Why Consider a Prenup?
A pre-nup is an agreement that is entered into before the marriage ceremony or before moving in together and sets out how property and assets are owned and how they will be divided if the relationship does not work out.
You may want to seriously consider a prenup if you:
• Have considerable assets such as homes, real estate investments, stocks and shares, retirement funds that will make you wealthier than your partner.
• Own all or part of a business or professional practice
• Have children and/or grandchildren
• Haved loved ones, such as elderly parents who need care
• Are expecting an inheritance
• Have (or are pursuing) a degree or license in a potentially lucrative profession
One lawyer cannot advise both you and your partner. Pre-nups require that you see a solicitor and that your partner is given advice by another independent lawyer so that the agreement is entered into is fair to both of you.
A prenup is not the only way to protect your property rights and financial interests, you can also establish a Domestic or Foreign Asset Protection Trust which transfers the ownership of your separate property (including your business) into the trust. Please give us a call if you would like to discuss the options available to ensure your property and assets are adequately protected.
Author - Rachel Watson, Watson Thomas Solicitors