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A prenuptial agreement is a legally binding contract between two people who are about to get married. Most people do not enter marriage with the idea that they will divorce in a few years time but the sad fact is that an increasing number of marriages do break down. Divorce is an extremely stressful process and this stress is made a lot worse when the couple are trying to sort out who owns what and what should happen to the children.
Many couples are marrying for the second time, or they don’t get married until much later in life when they may have acquired significant assets. A prenuptial agreement often states that anything owned prior to the marriage will remain the individual’s private property. Most financial experts will tell you that an agreement of this nature makes the relationship more honest from the outset and lessens financial concerns should the marriage break down.
One of the reasons divorce is so expensive is due to the amount of time people spend in court fighting over who owns what, and what should happen to the children. If these things are already laid out in a legal document, then the divorce process is less protracted and therefore less bitter and stressful for both partners.
When a divorce is less drawn out, not only is it less painful, it also means that conjugal assets are not going into the pockets of lawyers. A prenuptial agreement means that each partner knows where they stand from the outset as they feel relieved of certain financial pressures that can put a strain on any relationship.
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Prenuptial Agreements