Many people believe that a prenuptial agreement can result in a marriage failing, yet the contracts can prove exceptionally beneficial during a marriage or the breakdown of a relationship offering security when the law does not.
Prenuptial Agreements have been part of the Scottish legal system for hundreds of years, yet there remains a stigma attached to the agreement, however, such documents can prove to be particularly beneficial especially if you have doubts over the marriage or the relationship breaks down in bitter circumstances.
With more high-profile cases in the UK and across the world highlighting the importance of what some call “a prenup” we take a look at why such an arrangement can be beneficial to a relationship.
Why Have Prenuptial Agreements Grown in Popularity?
Prenuptial agreements have increased in popularity for many reasons such as celebrities prenups raising awareness of such agreements and increased media coverage. The increasingly common practice of cohabitation has also resulted in more people having a prenuptial agreement as such a contract offers certainty when the law does not. A recent trend has been people marrying later in life with many building their own independent wealth. This, in turn, has been a factor in the growth of prenups as it is only natural that they wish to protect their assets.
Despite the source of these assets having nothing to do with the couple’s joint efforts, there is no guarantee that a court will exclude such assets from any financial agreement leading to uncertainty and sometimes significant legal costs trying to get a judge to divide these assets fairly. However, a prenuptial agreement can effectively secure this income for the relevant party with minimal dispute.
Benefits of a Prenuptial Agreement
With more than half of all marriages ending in divorce and separation, prenuptial agreements are seen by many as a relevant protection allowing customers to plan ahead in the event of the breakdown of a relationship. While some believe that signing a prenup is admitting that the marriage will fail, it could be argued that such an agreement provides peace of mind and shows that the marriage is taking place for the right reasons, especially if one member of a marriage is bringing significantly more in terms of assets.
With more and more people getting married for a second or third time, a prenuptial agreement ensures that any children from a previous marriage or relationship can be protected. As well as this, anyone that may have gone through a divorce battle may not want to go through such a process again; thus, a prenuptial agreement can provide the perfect way to ensure that assets are split as per agreed before marriage,
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