A prenuptial agreement is a contract between two individuals who are about to get married, outlining the state of finances and personal liabilities in case the marriage fails.
A big advantage of having a prenuptial agreement is that it forces couples to have a financial discussion before marriage. The issues that can be efficiently dealt with through such a contract include protecting both the parties from each other’s debts, preventing a division of the family businesses and disputes regarding separate and shared assets, as well as dealing with the issue of children’s custody after the dissolution of a marriage. So, essentially, the
agreement helps decide who gets what at the time of divorce. Each spouse must individually be represented by separate solicitors prior to signing the prenuptial agreement, again to reduce the risk of drafting and agreeing to an unfair agreement.
For a prenuptial agreement to be successful, both parties have to be willing to participate in it and have to be completely honest about their individual assets and liabilities. The contract also has to be in place before the wedding takes place.
It is important to remember that a prenuptial agreement is not just a document that protects and distributes assets in case of divorce. It is also a document that protects and distributes assets in case one of the spouses should die. Thus, the prenuptial agreement is not the exclusive tool of the divorce solicitor, but is also used by the estate planners on a regular basis.
Please contact Tim Shannon Solicitor at 01-8401780 for more information .