Considering a Prenuptial Agreement? Here’s Everything You Need to Know

Safety is essential always. Similarly, safety in a marriage is equally required. Did you know that the average overall divorce rate in England and Wales is 33.3%? Given the divorce rates, it’s difficult to guarantee if a marriage is safe. In such cases, it’s essential to take precautions to protect yourself and your assets. That’s where a prenuptial agreement comes into play.

Are you considering a prenuptial agreement? Then here’s all that you need to know.

In this blog, we’ll discuss all that you need to know about a prenuptial agreement.

What’s a Prenuptial Agreement?

A prenuptial agreement is a written contract that specifies a couple’s rights and obligations regarding premarital and marital property and debts. Furthermore, it stipulates what would happen if their marriage ended in divorce or death.

Here’s everything that you need to know about prenuptial agreements.

Who Needs a Prenuptial Agreement?

· Pass On Property to Their Children from Previous Marriages

A prenuptial agreement is beneficial for married couples with children from previous marriages to lay out what will happen to their property when they die. This allows them to leave separate possessions to their children while still providing for each other if required.

Without a prenuptial agreement, a existing spouse may be entitled to a considerable percentage of the other spouse’s assets, leaving less assets for the children.

· Couples In Need Of Financial Clarity

Couples prefer financial clarity to draft their assets and properties during their marriage.

· Protection against Debts

Couples or individuals that want to be protected from their significant other’s debts, turn to prenuptial agreements to ensure they don’t have a part in that debt.

· To Maintain a Cordial Divorce

Divorce can get messy when it comes to asset and property distributions and can lead to disputes. To avoid such circumstances, couples opt for prenuptial agreements. Prenuptial agreements decide every asset distribution and simplify things in case of a divorce.

Advantages of a Prenuptial Agreement

1. Sort Your Finances

Transparency is essential in every marriage. A marriage with ambiguity isn’t a strong marriage.

Transparency in terms of finance is significant and should be addressed beforehand. Your significant other must be aware of your financial situations, assets, and any liable debts. In such situations, a prenup comes in handy. Couples can get a prenuptial agreement to have a look into each other’s finances.

This candor and honesty can help build a stronger bond. According to experts, it also lays the groundwork for future financial talks that couples should have.

2. Protect Yourself from Your Spouse’s Debt

When a couple gets divorced, the court divides the property based on all assets and obligations. While you may believe that your spouse’s school loans are their responsibility, the court may disagree.

A prenuptial agreement meticulously defines who is accountable for what obligations can be beneficial to protect yourself from being abruptly burdened by your spouse’s debts.

3. Safeguard Your Children

If you have children from previous marriages, remarrying can jeopardise their future. In such circumstances, a prenuptial agreement is your saving grace. You can draft your prenuptial agreement in a way that ensures your children aren’t deprived of their inheritance in a messy divorce and also get their rightful inheritance after your death.

4. Safeguard Your Heirlooms

A ring passed down from a great grandmother, an old submarine clock, or stamps are possible heirlooms that hold emotional value. However, these heirlooms are at risk in a messy divorce. However, with a prenuptial agreement, you can safeguard them.  Whatever you value, a prenuptial agreement guarantees that it remains in your family and is not susceptible to litigation throughout the divorce process.

How Much Does a Prenuptial Agreement Cost?

There’s no particular charge when it comes to prenuptial agreements. The cost usually varies from situation to situation, for instance, if the estate and property are complicated, solicitors can charge by the hour. However, keep in mind that postnuptial; agreements are pricier since the couple has already been married.

Get Professional and Legal Assistance

If you’re considering a prenuptial agreement, get the right legal assistance. Get in touch with our family law solicitors in Wembley. Our experts can offer you legal and professional advice and ensure your assets remain protected.

From expert family law solicitors to criminal law solicitors, our law firm provides a wide range of legal assistance. Get in touch with us for more details.