On 19 May 2018, the world witnessed a beautiful wedding of Meghan Markle and Prince Harry. Many people do not know this but they refused to sign a prenup i.e., the prenuptial agreement, following in the footsteps of Prince Charles and Prince Williams. This act stands contrary to a pre-existing notion that current generation does everything differently. Even though Prenuptial Agreements in the UK are on a rise, they are still not as ordinary as the US.
Normally when we talk about Prenup, we tend to believe that it is for the uber-rich class of the society. But is it so?
With a societal shift in the gender roles, dual income households have become quite common. People are career driven and thus they decide to settle down, much later in their lives. This has made Prenup favorable to save the respective assets of both the gender. The average income household can benefit a lot if one of the spouses have to continue education, wants to become an entrepreneur, chooses to be a stay at home parent or if you live in a community property state.
We have delved into the subject of Prenup and this post will take you further in the positives and negatives of a prenup.
Firstly, what is Prenup?
Prenuptial Agreement (Prenup), is a legally bound contract signed among the spouses before they get married. The contract outlines the procedure for the division of finances and properties in case of divorce or death of a spouse.
Traditional people see Prenup as an anti-romantic as they believe that prenups are more likely to get you divorced, so they avoid to talk about it. Contrary to their beliefs, a Prenup is a great way to plan and divide responsibilities of marriage that can lay strong foundations for a better future. Couples can ascertain the nature of debt, being personal or shared, in turn, managing household finances in a better way.
In the absence of a Prenup, the state divides the properties and finances after the death of a spouse or divorce. This can be unfavorable for someone and can sometimes be time-consuming, putting your assets in jeopardy.
Who needs it?
Every attorney will suggest you get a Prenup and no, a Prenup does not directly lead you to a divorce. A prenup is a mutual choice so it depends on you and your spouse and how you choose to plan your Prenup that can actually benefit your marriage.
- Helps to maintain separate properties of spouses
- Protects business assets and inheritances
- Develops open communication among spouses
- The rights of the children from a former marriage are secured
- Supports and forms a better estate plan
- Foresight future conflicts and making a plan to avoid them
- Involves talking about a really sensitive topic, MONEY
- It is a pessimistic approach to think about the divorce, before even getting married.
How to get done with a Prenup?
While preparing a prenup, it is important to sit with your partner and mutually decide the terms and conditions. If a couple fails to form a mutual agreement, they can also opt for a mediator that helps them start the conversation and form consensual agreement, benefiting both the individuals. It is necessary that both parties are on the same page and sign voluntarily without any pressure.
You can easily make Prenuptial Agreement with LawTally by choosing any of our varied Prenuptial Lawyers who are experienced specifically in this area of law.
Note: Prenuptial Agreements can be challenged or considered invalid if signed less than 30 days before the wedding. This is to make sure that you carefully make the agreement without any haste.