Top Tips for setting up a Pre-Nuptial agreement
People who marry do not expect to divorce. However it is not uncommon for people to look for ways to protect their assets before saying “I do”. Here are our top tips for getting the right Pre-Nuptial arrangement in place:
Family Legal Executive
1 Understand Pre- Nuptial Agreements Pre-Nuptial agreements are not just for celebrities, anyone with assets to protect could benefit from a Pre-Nuptial agreement. These make clear that certain assets belong to you alone and won’t be shared during the marriage or in any future divorce. A Pre-Nuptial agreement also covers what would happen to your assets in the event of your death and can protect the inheritance prospects of children.
2 Get the right Advice Both you and your partner should seek specialist independent legal advice to ensure you both understand the implications of the agreement.
3 No Pressure Pre-Nuptial agreements should be signed well in advance of your wedding and should be entered into freely by both parties to ensure the agreement is upheld.
4 Good Communication Pre-Nuptial agreements often prompt uncomfortable conversations. In order to implement a fair Pre-Nuptial agreement you will need to be open and honest with your partner about the assets you own and those you are not willing to share.
5 Be Fair Fairness within a Pre-Nuptial agreement is hugely important, as this can determine whether the agreement is upheld or not. You will also need to be clear about your own financial position and what it would mean to relinquish your entitlement to your share of your partner’s assets.
6 Weigh Up the Costs It is important to consider the costs you will pay for legal fees for getting the agreement in place (which are minimal) compared to the cost of litigating over the division of your finances later on.
For further information please contact our Family Law team.