Pre-nuptial agreements – the most unromantic of topics
Amidst the romance of agreeing to spend your life with someone, planning a wedding and thinking about your future as a married couple, a pre-nuptial agreement is something that few people give a second thought to.
The question, of what if things don’t work out, is hardly what a couple at the start of their life together want think about. Also, it’s nowhere near as fun as choosing a dress, picking suits and planning the after party! A pre-nuptial agreement is nevertheless something worth thinking about.
Few people realise that getting married creates a legal relationship between the parties and therefore the right to make financial claims against each other if things don’t work out. These claims can include seeking shares of pensions, inheritances and future incomes. Decisions are made during marriage which affect the financial future of both parties. Taking career breaks to care for children can affect the ability of one party to earn income and accrue pensions. People marrying for the second time may want to preserve assets for children of their first marriage. Spouses who receive inheritances before or during the marriage may want to protect those assets. A pre-nuptial agreement can assist in these circumstances.
Whilst your financial future in the event the marriage breaks down may not be the most romantic of topics, it is one worth turning your mind to. A pre-nuptial agreement entered into, just in case, hurts no-one and could save a lot of heartache in the long run.