What Are Prenuptial Agreements?

The contents of a prenuptial agreement may vary, but essentially this document safeguards all the assets and property of both the parties in case of a separation. Ask the Prenuptial agreement solicitors in London to help you out. This agreement is not about trust; it is about limiting the legal fees and safeguarding your assets for your future.Here are reasons to put the prenuptial agreements in place.

Reasons

Business owners need to protect their business assets

jhhjhjhjhjhjIf you have a business partnership, that needs to be protected through a prenuptial agreement. The last thing you want if one of the spouses gets a divorce is another business partner in the form of their spouse. If the partner’s assets are not protected by a prenuptial agreement, one of the spouses may have a claim on their business assets. The spouse may have no knowledge whatsoever on how to run the business, but without a prenuptial contract, they can find themselves with interest in your business.

You are far wealthier or poorer than your partner

A prenuptial agreement does protect you regardless of whether you are the wealthier or, the poorer of the two in the relationship. For wealthier people, it is a way of making sure that those who marry you are not doing so because of your money. For poorer partners, it can ensure that you and any children will be provided for in the marriage. The prenuptial agreement will be structured in such a way that all parties stand to benefit, but key assets remain intact. For example, if you have an estate plan where specific items and family heirlooms have been allocated to specific friends or family then a prenuptial can ensure that this estate plan remains intact and unaffected by your marriage.

If you are remarrying

Many people are wary of remarrying, especially if they have already been through a messy divorce. You may also have alimony responsibilities from your previous marriage. Often, it can take some time to rebuild your life after divorce financially. It is reasonable to want to safeguard your assets if you plan to remarry. If your death, a prenuptial agreement will ensure that both your old family and new family benefit, and that one does not gain at the expense of the other.

Not knowing what the future holds

mkkpllbvxzwqFew people enter a marriage with the idea of one day getting divorced. Some people may even believe that if or when they do get divorced, it will be amicable. The sad truth is this is seldom the case. The breakdown of marriage is emotionally difficult.

Hurt and bruised emotions tend to bring out the worst in people and often logic gets thrown out the window as it becomes a fight for what some perceive as survival. Not having a prenuptial agreement, the divorce process can be drawn out into an emotionally and financially draining process. In the end, both parties may end up losing far more than they ever thought they would. A prenuptial that clearly outlines the assets regarding the marriage can be the best stuff you can do for yourself.