It’s better to be safe than sorry, as the old saying goes. That’s why prenuptial and postnuptial agreements are on the rise – people want to protect their finances and even reserve certain assets for other family members.
This isn’t necessarily an insult to the other person in the relationship, but merely a precaution in case you decide to separate. At 174 Law we’re here to help you create a solid prenuptial and postnuptial agreement that works for everyone involved.
What is a prenuptial agreement?
A prenuptial agreement is like a contract which records a couple’s intentions with regards to dividing up finances and assets should the marriage end. In years gone by, prenuptial agreements were often associated with rich people protecting their wealth against opportunistic people – but nowadays people from all sorts of backgrounds are getting prenuptial agreements to stay on the safe side particularly where there are children from previous relationships.
Civil partnerships are also eligible for prenuptial agreements and most of the same rules will apply as they do for same sex marriages.
What is a postnuptial agreement?
If you didn’t draw up a prenuptial agreement, then you still have the opportunity to apply for a postnuptial agreement if you’re already married. They’re increasingly popular with many couples as a way to protect finances and assets, should the worse happen. We offer expert advice on both prenuptial and postnuptial agreements, so you can come to a decision that’s fair for everyone.
What can I include in my prenuptial / postnuptial agreement?
Good question! If you know what to include in your agreement, it can save a lot of time and money before you visit a solicitor.
Some of the things you can put in your agreement include:
- Income of both partners
- Cohabitation agreement
- Individual assets
- Joint assets
- Assets you owned before you met your partner
- Owned property
Advantages of a prenuptial or postnuptial agreement
A prenuptial or postnuptial agreement helps each partner know where they stand. Some of the advantages of such an agreement includes:
- Protection of family assets, finances and property
- An opportunity to figure out existing financial issues before the marriage
- An opportunity to figure out existing financial issues during the marriage
- Peace of mind
- Rightful inheritance of children and other relatives
- Saves time, money and stress should you decide to separate
How can 174 Law help?
If you have significant assets, we highly recommend you get impartial legal advice before you decide to enter into a prenuptial or postnuptial agreement. An increasing number of people are using prenuptial or postnuptial agreements to protect their assets and finances for inheritance purposes.
You can of course, create a DIY prenup or postnup, but it’s important to consider that this may not hold up in court. Hiring a professional solicitor ensures you avoid these pitfalls and always have access to expert knowledge. We will advise and support you, as well as draft up and review your prenuptial or postnuptial agreement so you know it’s watertight. However whilst a prenuptial / postnuptial agreement may exit the court does not necessarily bound by its content.