A prenuptial agreement is a legal agreement entered into by an engaged couple prior to being married. It provides for an agreed upon distribution of assets if the marriage ends in divorce. A similar agreement called a postnuptial agreement is signed after a couple is already married. Domestic partners may also have a cohabitation agreement.
Not only provides for the event of a divorce
In some countries, the prenuptial agreement not only provides for the event of a divorce, but also to protect some property during the marriage, for instance in case of a bankruptcy.
Advantages
• Making a prenup may actually strengthen ones relationship,
• Communicating about money matters can actually improve the quality of one’s relationship
• Support good communication in marriage
Disadvantages of a Prenup
While there is a lot to be said for a carefully considered, clearly written prenup, there are some downsides to consider.
It's not romantic.
Discussing what goes into a prenup could be unpleasant and stressful, leaving one with bad feelings about the relationship
The time may not be right
Making a prenup forces one to confront many of these issues now, at a time when one’s relationship may still be new and untested.
State law may protect without an agreement
The laws of state may do a fine job of accomplishing what one want.
UK Law
In this respect the English courts have not traditionally allowed their discretion to be fettered by pre-nuptial agreements entered into by the parties. It allows the parties to a marriage more freedom to regulate their own financial affairs in the event of divorce.
Are they binding?
Historically, these agreements have not been binding and the Courts have been concerned to protect the financial weaker party. However, recent case law has significantly increased the weight given by the courts to prenuptial and postnuptial agreements.
Benefits of prenup agreement Pragmatic
They are pragmatic rather than romantic. The agreement can offer a measure of comfort to both parties in a betrothed couple because the agreement spells out the division of assets in the event of divorce.
Protection against fraud
It can help to offer some protection against fraud and deception for people who have assets to protect. They can also offer a measure of protection to the spouse with less assets going into the marriage but who invest a substantial portion of their life and time into the marriage.
Protection to both parties
It can offer protection to both parties of the agreement. The person with the higher level of assets can benefit from the feeling of assurance that the other is not marrying for money.
They also benefit from the assurance that they assets have a measure of protection in case the marriage heads south.
Education can be included
Education can be included as well, so that if one is pursuing an advanced degree, that the degree is not included as a marital asset in the event of a divorce.
Healthy negotiation These can be a healthy negotiation if both parties feel that they have been dealt with fairly Contents
• Strength relationship
• Pragmatic
• Healthy negotiation
• Protection against fraud
• Not romantic
Not only provides for the event of a divorce
In some countries, the prenuptial agreement not only provides for the event of a divorce, but also to protect some property during the marriage, for instance in case of a bankruptcy.
Advantages
• Making a prenup may actually strengthen ones relationship,
• Communicating about money matters can actually improve the quality of one’s relationship
• Support good communication in marriage
Disadvantages of a Prenup
While there is a lot to be said for a carefully considered, clearly written prenup, there are some downsides to consider.
It's not romantic.
Discussing what goes into a prenup could be unpleasant and stressful, leaving one with bad feelings about the relationship
The time may not be right
Making a prenup forces one to confront many of these issues now, at a time when one’s relationship may still be new and untested.
State law may protect without an agreement
The laws of state may do a fine job of accomplishing what one want.
UK Law
In this respect the English courts have not traditionally allowed their discretion to be fettered by pre-nuptial agreements entered into by the parties. It allows the parties to a marriage more freedom to regulate their own financial affairs in the event of divorce.
Are they binding?
Historically, these agreements have not been binding and the Courts have been concerned to protect the financial weaker party. However, recent case law has significantly increased the weight given by the courts to prenuptial and postnuptial agreements.
Benefits of prenup agreement Pragmatic
They are pragmatic rather than romantic. The agreement can offer a measure of comfort to both parties in a betrothed couple because the agreement spells out the division of assets in the event of divorce.
Protection against fraud
It can help to offer some protection against fraud and deception for people who have assets to protect. They can also offer a measure of protection to the spouse with less assets going into the marriage but who invest a substantial portion of their life and time into the marriage.
Protection to both parties
It can offer protection to both parties of the agreement. The person with the higher level of assets can benefit from the feeling of assurance that the other is not marrying for money.
They also benefit from the assurance that they assets have a measure of protection in case the marriage heads south.
Education can be included
Education can be included as well, so that if one is pursuing an advanced degree, that the degree is not included as a marital asset in the event of a divorce.
Healthy negotiation These can be a healthy negotiation if both parties feel that they have been dealt with fairly Contents
• Strength relationship
• Pragmatic
• Healthy negotiation
• Protection against fraud
• Not romantic
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