With the wedding season upon us, couples up and down the country are busy planning their special day. Searching for that gorgeous wedding dress, the perfect venue and the memorable wedding cake, creating the ideal fairy tale wedding takes time. But while couples spend months taking care of every fine detail, they often neglect the most important one of them all, their marriage.
With as many as 42% of marriages in the UK set to end in divorce, it is only right that couples take the time to think about their future together and put safeguards in place to protect themselves. Cue the prenup.
Most couples wince at the thought of discussing the possibility of divorce and think that getting a prenuptial agreement is unromantic, but they are wrong. Drawing up a prenuptial is just as sensible as getting house insurance in case your house gets burgled or car insurance in case you have an accident. It is a form of risk management in case something goes wrong and anyone planning to walk down the blissful aisle of marriage should get one before they tie the proverbial knot.
Prenups are not just suitable for a rich person who is seeking to protect their financially stronger position. A well written prenuptial agreement protects the interests of both parties, rich or not. If you are bringing assets into the marriage, it is only sensible to discuss what will happen to them if your relationship breaks down especially if you have children from a previous relationship. It also deals with property, debts, income and other assets purchased together or separately.
Prenuptial agreements aren’t just about preparing for marriage breakdown. By talking through financial matters frankly and honestly, you get issues out in the open and avoid arguments and misunderstandings down the road. After all, you’ll have to discuss money at some point in your relationship, so why not start now?
If your marriage does end in divorce, your prenuptial agreement will avoid any fights over finances which end in parties tearing each other apart in court. Maintaining a friendship post-divorce is particularly important if you are planning on having children.