There has been a drastic increase in the number of couples opting to get a prenuptial agreement prior to their wedding across the UK and in the United States. According to the American Academy of Matrimonial Lawyer (AAML), 63% of solicitors saw a drastic increase in the number of prenuptial agreements with more couples opting to obtain such a document before tying the knot.
While such agreements are often frowned on, with some believing they are damaging to a relationship, a prenuptial agreement can be beneficial to both parties prior to their marriage and can strengthen relationships.
Such an agreement effectively ring fences certain aspects of an individual’s assets and protects interests in the event that a partnership ends in divorce or separation. With more people getting married at a later date and people often living their own life prior to marriage, such documents can protect what you have earned prior to settling down. A prenuptial agreement can offer reassurance that your assets are being protected and also give peace of mind that you are getting married for the right reasons.
It is often thought that only males who are affluent ask for a protective agreement prior to marriage, however, such agreements are popular across both genders with just as many females asking for such a document. Some experts have stated that this is due to more people marrying at later in life, while others have suggested that people getting married more than once is leading to a boost in prenuptial agreements. Such a document can and protect assets and child custody from previous relationships.
Main advantages of a prenuptial agreement
Naturally, no one wants to plan for a divorce or for their relationship to breakdown, however, while some state that a relationship is certain to fail due to the creation of a prenuptial agreement, just because you have a prenuptial agreement does not mean it needs to be used. Indeed, the increase in the number of prenuptial agreements has coincident with a decrease in the number of divorces.
A prenuptial agreement removes any bitterness from a separation and means that if the worst does happen, the split can be somewhat amicable.
Such agreements are growing in popularity and have a number of advantages including:
- Opens discussion regarding finances and ensures that all issues, such as property and even pet ownership, are dealt with.
- Saves time and money in the event of a divorce or the breakdown of a relationship.
- Secures all previous assets from a marriage and protects what you brought to a relationship.
- Setting up such an agreement is relatively cheap and effective
Whether you be married, about to get married or are signing a civil partnership, a prenuptial agreement can be beneficial to both parties and does not simply mean that a relationship is resigned to fail. While such agreements may not be for everyone, marriage is a beautiful, wonderful thing, but the law is there to protect you if you do get married as well, so, why not use it?
Stephen Mcilkenny is a legal writer working for Unlock The Law