Who Needs a Prenuptial Agreement?
When you’re planning on getting married, there are a lot of things that you will be thinking about. Something else you may want to consider is a Prenuptial Agreement with your partner. But who needs a Prenuptial Agreement, and how does it benefit couples? Here is everything that you should know.
What is a Prenuptial Agreement?
A Prenuptial Agreement (also referred to as a Pre-Nup), is a document which provides details of the assets between a couple to be wed, and how said assets will be divided if they were to ever get divorced. Although they are not legally binding, if a Prenuptial Agreement is presented in court, they are almost always seen as valid.
Once you are married, all your personal assets will likely become shared, such as your finances and any properties that are purchased. A Prenuptial Agreement will cover any important or expensive assets such as these, so in the event of a divorce, there are no nasty surprises or unexpected payments.
A Prenuptial Agreement essentially allows you and your partner to rationally decide who is entitled to what in the event of the marriage ending – at which time, doing so may become more difficult.
What are the Benefits of a Prenuptial Agreement?
As well as giving couples the opportunity to secure their assets, a Prenuptial Agreement can also:
- prevent you from incurring debts from your partner;
- protect your children’s inheritance, or any assets that they may have;
- secure any inheritance that has been passed to you by your family;
- allow you to remain as sole owner of your business;
- let you choose where your assets and finances go, as opposed to a court deciding.
So, who Should get a Prenuptial Agreement?
There are many reasons you should consider getting a Prenuptial Agreement. Particularly if you can relate to any of the following:
- If you own any significant assets, such as stocks or properties.
- If your assets/ finances are worth more than your partners; a postnuptial agreement ensures that your partner does not take a substantial amount of your assets or finances in the event of a divorce.
- If you own a business; in the event of a divorce, a business will be considered an asset which could be affected by a divorce. Many individuals including the employees or anyone who relies on the business will also be affected, so it is extremely important that a Prenuptial Agreement is arranged to prevent this.
- If you are marrying someone abroad; certain laws in their home country may affect you, such as in divorce proceedings. Therefore, it is important that you avoid this through a Prenuptial Agreement.
- If you are expecting any future inheritance, financial gains or assets; a Prenuptial Agreement will cover all future assets as well as your current ones.
Prenuptial Agreements Explained
Because of certain misconceptions regarding Prenuptial Agreements, many people believe that they are only suitable for those who relate to these examples. The truth is, a Prenuptial Agreement is a great idea for every couple wishing to get married. It provides peace of mind and allows people to keep what is rightfully theirs when things don’t quite go to plan.
Where We Come in
If you are considering creating a Prenuptial Agreement with your spouse to be, then get in touch with one of our expert Family Law Team. With the help of one of our talented team, you can feel confident that your Prenuptial Agreement will be fair and professional. You should also get in touch if you would like to ask any questions; we are here to help.
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