Pre-marital agreements are generally associated with celebrities. There is a certain perception that these are about what people will get in the event of a divorce. However, this is not necessarily a negative thing – it is equally about a commitment during a relationship as it is at the end of it.
The sooner you discuss it the better- financial discussions may not be as fun as arranging a wedding (though some may dispute that as well!) but they are important as you need to be clear on how your relationship works and being open about this is important.
Don’t rush it
Another potential problem is that one party decides to “hurry up” the process in order to get it done. This can lead to more problems in the long term so it is better to go through the process and make sure you and your partner are satisfied before signing an agreement.
Make it clear
It is important to differentiate between what you owned before the marriage and after. A separate property or asset is owned by the person while a marital property or asset is acquired while someone is married. Maintenance payments also need to be clearly defined – this is especially important if you have dependents.
Don’t make it personal
A pre-marital agreement should not make any references to personal matters. Aside from not being helpful it can make some financial agreements null and void.
This is also why it is best if both partners in a relationship have their own legal representatives – it removes any potential conflict of interest and means both parties can be fairly represented.
Make it legal
There are websites where you can get templates to help you draw up agreements. However, these should be used as a guideline or as something to help you develop a draft for an agreement rather than the final document.
The best thing to do is to take your proposed agreement to a legal representative so that they can look over it and make sure that the wording is right and the issues and concerns you and your partner have are covered.
This may sound obvious but people can often get caught out if the wording is incorrect or if there is something they intended to put in there was not put in.
This is why it helps to use the services of experienced legal professionals. Aside from having the resources needed at Larcomes we also have people who are aware that this can be difficult – essentially you need to leave aside the emotional and focus on the practical and this is not always easy. Contrary to some people’s beliefs legal professionals do care and they want to do the best and do so in a way that is empathetic as well as efficient.
In short, if you want someone who can help you draw up the right pre-marital agreement for you and your partner please contact Larcomes today and we will be happy to help.