Prenuptial agreements may be the last thing you want to think about when planning your big day, but many couples choose to go down this route before marriage, as a sensible measure to safeguard their assets further down the line.
What is a prenuptial agreement?
A prenuptial agreement means that, should you and your partner part ways in years to come, you’ll be provided with the security of knowing that your interests are being protected, whether it’s a family inheritance or simply the need to provide for other dependents into the future. This takes the form of a document, which is drawn up to contain specific agreements for you and your partner to sign.
What should go into a prenuptial agreement?
In the agreement you should include details of:
- Any debts outstanding
- Assets you have purchased together
- Assets that you own individually
- Assets that you had before the time you entered the relationship
In the eyes of the law, once you and your partner are married, all of the above assets become the property of both you and your partner, as you will be seen as a single financial unit. The idea of a prenuptial agreement is to help you to retain your own assets if the marriage dissolves, and to protect one person from claiming the financial wealth of the other.
If you think you need a pre or post nuptial agreement
It’s a good idea to look into a prenuptial agreement if you’re concerned about any of the above. If you’re not sure, perhaps you should seek the advice of a friend or family member to see if it may be a sensible option.
If you decide to get a pre nup, the safest option is to find a reputable legal professional to oversee the details of the agreement and ensure that you’ve included everything necessary. You and your partner should ideally both seek independent legal advice, to ensure each of your interests are protected. Remember to think about issues such as whether your circumstances might change over the course of the marriage, when aspects such as unemployment or having children may well change your financial situation. It’s also worth considering that you may want to have set points at which to review the pre nup, such as every five or ten years.
What is a post nuptial agreement?
A post nuptial agreement is a similar document designed to agree on how your financial assets will be divided should your marriage end in years to come. The difference with a post nuptial agreement is that it can be drawn up after you are married. This is useful for couples who either did not consider or did not have the time to think about such an agreement before marriage.
Finding a solicitor for your prenuptial or post nuptial agreement
If you’re considering an agreement of this sort, you might be wondering about the cost involved to you and your partner. Getting an idea of costs before you decide to do anything is a wise option. A free legal comparison service such as Compare Legal Costs can help, by sending you fixed costs quotes from reliable solicitors in your area. Why not try it today?
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