While entering a marriage is an exciting new chapter, it’s important to be prepared in the event of a breakdown of the relationship. That’s because divorce rates in the UK are estimated at 42 per cent.
One of the ways in which you can prepare for any hard-hitting, difficult conversations is by signing a prenuptial or postnuptial agreement. In this article, we’ll be discussing the differences between the two and how they can benefit your marriage in the long run.
Prenuptial agreements
A prenuptial agreement outlines the ownership of any belongings, such as property, money, and other assets, before the start of your marriage. The prenup offers you a certain level of protection and helps to set out your financial rights following the end of the relationship.
While not legally binding in England and Wales, the contract is drawn up in a formal, written document. You can draft up your prenuptial agreement with the help of a family solicitor, as they understand the complexities and overall sensitivity of the subject, especially if the topic has caused tension between you and your partner.
Approaching the conversation with your partner about signing a prenup can be tricky, but having an open and honest discussion about your finances can help result in less conflict, delays, and expenses if you were to get a divorce.
Postnuptial agreements
Postnuptial agreements are incredibly similar to prenups, however, they occur after the wedding. They offer the same level of protection and still ensure that the ownership of any assets is outlined clearly in the documentation.
A postnup can be made at any point during a marriage and can be used to make provisions for the future, such as if you have children and what inheritance they will receive. Again, they are not legally binding, but using expert support and guidance from a family lawyer ensures you have the appropriate legal advice to draft up a clear agreement between both parties.
The benefits of having either a prenup or postnup
You may consider taking out a prenup to give yourself that extra financial security and protect the personal assets that you take with you into a marriage. The idea is that you and your partner will agree on the division of assets ahead of the marriage, ensuring that you both feel the agreement is fair.
Prenups were traditionally used among celebrities and wealthy individuals to protect their finances. However, prenups are beneficial for many couples and clearly outline the rights and responsibilities of each partner in the marriage.
If you’re taking out a postnup, you’ll have more time to assess your finances and can have deeper conversations with your partner about how you both spend your money. And, if you married young, you might not have been ready to have those all-important discussions regarding who should get what. As your marriage progresses, you’ll likely feel more confident in your opinions about money and other assets.
If you’re wondering which agreement is best for your marriage, we recommend speaking with friendly and knowledgeable family solicitors who can guide you in the right direction. The topic can be difficult for many relationships, but you can rest assured you’ll be handled with care and empathy.
