What is a Pre Nuptial Agreement?
A Pre Nuptial Agreement is a contract that a couple would enter into prior to a marriage or civil partnership. This agreement outlines the consequences in the event of a separation. Pre Nuptials vary but most spell out the terms as to the possession of assets, control of property, handling of future earnings and the potential division of such should the partnership or marriage dissolve.
These agreements are quite popular with couples that are entering into second marriages, and have substantial pre-marriage assets.
What is a Post nuptial Agreement?
This agreement is a contract that the couple enters into after a marriage or civil partnership. They contain many of the same provisions as a Pre Nuptial Agreement.
Post Nuptial Agreements provide more assurance that the terms are spelled out should a breakdown occur.
Pre and Post Nuptial Agreement
They usually contain provisions for the division of assets, including property and future support, if any.
As a marrying couple you can agree to include just about whatever you want in a Pre nuptial Agreement, however you should know that there is guarantee that the Agreement will will be upheld if challenged in court. It is better however, to have an agreement, than not have one.
Pre Nuptial Agreements are common as a means of protecting or safeguarding wealth should a civil partnership or marriage breakdown. This is especially true if one of the partners has recently inherited assets prior to the marriage that they wish to protect.
The purpose of these agreements is to limit exposure to risk by having a contractual agreement with everything spelled out. It’s intent is to avoid the need for litigation and costs incurred associated with a divorce or dissolution of a civil partnership or marriage.
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