We all want our relationships to go the distance. We enter into a marriage with intentions of it being a lifelong commitment, however, there is always a chance that things may not work out. While we should always hope for the best, it is sensible, and arguably essential, that couples should consider a prenuptial or postnuptial agreement.
What are Prenuptial (pre-nup) and postnuptial (post-nup) agreements?
A pre-nup is a contract created by a couple ahead of a marriage which details assets owned by each person and the rights to those assets in the event of a marriage breakdown.
As for postnuptial agreements, these contracts are in essence the same as a pre-nup but drafted after the couple is married, usually when there is no time to get a pre-nup before the wedding.
While pre and post-nups will be considered by the court in a divorce, it is important to know that it is at the court’s discretion to reject the terms if they are to find the conditions of the agreement to be unfair.
Why you should get a pre-nup or post-nup
Having a conversation with your significant other about pre or post-nups is likely to be uncomfortable. It is reasonable for the other party to feel put out. However, having a pragmatic outlook on life should be encouraged to protect everyone involved, as we do not know what the future will bring.
While these types of agreements are often associated with wealthy families with multiple assets, it is also very common for couples going into second marriages with children from previous relationships and with couples who want to avoid potential arguments in the event of a divorce.
If you are looking to set up a prenuptial and postnuptial agreement or would like to know more about them, our Family Law team has extensive experience in advising couples and working with them to create fair and reasonable agreements for everyone involved.