If you’ve heard of a prenuptial agreement – more often called a prenup – it’s likely that you’ve seen stories of celebrities on the news, too. While it’s true that prenups are generally favoured by wealthy and famous couples, many everyday couples are now seeing these agreements as a practical step rather than an unromantic bolt-on.
Whether you’re planning your own wedding or you’d like to know more about your financial rights when it comes to marriage, it’s important to understand the role of prenups and how they can help you further down the line.
What is a prenuptial agreement?
Prenups refer to an agreement made by a couple before they marry which concerns the ownership of their respective assets, should the marriage fail.
While not legally binding, a prenup is a formal, written contract that effectively allows couples to control and choose their financial rights in the event of the breakdown of a relationship.
The contract is signed by both parties before entering the marriage, and is designed to protect both individuals’ assets. A specialist lawyer can guide you through the process and help you draw up the agreement.
We understand that financial conversations can be difficult, but signing a prenuptial agreement is a great way to iron things out and encourage an equal understanding of where you stand as a married couple.
What are the benefits of entering a prenuptial agreement?
There are many benefits to signing a prenup, including the following:
- Encourage open conversations: In any relationship, especially a marriage, you need to know that you can handle the tricky, hard-hitting conversations together. Having open talks around your finances can help you solve any issues that appear later down the line.
- Protect against financial difficulty: Protecting your personal assets now could save you from landing in financial difficulty if anything happens during the course of your marriage. This is even more important if you’ve retired, or you’re due to retire soon.
- Define marital property: If you were to divorce in the future, the process of determining what counts as marital property could drag on for years. Attending court can be stressful and tiresome, but this can easily be avoided by signing a prenup that states how the marital property will be divided.
Why should I choose to sign a prenuptial agreement?
Prenups are surging in popularity amongst Hollywood stars, especially in cases where one spouse has significantly more wealth than the other. But in the UK, couples might sign if they’re landowners, expecting a large inheritance, or simply just want to protect their personal property.
If you’re considering your options when it comes to financial protection, a prenup could be the right choice for you. Experienced family lawyers can help you with your prenuptial agreement, taking an empathetic approach to offer you support and guidance along the way.