When people see the term “pre-marital agreement” it is easy to be cynical. It sounds like something that celebrities do. However, there are practical reasons why it is a good idea as it helps to establish issues such as joint finances and other commitments. Furthermore, it provides protection for both partners in the event of divorce, allowing for a smoother transition in future. In this article, we are going to be look at what you should consider when creating a pre-marital agreement.
Have separate representatives
Unless you both specifically agree to it then you should have your own legal representative when working on an agreement. This is recommended as it prevents conflict of interest while at the same time means that the agreement should not heavily favour one side or the other.
Have enough time
Both you and your partner should be given time to review the agreement. This gives you the chance to query any issues. Furthermore, not having this time could potentially invalidate it.
Make sure all information is included
It is important that all information regarding money and assets are included as well as any liabilities or debts. This will make it easier when it comes to ensuring that anything earned during the time of the partnership is fairly distributed in the event of a divorce.
While this agreement should not cover custody, it is possible to include financial provision for any children in a previous marriage.
What happens if you don’t have an agreement?
The potential risk with not having an agreement is that in the event of a divorce the court can decide how any money or assets are distributed. Also with an agreement you can also choose to exclude anything that you may not want included (such as any property you intend to pass on to your children).
There is also the risk that you could be made to pay a share of any debts your partner makes as well, so it is important to make this clear and having this written down prevents one partner claiming that the other is responsible for their debts.
Can I do this myself?
It is possible to make your own pre-martial agreement without the use of a legal representative. There are plenty of websites where you can download templates and you can use online calculators in order to work out the value of any assets and so forth.
However, the risk you run is that this does not necessarily make it legally binding- the best way to make sure of this is to have people present who are experienced and are able to guide you through this, pointing out any aspects you might have missed.
At Larcomes we have both the legal professional specialists and the resources in order to do this properly. For more information or to discuss creating a pre-marital agreement in more detail please contact Sandra Phillips today on 02392 448107 or firstname.lastname@example.org and she will be happy to go over this with you.