What is a Prenuptial Agreement?
A prenuptial agreement, or prenup as they are sometimes referred to, is a document outlining how a couple’s assets should be divided should they end up getting divorced. Crucially, it can mean that in signing one, both sides are choosing to opt out of other directives that they would otherwise be beholden to if they divorced without a prenup. In that way a prenup can start life from a standard prenuptial agreement template that a couple can amend to suit their needs. Or, they can work with a prenuptial agreement lawyer or a prenuptial agreement attorney to design their own contract that takes into account their own individual terms and conditions.
How does a Prenuptial Agreement work?
A prenuptial agreement will work according to the specific clauses within it. As briefly mentioned above, a prenup can be designed to work how a couple would like it to, but often it will work around listing the couple’s assets before they are married. It will then go on to specify what each individual is entitled to in the event that the marriage ends in divorce.
Advantages of a Prenuptial Agreement
While prenups are far from romantic, and very few people enter into marriage with only money in their sights, they can be a very useful piece of documentation should a couple end up going their separate ways.
Firstly, it means that from before the marriage, a person (if they are actually only interested in marrying to financially better themselves), knows what they will be allotted should they divroce.
Secondly, divorces can be messy and painful processes to go through. A prenuptial agreement can help take the sting out of the divorce as it clearly outlines who gets what when the marriage is dissolved. There is no room for argument or for proceedings to descend into catty arguments.
In that way, both of these advantages should also mean that legal costs will be lower - should a divorce go ahead. With less negotiation and arguing over who should be given what when assets are separated, prenups give lawyers a predetermined direction on how to split a couple’s estate up.
Contractbook and Prenuptial Agreement
Prenups, to us at Contractbook, are a good example of why a written document can help so much in the future. By outlining details as to how assets are divided when a divorce occurs, there is little room for confusion or misinterpretation. Instead, everyone knows from the outset what they should be receiving and as a result, the entire process is that much easier.
That’s what we love about contracts at Contractbook. They help people know where they stand and what their legal position is. That is beneficial to both parties involved, and in the case of divorce, should hopefully reduce some of the stress at a very difficult time.