A prenuptial agreement is basically an agreement between two people which deals with the financial repercussions in case the marriage ends. However, all of the married couples have a prenup agreement which is referred to as the divorce law. But, a lot of people are not quite satisfied with the way in which this divorce law works. They would rather prefer to take the control in their hands rather than leaving it in the government’s hands. The London prenuptial agreement solicitors can help you to get a customized prenup.
For a huge number of the people, however, a prenuptial agreement might not fall into the category of romantic but is actually a wise decision if you are concerned about your finances. Listed below are a few reasons as to why should opt for a prenuptial agreement.
Property and Finance
How well are you aware of the finances of your other half? Most of the couples often enter marriage with varying savings and incomes as well as varying debts. By putting in it writing as to who owns what, who earns as what as well as who owes what right before the marriage would help you to have a clear guide which can inform the proceedings of the divorce. This would also prevent the assets, incomes and the debts from being split into 50-50.
Families and Second Marriages
In case your spouse has been married earlier or has children from a past relationship, they might be paying the maintenance amount to the former partner. The terms and conditions of the prenup can specify which of the assets can be used to pay off the maintenance and which of them are protected in case you too get divorced.
Business
If you have your own business, it is an asset which can be divided in case of a divorce. A prenuptial agreement would, however, protect your business from being divided and subjected to be controlled after the divorce by your former spouse. This would protect your means of income from being stripped or sold off in order to pay off a marriage.
Inheritance
If you hope to inherit over the period of your marriage, a prenuptial agreement would define your inherited assets including all the possessions that have a sentimental value and are solely yours. The agreement, however, would not protect the inheritance entirely from a settlement for divorce but by elucidating in advance that it is solely yours, the London prenuptial agreement solicitors can build a strong case for you.
Answers Key Financial Questions
There are several non-divorce issues that are related to finance but can be addressed in a prenuptial agreement. Things like who would pay the household bills, whether you would file separate or joint income tax returns, who would handle the credit charges and many things like which are crucial financial decisions can be addressed in the prenup agreement.
The prenuptial agreements aren’t about divorce. They, in fact, are about striving for a long and healthy marriage. The more the couple comprehends their mutual expectations, the greater the chance of a successful marriage.