Over the years, couples have been increasingly entering pre-marital or pre-civil partnership agreements. Although it is not as exciting as the big day, it is still a great way to establish intimacy and honesty about money within the relationship.
If you are wondering what pre-marital or pre-civil partnership agreements are and whether you should consider getting one, here is a guide to inform you and help you decide.
Pre-Marital or Pre-Civil Partnership Agreements: What You Need to Know
What is a Pre-Marital or Pre-Civil Partnership Agreement?
A pre-marital or pre-civil partnership agreement defines how individual assets, income, pensions and other financial items will be divided in the event of a separation or divorce. In essence, it is written up as preparation for unpredictable circumstances, so both parties can reach a financial understanding.
Are They Legally Binding Documents?
No, these are not legally binding, however, they are recommended.
What Are the Benefits of a Pre-Marital or Pre-Civil Partnership Agreement?
If they aren’t legally binding, then why should I get one? Here are a few reasons why:
Stress-free, Confirmed Decisions
By being forward-thinking and considering ‘what if’, you can prepare for the future and save yourself and your other half the stress later down the line. Yes, it might never happen, but if you did separate or divorce, you don’t have to experience uncertainty because the financial decisions have already been made.
Simple and Straightforward
Once decided that you are going to draw up a pre-marital or pre-civil partnership agreement, all you have to do is get in touch with a solicitor. After discussing requirements, an agreement will then be drafted and eventually confirmed, and that’s that! You have control over your financial destiny, you both call the shots quickly and easily.
Cost-Efficient and Timesaving
If a pre-marital or pre-civil partnership agreement hasn’t been signed, you may have to go through tedious and expensive court proceedings when separating or divorcing. However, if one has been signed, you can make significant savings on lawyers’ fees and you will also save time not attending court.
Peace of Mind
Peace of mind can be achieved by both parties, as these agreements act as an insurance policy for future problems. As with all insurance policies, this allows you to sleep more easily at night, knowing that you are covered if anything was to go wrong.
Caversham’s Family Solicitors and Services
With Judges paying closer attention to pre-marital and pre-civil partnership agreements, they can now be seen as one of the most popular methods of protecting the assets and interests brought into a marriage or civil partnership.