Prenuptial Agreements are not just for the rich and famous – should you get one?
There have been quite a few high-profile separations in the news recently and a common theme among many of them is the presence of a prenuptial agreement. For many years people have been under the misconception that they are exclusively for the rich and famous. However, there can be many benefits for the average family as well.
What is a Prenuptial Agreement (or prenup for short)?
It is effectively a contract that is entered into by a couple before they enter into marriage. The contract allows them to set out what their legal and financial responsibilities should be during the course of the marriage. More importantly it also sets out what should happen in the event of the couple’s separation.
Why should I get one?
There are a number of reasons as to why you may wish to enter into a prenup. We have listed just a few below:
- If you are entering into the marriage with assets that were acquired before the relationship, a prenup may enable you to exclude these from any settlement in the event of separation.
- If you have children from a previous relationship, you could protect their interests in any assets you may have.
- If your family have assets, they may wish to protect any future inheritance you might receive in the future.
- It may save you time and costs should you separate from your partner as you have already considered how your finances should be resolved in the event of separation.
- If you have a business, you may wish to safeguard from any future claims. This is particularly relevant where the business has grown and increased in value during the course of the marriage.
If you need advice on any dispute regarding prenuptial agreements please speak to a member of our Family Department, or for more information on our family law services, please call us on 01622 926174, or email at maidstone@gillturnertucker.com.