Prenuptial agreements are formal, written agreements between two people, signed prior to their marriage. The agreement sets out ownership of their belongings and explains how those will be divided in the event of a separation.
When you’re in love and planning to get married, you don’t really want to think about your relationship not lasting the test of time. However, you should consider a prenuptial agreement (also known as a “prenup”) as a safety net, knowing that it will hopefully help you avoid expense and acrimony should the marriage break down.
Why should you consider a prenuptial agreement?
A prenuptial agreement can provide peace of mind for both parties. It can help if:
- You want to protect inheritance or future inheritance, both money and assets
- There are assets and/or property that would be difficult to split equally
- You have children from a previous relationship and want to ensure certain assets are preserved for them and protect their inheritance.
- Either party owns a business which they need to retain.
There is no legislation in place governing prenuptial agreements so they are not automatically enforceable through the Courts. However, they are beginning to carry more weight in the family courts.
We are already married and now want to document our agreement relating to our finances. What can we do?
If you are already married, you can enter into a postnuptial agreement with your spouse. You can read more about postnuptial agreements on this page.