future. There may be certain assets on either side of the marriage that might need protecting for one reason or another. You could want to protect children from another marriage or it might simply be the case that one partner has more property of value than the other and certain parts of this needs to be safeguarded.
What is a Prenuptial Agreement?
Also called a pre-marital agreement, it is a formal undertaking, put in writing, between the two partners before they actually tie the knot and get married. It is specifically designed to address what happens if the marriage breaks down and who gets what from the assets after a divorce.
Prenuptial agreements can be considered unfair in a court of law under some circumstances. As long as there are no extenuating or mitigating circumstances, they are, however, more widely enforced when a dispute arises. A prenuptial agreement should always be drawn up by a qualified solicitor who can make sure all the relevant processes are followed and that everyone understands what they are signing and the consequences.
In the past, prenuptial agreements were often seen as a way for someone with vastly more assets than their partner to make sure they didn’t lose them if there was a divorce. Nowadays, couples tend to go into a marriage with a more open mind when it comes to assets and finances and will discuss things beforehand. The benefits of a prenuptial agreement can include:
- Ensuring that assets will be split equally in the event the couple go their separate ways.
- Those on second marriages might want to make provision for their children from their previous relationship.
- One or other of the couples might have inherited assets and wants to protect these.
- One or other of the partners may own their own business and want to retain control of if the marriage breaks down.
- One partner may have a large debt that is outstanding and want to ensure they are liable for it after the divorce.
All these can be reasons for taking out a prenuptial agreement in the first place and they are not as uncommon as many people think. With some people marrying later, for instance, couples tend to have a lot more in the way of assets and finances than those who tie the knot when young.
As you might expect, the wording of any prenuptial agreement needs to be carefully worked out so that there is no dispute should the marriage break down. That generally means you need to have the input of a qualified solicitor.
At Forster Dean we have a team of friendly experts in place who can help you put together the right prenuptial agreement tailored to your needs. Contact us today to find out more.