Pre Nuptial Agreements and Estate Planning

| End-of-Life Resouces

Share this:

Pre Nuptial Agreements and Estate PlanningYou may have heard the phrase Pre Nuptial Agreement in famous celebrity divorces, like the case of Tiger Woods & Elin Nordegren for example. Maybe you’ve thought that these were exclusively a celebrity clause, and not available to Joe Public. This couldn’t be further from the truth, and many couples marrying are now opting to draw up Pre Nuptial Agreements.

Benefits:

Your reasons for wanting a “Prenup” can be many, but what are the advantages of having an agreement in place, prior to marrying? Well, the agreement can have many different clauses and conditions drawn up. For example, when Keith Urban married Nicole Kidman, it was known he had issues with drug use. One of the clauses in their agreement was that, if Urban was to take drugs or alcohol, Nicole could walk away without paying one cent of her fortune to Keith in the separation.

Agreements can also be useful where both parties may own property – the agreement can specify the treatment of property in the event of separation, and define what is to be treated as individual or joint property. And of course, a Pre nup can totally eliminate conflicts if a separation does happen, as terms have already been agreed on.

How to Reach Agreement:

If, after discussing with each other that a “Prenup” is the best arrangement for you both upon marriage, what steps do you need to take in order to make a legal agreement? Well, your first step should be to seek legal assistance. Family Law solicitors are the best suited to assist you in drafting up an agreement. They will help you understand the intricacies of the agreement, and will have templates available to make the process even easier.

When to consider a Pre Nuptial Agreement:

These types of agreements aren’t for every couple, and there is always the risk that your significant other may be insulted or hurt by the suggestion of drafting up an agreement. However, there are some circumstances under which getting an agreement in place, would be the best action for all involved. For example, if you are both business owners, you can marry, save in the knowledge that your individual businesses will be unharmed, should you ever separate. Another common reason for drawing up these types of agreements is where one person in the relationship has children from a prior relationship. A pre nuptial agreement can lay out financial terms in this regard.

Downsides:

Pre Nuptial agreements, although beneficial in some circumstances, are anything but romantic. As detailed above, there is always a danger that you may hurt the feelings of your partner by requesting an agreement be reached. Another matter is, while an agreement may be reached now, circumstances can change very quickly, so something that was agreed upon in the present day, may be totally different in the future.

Pre Nups are a matter that should be brought under serious consideration before drawing up. That’s why it is vitally important that experts Solicitors Guru are brought on board, to assist in the process.

Updated:

| End-of-Life Resouces

Since 2002, Your Tribute has provided a safe and secure environment for friends and family to connect and share memories. With Your Tribute you can create a free online obituary or personalized memorial website for a loved one in minutes....