Pre Nuptial Agreements
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Pre Marital Agreements
A prenup, formally known as a prenuptial agreement, is a contract between two people before they marry. It is preferably done some time before marriage and sets out how their assets will be divided if their marriage is dissolved or takes the turn of divorce. There is great hope that it is never needed, but they are available if the marriage does end. Although there is a perception that a prenup is a way for the wealthy to protect their assets when they marry a less wealthy person, this is not the only purpose behind it. A prenup can be a good way to set up the foundation of your marriage with honesty and transparency.
What is the purpose of a prenuptial agreement?
Prenuptial agreements are usually put in place when one party is likely to acquire or already has more assets than the other. Examples of this are individuals with a large inheritance, land or homeowners or business owners, or those marrying later in life or entering a second marriage. It is a form of protection of their assets.
In most cases, prenuptial agreements cover, but aren’t limited to:
- Protecting you from your partner’s debt
- Protecting children’s inheritance or specific assets
- How you prefer your assets to be split in the instance of divorce
- Protecting inherited money, assets, or savings
- Providing full control to one partner regarding business ownership
Can I get a Prenup in a Civil Partnership?
It is ideal to have a prenuptial agreement because, without one, the starting point for the division of property and assets between both parties would be equally dispersed. While some people may consider this as a fair situation regarding distribution, there are many reasons that suggest the contrary. One example could be if one party has spent years working for their assets or they have inherited a substantial amount. If the other party has substantially fewer assets, then the equally dispersed assets benefits them more.
Are there any exemptions regarding a prenup?
There are many assets that can be covered by a prenuptial agreement; however, there are some strict rules on exemptions. If these are not considered when signing a prenuptial agreement, this could lead to matters not being taken seriously in court.
The instances that cannot be regarded or included in a prenuptial agreement include but are not limited to:
- Child support Illegal or unfair matters
- Personal matters
- Lifestyle matters
- Child custody, including visitation, religious upbringing, and schooling
This is a complex area of the law and requires expert advice. Please contact a member of our team below or email email@example.com to arrange an initial consultation to discuss the best way forward for you, and we will provide you with further and specific advice tailored to your circumstances.
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