Creating a prenuptial agreement is a lot like taking out life insurance; you arrange it hoping never to use it. Few people get married under the assumption that something will go wrong, which means that many couples are not prepared when something does come up. Far from the idea of being a mark of distrust, a prenuptial agreement can ensure your assets are protected if the unexpected does happen.
Amongst all the other pressures of arranging a wedding, putting together a prenuptial agreement might not be at the top of your to-do list. You don’t want to think about the worst at this exciting time, but openly communicating about money before tying the knot can help avoid problems later down the line. Here are four good reasons to consider drawing up a prenuptial agreement.
Protect Your Personal Assets
Prenuptial agreements aren’t just for the super-rich. Absolutely anyone with assets can benefit from a prenup. Possibly you have treasured possessions, a large amount of savings, or property that was purchased before getting married. A prenuptial agreement will take into account yours and your partner’s unique circumstances and minimise the risk of you losing what you have worked so hard for. The likely outcome of a court divorce settlement is a 50/50 split of assets, but a prenuptial agreement increases your chances of getting out assets which you brought to the marriage.
Keep Control of Your Business
If you own a business, this will become a shared asset when you marry. Businesses are often tricky to place a value on, meaning that it can be especially difficult to negotiate a fair settlement in the event of a divorce when a business is involved. As a business owner, you have the stability of the business to think about as well as your marriage, so a prenuptial agreement could come in handy. A prenup could specify what will happen to the business should the worst happen, keeping it protected and secure.
Ensure Your Pets are Looked After
When couples marry, many of them don’t realise that their pet is also considered a matrimonial asset. Pets have a great deal of emotional value but little financial value, so they may get overlooked in a court settlement. Disputes over pets can be distressing for both parties, so it makes sense to plan for your pet in a prenuptial agreement. If you had a pet before getting married, you might want to arrange a prenup to be sure that you will keep them should something go wrong.
Speed Up the Separation Process
Marriages can be unpredictable, and couples can drift apart for any number of reasons. The process of separation will already be distressing enough without lengthy and costly court proceedings. A prenuptial agreement which is drawn up by a specialist solicitor and considered fair by the courts can reduce the likelihood of disputes about division of assets, making the divorce process faster and much less painful for both sides. Everyone likes to think that it won’t happen to them, but it’s a good idea to have a safety net there just in case.
Discussing finances and drawing up a prenup might not be the most romantic pre-wedding task, but taking the time to put together a fair agreement might save you stress and money in the long run. LawOn is a revolutionary new app which allows you to access free legal advice about prenuptial agreements from specialist solicitors when you need it, where you need it. Sign up for updates about the smart way to lawyer up here.