If you are getting married you may want to consider getting a Prenuptial Agreement.
It is sometimes sensible to give provision for the way in which a relationship breakdown will be handled, should the worst ever happen. You can protect both parties by agreeing to a Prenuptial Agreement.
There are many benefits of making these formal arrangements which manage how such things as the Children and the finances should be dealt with if you should separate:-
- By discussing these matters at the beginning, you are more likely to be on good terms and to be civil and thoughtful. It is more likely that you can come to an agreement about how various matters can be dealt with and for you to be able to reach that agreement in an amicable manner.
- If one of you has capital or assets when you get together then that person may wish to ensure that they keep the benefit of that hard-earned capital or assets. In this day and age, there is no good reason why one person should benefit from the other’s hard work from before they even met. These type of agreements allow you to make provision for this.
- Often when a relationship breaks down it can be difficult to communicate. There can be hostility and confrontation. Having a planned and agreed strategy for what happens if the relationship breaks down can avoid the heartache and hassle of trying to sort things out at the point of breakdown.
- Having the agreement in place should speed up the process of affecting a separation, as the mechanism is all in place as to how matters will be dealt with.
It is possible to enter into a contract to manage the arrangements should a relationship breakdown whether you intend to marry or intend to live together. The position with the contract for marrying couples is that the agreement intends to alter the legal position and the jurisdiction of the court.
A Prenuptial Agreement
If you are getting married and you want to make formal provision for what will happen on the breakdown of your marriage, then you can enter into a Prenuptial Agreement with your future spouse.
In order to be enforceable, it is necessary that the contract to be entered into with knowledge of the financial matters as they are at the date of the marriage and with the benefit of legal advice in relation to your legal rights and obligations and how the contract/Prenup will affect them.
The process involves some element of consideration of what you both wish to happen on the breakdown and negotiations to reach an agreement on how that will work. The purpose is to come to an agreement which is fair and reasonable and which is indeed a mutual agreement.
If the agreement is made on the basis of knowledge and legal advice it is likely to bind you both. It is not possible to oust the jurisdiction of the court. However, an agreement prepared with full disclosure of each parties’ financial information and with both parties having legal advice, is likely to be upheld by the court if the court ever needed to be involved in a dispute about the validity of such an agreement.
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