Do You Need a Prenuptial Agreement?
Although you may not want to think about the possibility of your impending marriage failing, if you are going into the marriage wealthy, then you may want to protect your own interests. A prenuptial agreement is one way of protecting your assets in case your marriage or partnership ends in divorce or separation. A prenuptial will not only protect you, but it can help protect your children from a previous relationship as well.
Who Should Have a Prenuptial?
A prenuptial agreement is made before you get married or register a civil partnership in the United Kingdom. You should consider a prenuptial to protect you as you go into the relationship if:
- You have substantial assets you want to protect.
- You have property you want to keep to give your children from a previous relationship.
- Your spouse or partner is from another country and you might face financial consequences from more than one country’s court system.
- You don’t necessarily need to have substantial wealth to have a prenuptial agreement. For instance, if you started a business before entering the relationship or have assets you want to leave to dependents and/or your children from another relationship, then an agreement can help protect those assets in the future.
What to Include in a Prenuptial?
When you have a family solicitor in London write a prenuptial agreement, it should include:
- How assets should be divided. The assets can be money, stocks, pensions, etc.
- Who will get property purchased jointly.
- Whether maintenance will be paid to the other party and for how long.
How much maintenance will be paid for children produced during the relationship.
Where the divorce will take place if the parties are from different countries.
If you are hesitant about bringing up an agreement with your current partner, your solicitor can give you advice about bringing up the topic. In some cases, he or she may be willing to take the lead and bring up the subject to your intended.
Keep Them Separate
If both parties want to have prenuptial agreements to protect the assets they already have, they need to hire their own solicitors. Although there is nothing illegal about the same solicitor doing both agreements, a court may give less authority to prenuptial agreements written by the same solicitor. This could result in the assets you wanted to protect being put at risk if you do divorce or separate from a civil partner.
When you and your partner experience a new life event, you should have the prenuptial agreement reviewed. So, if you have a child, start a business together, or buy a house, you need to review the prenuptial and change it accordingly. Then, if you do separate or divorce, the agreement will include everything that took place while you were together.
Although it may not seem romantic, if you have substantial assets, a business, or dependents to take care of, then you should consider having a prenuptial agreement drawn up to protect yourself in case your relationship ends in separation or divorce.