Many newspapers are often littered with celebrity scandals and claims of divorce with financial settlements and prenuptial agreements or “prenups” often hotly discussed. While there is a stigma attached to prenups with many seeing them as a resignation that the relationship will fail, prenuptial agreements do make a lot of sense and could prove beneficial to a marriage or partnership.
What is a Prenuptial Agreement?
A prenuptial agreement is a document that outlines how a couple should divide their assets and estate if their marriage is to breakdown. Sadly, divorce is more common in society now than ever in modern day society with almost 50% of all marriages ending in a divorce. A prenuptial agreement ensures that your assets and finances are protected and that there is less bickering if your relationship is to breakdown.
Do I Need a Prenuptial Agreement?
Naturally many people are skeptical about using or signing a prenuptial agreement with some believing that it is a death sentence to any marriage. However, a prenuptial agreement can ensure that what you are bringing to the marriage is protected and remove any concerns that you may have about the marriage not being for the right reasons.
There is a common misconception that only rich males ask for a prenuptial agreement. However, it is also just as common for females to ask for such a document. More people are marrying when they are older and sometimes for the second or third time and often have children from previous relationships. As many may know, a divorce settlement can be an exceptionally difficult and upsetting time, thus, to prevent potentially going through such a case again a written agreement before a marriage could be beneficial. A prenuptial agreement offers protection to those who are hoping to ensure that their children are given their assets.
Further Advantages of a Prenuptial Agreement
Prenuptial agreements are becoming more and more popular and in general, such agreements have some advantages including:
- Encourage discussion regarding finances and properties prior to marriage meaning any issues that can arise are swiftly dealt with.
- Save time and cost if the marriage does break down. Rather than pay solicitors or go through a lengthy divorce battle, all of the required arrangements and debates have been settled before the marriage
- Provide financial security regardless of the outcome of the marriage.
- They are relatively cheap to set up and maintain
Disadvantages of a Prenuptial Agreement
Just like agreeing to get married, there are a number of factors that you should consider before signing a prenuptial agreement. While there are a number of advantages to such agreements, there can also be issues. Circumstances in a marriage can change as well as income and earnings, thus the amount contributed to the relationship can change. It is imperative that if this changes it is reflected in your prenup. Prenuptial agreements also often only benefit the person who brings more to the relationship, with vulnerable people often punished by the conditions of the arrangement.
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If you require legal advice or representation to draft up a prenuptial agreement or if you wish to speak to one of our family solicitor regarding beginning a divorce proceedings, or any other family matter. Get in touch with our team of family solicitors using our online contact form.