Family & Divorce
Why considering a prenuptial agreement should be an important part of wedding planning
Discussing a prenuptial agreement (or pre-nup) can be difficult and may come across as unromantic right before your wedding day.
However, if it is something you are considering then it is important to understand the benefits of having one. Traditionally, pre-nups were used amongst the super-rich and celebrities but it is important to consider having a pre-nup in place for all marriages in order to safeguard your future should you separate at any time.
What is a pre-nuptial agreement?
A prenuptial agreement is a legal document that is an agreement between a couple detailing how their assets and liabilities will be divided up if they divorce or if one dies. As well as detailing assets and liabilities, a pre-nup also outlines the rights and responsibilities of each party in the marriage.
Having a pre-nup helps to protect both parties’ assets in the event of divorce or death. Divorce can cause a lot of stress on the parties involved and having a pre-nup in place helps to reduce this stress as the parties know exactly what to expect should their marriage not work out. In the long run, this will reduce time and costs, making the divorce process smoother.
Is a prenuptial agreement for me?
Anyone looking to get married should consider having a pre-nup in place. If you have acquired a significant amount of wealth before marriage by inheritance, investments or a business, a pre-nup will ensure that this is protected.
If you have children from a previous relationship then a pre-nup can help protect the children’s assets if the marriage does not work out.
How to get a prenuptial agreement?
The below criteria must be met in order for a prenuptial agreement to be made:
- Both parties have received independent legal advice. It is important to note that you and your partner are not able to consult the same solicitor, you must both seek independent separate legal advice.
- The agreement must be fair, contractually valid, understood by both parties and made at least 28 days before the wedding.
- Any children involved should not be prejudiced.
Bringing up the subject of a pre-nup can be a sensitive subject, it is important to consider all options available that will safeguard both you and your partners future should your marriage not work out. Having a pre-nup in place can provide this protection and help in the event of divorce or death.