5 Benefits Of Doing A Prenuptial Agreement
So you’ve met the partner of your dreams. You’re both in love, and everything is rosy. As time passes, the “honeymoon” period wears off, and perhaps the love is not quite what it used to be. You then reach a stage in the relationship when you know it’s just not going to work and the two of you decide to go your separate ways.
How are the assets to be divided? Do you walk away with nothing and fight for all you can get, or does your partner try and take you to the cleaners for everything they can get?
1. Separation Can Be Difficult And Costly
The only people that usually win are the solicitors. It isn’t only an expensive exercise from a monetary point of view, but it can also be costly from an emotional point of view as stress levels go through the roof. It is well-known that most people don’t make rationally correct decisions when they are over-tired, stressed out, or emotional.
Some people try and lay a guilt trip on their partner by saying, “if you love me and you intend being with me always, why do we need a prenuptial agreement?” The opposite could also be said to be true. If you love your partner and intend to stay with them, why would a prenuptial agreement be a problem?
2. The Legal Landscape Can Be A Minefield
In modern day society, the legal landscape can be a minefield. People quite often win court cases, and compensation that society think are ludicrous, and yet, it happens. A prenuptial agreement, while bordering on being a business arrangement, can take a lot of the angst out of going through a separation.
3. Helps In Division Of Assets
Different things to take into consideration are, for instance, that each of you might keep the assets you already owned going into the relationship, but assets acquired during the relationship get split up by an agreed percentage. Another area might be if you have had children together, who will be looking after the children and is compensation required from the other partner to contribute to that.
Should assets be split down the middle, or has one partner made a significantly higher financial contribution to the relationship and so is entitled to a higher percentage of the asset division?
There are many things to take into consideration, but a solicitor can help you do that while you are both in a good space at the start of your impending life together. It is far better to make all the necessary decisions while you are both clear-headed and on good terms.
4. Saving On Legal Costs
Another reason for setting up the prenuptial agreement early in the piece is the saving on legal costs. Separation and divorce can end up being dragged through never-ending meetings with the solicitors on both sides. Perhaps, court hearings, child-custody hearings and all manner of legalities that need to be taken into account.
A prenuptial agreement will keep legal costs to a minimum because the outcome has already been decided upon. So, the solicitors have no excuse to drag things out and keep having meetings or mediation. It becomes a much more straightforward procedure for all concerned.
5. Minimize Stress On Your Children
If there are children involved, it is also going to help reduce stress and upset for them. It will still be a stressful period for them. However, they will keep the unpleasant side to a minimum to shelter them somewhat.
For peace of mind and security, a prenuptial agreement is certainly worth looking at. Sometimes the subject can be difficult to approach. But, the effort will be worth it in whenever there is the need.