It has become somewhat popular now for couples to get engaged over the Christmas period; there is something quite romantic about getting down on one knee and asking that all important question during the festive season.
Couples will now start their new year in full planning mode for the big day; they’ll focus on choosing the special venue, the dress, the cake and deciding who to invite! But, how many of us add wealth preservation to the wedding planning checklist?
Pre and Post Nuptial Agreements are being used increasingly by couples to provide piece of mind by either agreeing whether current and/or future assets will be protected from any future claims or setting out how they will be split. The agreements can be used to protect
- business assets;
- family companies (including farms and estates);
- wealth accumulated prior to the marriage;
- existing or future inheritances;
- Assets for Children from a previous marriage or relationship, and so forth.
A pre-nuptial agreement may seem unromantic when planning to exchange vows, however in the 21st century, when we insure ourselves against every other type of risk, should it not be a part of your financial planning to have an agreement in place that protects your respective positions in the event that the unforeseen should happen and you encounter difficulties in your marriage down the line?
It is well established now that a well thought out nuptial agreement can significantly reduce the risk of a couple having to engage in highly contentious court proceedings. This means that couples who separate on amicable terms, are in with a fighting chance of retaining the friendship they want to hold on to rather than losing it in bitter, contested and drawn out divorce proceedings.
Considering the advantages, perhaps everyone should consider whether to add a nuptial agreement to their wedding checklist. It’s not too late if you are already married, as post nuptial agreements are just as important.
If you need some advice on wealth preservation, or would like to have a confidential discussion around your own circumstances to find out more about your options then an expert in our family team could help.