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Osborne Morris & Morgan > News and Articles > Family > The importance of prenuptial agreements

The importance of prenuptial agreements


Posted on 30 Mar 2016, in Family
 

The topic of a prenuptial agreement is often not an easy subject to discuss with a partner or fiancee, but especially if one person has significantly more wealth or earnings than the other, it is an option that should be seriously considered. Couples in Bedfordshire planning to get married can keep in mind that a survey revealed that almost one third of people contemplated getting a prenup before their big day, and that in the U.K. more than 30 million adults believe that an agreement would make the divorce process easier.

The fact that many first marriages will end in divorce may not be something any couple wants to consider when they are making their wedding arrangements. But even though money may not be a factor in their decision to get married, the fact that finances form part of the arrangement is an unavoidable truth. Over the course of a marriage a couple may have uncomfortable discussions and disagree on occasions, so talking about a prenuptial agreement is an early opportunity to assess how each person handles the situation.

There are benefits for both parties in clarifying the financial arrangements for the future. A prenuptial agreement can offer stability and financial protection, and over half of the divorced people who were surveyed admitted that they were more likely to have an agreement before marrying again. As the chances of a relationship breaking down is higher for couples who have married for a second or third time, a prenuptial agreement can be even more important to help them recover financially from a separation.

A solicitor with experience in property division may be able to advise a client on the best form of agreement to enter into. It is advisable that each party obtain separate legal counsel in order to avoid a conflict of interest.

 

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