While a ‘prenup’ can be a challenging conversation to have with your partner and may seem to take the romance out of wedding planning, it’s important to understand the benefits one can provide and to discuss it in an open and honest way. This article will explore the advantages of having a prenuptial agreement, who should consider one, and how to get one.
What is a prenuptial agreement?
A prenuptial agreement, or ‘prenup’ for short, is a key legal document that should be considered before marriage. A prenup is an agreement between a couple that details how their assets and liabilities will be divided if they divorce or if one dies. It also outlines the rights and responsibilities of each party in the marriage.
Advantages of having a prenuptial agreement
A prenup can assist a couple considering marriage with several things. Firstly, it helps protect each party’s assets in case of a divorce or death. The prenup helps to ensure that there is a fair distribution of the parties’ assets.
Another benefit of a prenup being put in place is that it can help to alleviate the amount of strain and conflict that can present itself during a divorce. By having a prenup in place, both parties know what the outcome will be if their marriage does not work out; The time and money involved in going to court can be reduced, resulting in a smoother process for the parties and their families.
A prenup can help to protect all manner of assets, such as business interests, inheritances, and investments. This can be especially useful if one partner has accumulated substantial wealth prior to the parties getting married.
Are prenuptial agreements useful for everyone?
Traditionally, prenups were more frequently seen to be used by famous people and the uber-wealthy; however, all marriages can benefit from such an agreement being made in order to protect your future
In fact, all couples should think about putting a prenup in place.
In addition to this, if either party has children from a previous relationship, then a prenup should be considered. The children’s assets can be protected by the prenup should the marriage come to an end.
How to get a prenuptial agreement
In the UK, a prenup is not automatically legally binding but they are still relied on by the court and during divorce proceedings as long as the following conditions are met:
- Both parties have received legal advice and have their needs met by the agreement.
- The prenuptial agreement must be fair, contractually valid, understood by both parties and made at least 28 days before the wedding.
- Children should not be prejudiced.
How to discuss a prenup with your partner
It is key that the subject is met with open-mindedness and a willingness to respect each other’s views. Honesty is important when discussing why you believe a prenup is required. Both parties have certain rights and responsibilities so you should explain that a prenup can help protect those should the marriage break down or one partner dies.
Finally, a willingness to negotiate is important. Both parties must keep an open mind when it comes to compromising so that the agreement reached is fair for each party, as the prenup being considered fair is one of the conditions in making the agreement legally binding.
Contact Howell Jones, Surrey solicitors, for more information.
