ADVERTISEMENT FEATURE What’s the point of a prenup? In light of shifting attitudes about prenuptial agreements, experts from FM Family Law explain their purpose and benefits R esearch from a recent YouGov survey reveals 61% of people planning to propose this year will personal assets would be shared in the event of any relationship breakdown.
Timing is key in a prenuptial agreement, and with the pressures of planning a wedding, it is easy to allow considerations such as this to pass you by. To ensure you and your legal advisor have plenty of time to make the necessary arrangements, it is helpful to start having these conversations at an early stage. This will further alleviate any unnecessary stress during the lead up to your wedding day, and allow you to focus on the many exciting preparations! FM Family Law specialises in all matters relating to relationship agreements and complex finances. If you are considering entering in a pre- or post-nuptial agreement, or would like further advice on the potential benefits and alternatives, phone the team on 01223 355333. Information contained in this article is for general informational purposes only and should not be considered legal advice
• Certainty: Both partners have the freedom and autonomy to agree at the outset of your marriage how your finances will be shared if you later separate and divorce. This should alleviate the uncertainty, time and stress (not to mention the costs) of resolving finances through the courts if your relationship breaks down. • Safeguarding family interests: If either or both of you have children from previous relationships, then a prenup can outline how assets will be distributed to ensure that family members are protected. • Preserving personal assets: If either partner has significant pre-owned assets, such as a home, business or investments, you can use a prenup to protect your interests in the event of separation and divorce in future. This often includes ring-fencing those assets. • Protection of business partners: You or your partner may have a vested
consider a prenuptial agreement as part of their wedding planning. At FM Family Law, we are certainly noticing an increasing interest in relationship agreements. This marked shift in societal attitudes in favour of relationship agreements could reflect a positive change among future couples who value open conversations about finances and long-term financial planning. A prenuptial agreement, or prenup, is a legal document which outlines how income, assets, debts and other financial matters will be handled in the event of relationship breakdown in future. The agreement is entered into in the hope that it will never need to be relied on and the relationship will continue. But should the unhoped-for happen, the document can be relied on in certain circumstances to provide clarity over the sharing of assets and can help alleviate stress and uncertainty during challenging times. There are many benefits to getting a prenup, such as: • Clarity: You and your partner both have a clear understanding of property/ asset ownership and how, for example,
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interest in a family or small private business. A prenup can effectively protect that interest, preventing disruption to the business in the event of a marriage breakdown.
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