Prenuptial agreements get more frequent. Here we teach you what to remember when making one up.
It is a very happy time for any pair to plan for the marriage. We are obviously looking together towards a good, happy and fruitful life, so the idea that anything could go wrong is the furthest from their minds. Yet with close to half of partnerships in the UK currently resulting in divorce, a cautious couple will offer careful thought about what will happen if that tragic fate is endured by their upcoming marriage. I strongly suggest you to visit Melone Hatley, P.C. to learn more about this. In general, they shouldn’t go into marriage without having a prenuptial agreement first.
While the rocketing number of divorces has raised the incidence of prenups, many people are not exactly sure what they are or how they could have one drawn up. A prenuptial agreement is a contract which the couple made before they actually marry. In this they agree on how to divide any assets should they get divorced. The prenup may also stipulate whether if one of the pair dies the properties will be divided. Which assumes one of the parties may make provision for any children brought into the union.
So why is it so important to decide how to divide the money, should the marriage end up in divorce? Splitting up property is almost always a tense time after divorcing. This is particularly true if one of the partners brings the greater percentage of assets into the union, and risks losing them at a hearing on divorce. Through carrying out a prenup, he / she may prevent themselves from destroying their personal assets and from having to pay their former spouse for potentially crippling maintenance.
Both parties signing the prenuptial agreement should understand that, when making a ruling, current law does not require British courts to agree to the agreement. Yet if a prenup is set up it may well be taken into account.
Because the status of prenuptial agreements is unclear, you can take cautious steps if you are contemplating drawing one up. Make sure it’s signed no less than 21 days prior to the wedding date. Much further and it could be claimed that it had been negotiated under duress by one of the partners, thereby making it almost certain that the deal would be dismissed at any divorce hearing. Furthermore, before drawing up the deal, you could make sure that you contact a qualified prenuptial attorney-this could make it more likely that the courts would take account of the arrangement if you end up divorcing.