What is a Prenup – Prenuptial Agreements Explained
Prenups (prenuptial agreements) enable a couple to set out in advance what is to happen to the marital finances if the marriage ends in a divorce.
As unromantic as prenuptial agreements sound, they help couples avoid lengthy and costly disputes over money and assets should the marriage breakdown.
If they are drafted properly by qualified lawyers then they can be legally binding and courts are likely to enforce the agreement you’ve reached. Find out five things you need to know about Prenuptial Agreements.
Information and advice on Prenuptial and Postnuptial Agreements.
Many couples are reluctant to enter into a Prenup or Post-nup as they see it as starting off their marriage with the wrong image or intentions.
However, if you have current or future wealth and you wish to protect it before marriage then it’s sensible to discuss this with your partner in advance.
If you are marrying for the second or third time then you may wish to protect financial assets such as property, investments, or business assets.
Nuptial agreements such as the ones we’ve mentioned can also include other details aside from the financial split, for example, which jurisdiction the divorce should take place in.
Both Prenups and Post-nups can provide some certainty to parties and create a reduction in legal ‘fighting’ if the marriage ends in a divorce.
Why should I consider getting a prenuptial agreement?
In simple terms, the main benefit of entering into a prenup is that the agreement you reach before marriage can be enforced by a court following a divorce.
The way finances are dealt with as part of a divorce can be unpredictable as the Judge has discretion over the final agreement.
Having a Prenup or Postnup professionally drafted can help you avoid this lottery and give both parties some peace of mind as to what they can expect to receive should the marriage breakdown.