When things are so busy and the wedding is only a few small months away, it can be easy to get lost in the planning and push away dealing with any other issues until after the you’ve both said ‘I do’. This feeling is amplified even more when it comes to considering a prenuptial agreement, which many people feel doesn’t fit with the romance soon-to-be-married couples are often surrounded with.
But prenuptial agreements and romance are not, as many believe, mutually exclusive. In fact, these agreements, which may in the future significantly reduce the stress and strain of both our other half and ourselves, are quite the opposite.
Some couples find that talks of ‘if and what’ could happen to their finances if they separate in the future can be quite stressful, especially before a wedding. This is why, should you decide to enter into a prenuptial agreement, it’s important to discuss and organise it well in advance. This allows time for honest and open discussions to take place between you and your partner, when you are not feeling the time-pressure of your imminent wedding. Indeed, if a judge feels like either you or your spouse was pressured into the agreement, especially if you entered into it only weeks before the wedding, they will choose not to uphold it.
As it can be difficult to predict future circumstances, it’s important to regularly update your pre-nup (for example, if one of you gives up work to look after your children) so that it is still relevant.
Although not something soon-to-be-married couples want to think about, people and situations change and marriages do end in divorce.
Entering into a prenuptial agreement can provide peace of mind to both parties as to what would happen, in the (hopefully) unlikely scenario, where you both go your separate ways, especially if one or both of you are high net worth individuals. Contrary to popular belief, a prenuptial agreement does not mean that one party gets nothing. A court would not uphold an agreement that resulted in the basic financial needs of one party not being met.
Although not currently enforceable in England and Wales, as long as a pre-nuptial agreement is entered into correctly and with the right legal advice, a prenuptial agreement should be given weight (or upheld) by a court, if they are asked to decide your finances upon divorce.
By entering into a prenuptial agreement, you and your partner are able to agree in advance what you would like to happen if you should ever decide to split, potentially saving both money and time on stressful discussions in the future.
For more information on entering into a prenuptial agreement please visit our Legal Library.
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