The Advantages And Disadvantages Of Prenup Agreements
Married couples who have not made a prenuptial agreement may need to divvy up their assets equally or based on a court-established formula if they decide to end their marriage. A prenuptial agreement is a written contract entered into by two individuals before they get married which enables either party to keep all the property and money they possessed before they got married. These legal contracts can also involve provisions for spousal support. Some individuals also involve stipulations for the forfeiture of each other's properties if the reason behind the divorce is adultery.
Pros of a prenuptial agreement
There are several benefits of creating a prenup agreement. Primarily, this document will protect your individual properties. By specifying beforehand how your property will be divvied up, a prenup can help reduce arguments and expenses, as well as hasten the process of divorce. You can also utilize a prenup to set up specific rules for solving future issues. This agreement will also uphold your estate plan. Case in point, if you have children from an earlier marriage and would like to ensure that some assets are reserved for them, then a prenuptial agreement can be a way to make sure your wishes are granted.
Downsides of a prenup agreement
One criticism about getting a prenuptial agreement is that it is not romantic at all. Some couples are disheartened from making a prenuptial agreement because they think that going over property, money and the odds of a divorce will destroy an otherwise wonderful relationship. Keep in mind though that an excellent financial partnership is one of the ingredients to a successful marriage life, so making a prenuptial agreement may in fact strengthen your relationship.
Who must get a prenup?
Contrary to popular belief, prenuptial agreements are not only for the wealthy. Couples with no substantial assets can use prenup agreements to avoid shouldering the financial obligations of the other partner in case they get divorced and to define each other’s financial rights.
Prenuptial agreement in the UK
Prenuptial agreements were historically not legally binding in the United Kingdom. However, a 2010 Supreme Court test case involving the German heiress Katrin Radmacher and Nicolas Granatino reveals that these agreements can, in some instances, can help decide some aspects of your divorce settlement.
If you're contemplating on getting a prenup agreement, you need to meet with a marriage solicitor whose specialization is family law. You can find these attorneys by looking at websites of local and national associations of family law attorneys. You can also find attorneys who can assist you in making prenup agreements by making use of internet-based solicitor matching tools. Peers, workmates, family members and attorneys you have hired before for other cases can also offer valuable referrals.