What is a Prenup?
A prenuptial agreement, also known as a prenup, is a legal agreement made between two individuals before they get married. It outlines how particular assets and property will be dealt with in the event of a divorce. Although they are often associated with famous people and Kanye West songs, they’re actually more common than you think. And they’re a really good idea if you want to make sure your money will be protected should things take a bad turn in your relationship.
Here are some reasons why you may want to consider getting a prenup in Scotland (they do things very differently down south, so beware of Google!)
Protection of assets
If you have assets you want to protect, such as property, investments, or business interests, a prenup can ensure that they remain yours in a divorce and that your spouse can’t claim a share of their value.
If you have or expect to get an inheritance a prenup can also ensure that this is ring-fenced and your spouse can’t make a claim on it This is often particularly important if you have children from a previous marriage, since you may prefer to pass on inherited assets to them.
Save time and money
Divorce proceedings can be expensive and lengthy, and the outcome uncertain. A prenup can help streamline the process by clearly setting out what will happen with particular assets, potentially saving both parties time and money as well as providing certainty as to the outcome.
Clarify financial expectations
The process of discussing a prenup can help you and your partner clarify your financial expectations and intentions. For example, if you are buying a house, do you intend to both pay half the mortgage throughout or might one of you give up work for a time (e.g. if you have children) and if so how might that change things financially? While you might not include anything about this in the prenup itself, it is worth having those conversations to help prevent misunderstandings and disagreements about money further down the line.
Asking your wife or husband-to-be to consider a prenup can feel quite uncomfortable and we get it – it’s not super romantic. However, anyone who owns property going into a marriage or expects to inherit should consider one – they’re not just for celebrities! Like anything to do with your marriage and family, it’s a personal decision that should be made after careful consideration and consultation with legal professionals. And if you already have the ring on your finger it’s not too late to set this up – give us a call to discuss how.