- Penn Tech Admin
What Are Prenups And Are They Only For The Famous?
Updated: Oct 3, 2020
We see in the news day in and day out these famous celebrity couples having their public spit about their divorce, slagging one another off, and sometimes even referring to prenups.
But, what is a prenup and is this only something for the rich and famous?
A prenuptial agreement is a document prepared prior to a marriage that helps couples settle any financial claims made against one another in the event that that they separate and divorce.
A postnuptial agreement is the same, although this is prepared after the marriage.
Therefore, a nuptial agreement can be prepared either prior or post the marriage.
Whilst some may say that this is not necessarily the most romantic thing to do after tying the knot (or shortly thereafter), it can be seen as protection for either party or both. An example may be when you live in a home and, whilst you do not think that anything will go wrong, you obtain insurance to protect yourself… just in case.
Many people assume that this type of agreement is only for those who are rich and famous, however, this is far from the case. Nuptial agreements are actually becoming more popular among (soon to be or already) married couples.
Of course, you would hope that you would not have to look at the document again once it has been signed by you both, however, and in the sad event that your marriage comes to an end, and if the document is well drafted and covers all basis, the nuptial agreement can avoid costly financial litigation between you both. In other words, deciding “who gets what?”.
Some may even say, is it worth figuring out your soon-to-be spouses’ intentions at the get go?
During a time where there will be much emotional strain, sometimes the last thing you want to do is then starting a war over the marital pot.
Whilst many seek a family lawyer’s advice post separation and once the marriage has ended, it never hurts to seek that same advice prior to marriage.
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.
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