When you and your partner are beginning the paperwork to get married, it can seem like a bit of a mood-killer to discuss completing a prenuptial agreement.
Once only associated with American marital law, prenuptial agreements have become more common in the UK and, while they are not legally recognised as of yet, they are often upheld in courts across the UK.
What is a prenuptial agreement?
A prenuptial agreement is a contract entered into by you and your partner before you get married, which intends to outline who is the owner of any shared or individual assets (such as houses).
Of course, the reason behind such an agreement is to protect you and your partner against any financial mishaps should your marriage end in divorce. While this can seem like a rather emotive thing to consider, it is often best to establish such things early and with the help of family solicitors, the process can be straightforward.
But what are some of the other reasons to sign a prenuptial agreement?
Future wealth
OK, so while you may not win the lottery while you are married (how great would that be?), one advantage of a prenuptial agreement is that it can protect your individual future earnings.
If you are expecting to receive an increase in your wages through career advancement, a prenuptial ensures that those earnings remain yours in the event of a divorce.
Protecting savings
While you may not want to think about it, if you and your partner divorce, a prenuptial agreement that has been completed by family solicitors near Emsworth can ensure that any savings you have are protected.
Why is this important? Because if you wish to remarry, the initial nest-egg that you have saved can be left to any children from your first marriage, as opposed to passing immediately to your new husband or wife.
Disparity
As cold as this sounds, if you are earning more than your partner when you get married, a prenuptial agreement can ensure that they do not have access to it in the event of a divorce.
And, as family solicitors from Emsworth will inform you, it is often easier in the UK to divide assets after a divorce 50/50, meaning that you could stand to lose a significant amount of money.
What if you have limited money?
If you feel that you do not possess a significant amount of wealth or assets to protect, then you may be puzzled as to why you should complete a prenuptial agreement.
But, consider that if you and your partner were to undertake a divorce, not having an agreement can leave more areas open to chance; in short, even if you have very little financial assets, you could still lose them.
And while prenuptial agreements are not yet legally binding in the UK, they can still protect you and your partner’s future financial prospects, especially if you have children. So, contact your solicitor today to learn more about prenuptial agreements!
