The Serious Issue of Prenuptial Agreement

Some may not know and understand the essential nature and implications of premarital or prenuptial agreements. But they are important for protecting the assets of real people planning to be married, for compensation in case the marriage fails, among others reasons.

But the first critical point to know is that those who are thinking about this or may do so later in life, will most certainly need the legal services of a Family Lawyer or Solicitor. This will help a lot to ensure the very best and fairest of results that are acceptable to the person who prefers the agreement, and the other party involved. The agreement is very individualistic and will vary in costs. Proper drafting of the agreement is very important. It can be simple or complex depending on the extent of the law and issues involved. But in all many cases, full and frank disclosure of all known assets, liabilities, income and resources are required, or else, the court may choose to set aside the agreement and make alternate orders. And remember both parties must sign the agreement for it to have legal and binding effects.

Prenups, as they are sometimes called, can cover financial settlements, financial support, incidental financial issues, and such alike. This type of agreement is not suitable for all, but realistically, if someone has something worth protecting, for example, money or land inherited from relatives, they can certainly consider this principle. But what is also interesting is that such an agreement can still be done and be valid after the knot has been tied by the couples. And while some people think that this type of agreement is disrespectful to them, others may say that if we implement Life Insurance and make our Wills, then why not also consider this as well. This is especially so since many marriages (or about a third) may unfortunately not workout as planned or just end in divorce.

Another important aspect to consider when thinking about this premarital agreement, it that some religions and family heritage do not support this issue, so the parties involved should be acutely aware of this. In the case of pending and eventual divorce, Church and family support may be lost because of this oversight or intentional discard on the part of one or both parties involved. Some couples are so attached to their church and/or family that an event like divorce and the disclosure of a premarital agreement may result in some alienation. So not only will the marriage be broken, but also the social and emotional support and friendship that may very well be important to someone, almost as much as the marriage was.

Yet another point has to do with the impact and changes in the marriage after the agreement when children become apart of the family. For example, women usually give-up or take extended leave from their jobs after the birth of a child or children to spend more time to care for them. If in doing so someone gave up a lot for the sake of the marriage and on the agreement of the spouse, then after the marriage fails, the court may take this into consideration, in terms of her financial position at divorce settlement. This is just a very simple but realistic example. The point is, during and after the marriage, some issues will need to be examined carefully when proper divorce compensation issues arrive, even with a prenuptial agreement.

Premarital Agreements have been around since the 1970s (or before) and that is along time. But in our modern and very diverse societies around the world, more and more people are considering this agreement to financially protect themselves and their families. Men as well as women are showing interest in this. The recent and on-going news about Sir McCartney and the divorce from his former spouse has temporarily spurred interest in this issue. But others will speak of America's Hollywood stars, their vast individual wealth and the need to seriously think about this agreement. However, real people we will meet in our daily lives also need to think about this, especially for the various reasons stated above, and others more personal to them and legally complex. In any case, prenuptial agreements are very realistic.
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