With more and more couples marrying later in life, the likelihood is that one or both will have built up their own wealth, owned their own properties and even accumulated their own debts before tying the knot. Prenuptial agreements are an excellent way to clarify responsibilities and set some spending goals for the future.
One of the first priorities will be to look at the asset pool as a whole and understand what each person is bringing to the marriage. From here it can then be agreed who will be responsible for any outstanding debts and who will benefit from assets, dividends and incomes.
The prenup process is a good opportunity to set some life goals and think about future aspirations. There may be a desire from one or both parties to pool resources and buy a dream home or retire early to travel the world. By having the conversation early couples can take a strategic approach to life planning and wealth management.
Prenup discussions often take an unpredictable turn. This is because, surprisingly, couples rarely share their deepest ambitions with their partner before marriage. A prenup gives both sides a chance to have an open and honest discussion about what’s really important to them when it comes to spending and investing.
When couples are embarking on marriage for a second or third time, a prenup really comes into its own. Existing family members on both sides will be reassured that discussions are being undertaken to safeguard legacies.
Most couples see prenups as a way to agree how their assets will be divided and save money on negotiations during divorce, should the marriage end. This is certainly one important aspect of prenuptial agreements but it is to be hoped that by having those difficult conversations early in the relationship, the marriage will be on a much firmer footing going forward and a culture of openness and good communication will have been created from the outset.
Barnes Family Law’s experienced family lawyers and qualified mediators can help you negotiate and prepare a prenuptial agreement. Contact us on 01274 861096.