If you have finally met the love of your life and wish to pool your resources with your partner and set up home together, then a prenuptial agreement is something you should both discuss. While many people mistakenly think a prenuptial agreement is a sign of lack of confidence in the relationship, and for this reason, many couples do not examine the many options a prenuptial agreement can offer.
What is a Prenuptial Agreement?
Before we examine the many options, let’s define the prenuptial agreement as a contract that is entered into by two parties prior to marriage or common law cohabitation. The “prenup”, as it is known, can include many things, and would primarily define what would happen to assets should the relationship terminate, or also in the event of the death of one party. When you think about it, a marriage is a contract between two people, and a prenuptial agreement is often viewed as an extension of the marriage contract and deals with the division of assets, and also the care of children and making provisions for the family.
This is something that would entirely depend on what both parties wished, which might, for example, include the division of a company, should the owner die, or it could include custody details of any children, should the relationship ever come to an end. If you live in Yorkshire and would like to explore the possibilities of a prenuptial agreement, there are experienced solicitors in Bradford who offer affordable services, and with their help, you and your partner will have peace of mind.
In any long term relationship, it is important for both parties to feel financially secure and in a case where one party is considerably poorer that the other, that person might wish to have some financial security in the event the relationship ends, which can be clearly defined in the prenuptial agreement. Rather than seeing a prenuptial agreement as something that both parties reluctantly agree to, it should viewed as making provisions, and some couples include an extra-marital affair, which might result in the guilty party forfeiting all or some of their assets.
Protecting Premarital Assets
Very often when an older person is about to enter into a new relationship, they wish to protect the assets they have already acquired and a prenuptial agreement can clearly define the scope of what assets are joint and what are not. The difference in material wealth between two people can be considerable, and often, both parties will enter into a prenuptial agreement in order to clearly define what happens in the event of the relationship ending or death.
There are experienced family lawyers who can help you and your partner draw up an agreement that will give you both peace of mind, and with their expertise, all of your wishes can be clearly defined.