What is a Prenuptial Agreement?
It is a contract entered into prior to marriage, civil union or any other living arrangement by the people intending to marry, live together or contract with each other. The content of a prenuptial agreement can vary, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage or even death of one spouse.
For a Pre-nuptial Agreement to be effective parties must be completely honest in respect of each other’s financial position (both assets and liabilities). The arrangements should be agreed and agreements should be entered into comfortably in advance of the marriage and not rushed into at the last moment.
When is a Prenuptial Agreement Advisable.
It is advisable to have a Pre-nuptial Agreement in any relationship, especially in the following circumstances:-
If one party has any substantial or particular asset which he/she wants to protect.
If there is significant disparity in value between the assets of both parties.
If there are (either from the present or a previous relationship) who need to be protected and for whom parties wish to preserve their assets.
If you wish to agree how assets are to be dealt with in the event of death of one partner.