The process of marriage is an exciting time for those about to tie the knot. A nuptial agreement is becoming a very popular decision before a marriage or civil partnership. A pre-nuptial agreement is a formal written agreement between two partners before their marriage that will document what happens to their respective assets if the civil partnership or marriage comes to an end. However, there are also post-nuptial agreements, which can take place any time after the wedding and prior to any separation.
Are you interested in getting a nuptial agreement? Here are five benefits:
You and your partner should provide full disclosure of your assets and income in the agreement, which is a great way for both sides to be aware of the value of each other’s assets, should a divorce occur.
Because nuptial agreements determine how the couple deals with and separates their finances if there is a relationship breakdown, this protects both parties when it comes to disagreements over assets. These could relate to assets like investments or property, but consideration can also be given to future assets obtained during the marriage, either on an individual basis or as a couple.
Saves time, money, and stress
When a couple separates without a nuptial agreement, the negotiation process begins, which can be a very challenging task for both sides, and court proceedings may be the only way to dissolve the partnership effectively. As the divorce process can take a lot of stress and time, and the costs are usually more than the costs of a nuptial agreement, it can greatly reduce the pressure on both parties.
A nuptial agreement is agreed upon between the couple with as much or as little detail as possible. For example, if the agreement only deals with one asset, the couple will divide every asset and income if they separate. This document that can be tailored to the couple’s needs, as divorce is not something that couples envisage in their future, a nuptial agreement is a very flexible “insurance policy,” that can be worked on together.
Completing a nuptial agreement when the couple is in a relationship, makes it easier to focus on the practical and financial issues. Resolving these matters during a separation is far more difficult because of the heated nature of legal proceedings, as well as the emotions that both parties experience. Choosing to agree on these issues way in advance, taking both couples’ aims and priorities into the equation will increase the chances of reaching a fair agreement.
The nuptial agreement is growing considerably in the UK, and while it is not legally binding, it’s important to remember that specific legal advice should be sought to ensure both parties are able to benefit. For those looking for legal help in the Plymouth, Tavistock, Torpoint, or Kingsbridge areas, finding the right legal help can ensure you get clarity on your nuptials. Contact us for clear and sensitive advice.