You’d be surprised at how flexible–and practical–a prenuptial agreement is!
Many people assume a prenup is not for them. It’s just something for the super-rich or the super-pessimistic, goes the common misconception. What people don’t know is that a prenup could actually be just the thing for them when they marry–and we’ll explain why.
A binding but flexible agreement
It’s hard to grasp what a prenup could do for you unless you’re aware of the extent to which the legal rules could bite you if you split up. For example, any of the following items would normally be included in the ‘matrimonial pot ’if you divorce:
- Any assets you acquire during the marriage
- Your family home and furniture–even if one partner paid for it pre-marriage.
- Gifts from your spouse during the marriage–including jewellery, cars, investments.
And there are grey areas too. For example, if you owned a business, property or assets before your wedding, they would usually be outside the matrimonial pot. But if you sold them after marrying and spent the money on something else, that new asset could be matrimonial property after all, as could investments you added to after the marriage.
Caroline MacKintosh, Partner in our Family Law team saids,“a prenuptial agreement with your future spouse sets out in advance which if your assets will, or won’t be, counted as matrimonial property.”
Transparency and trust
In contrast, a prenuptial agreement with your future spouse introduces a great deal more flexibility(and transparency)into your situation by setting out in advance which of your assets will or won’t be, counted as matrimonial property. So, if any of the bullet points above ring alarm bells for you, rest assured that a prenup could–as long as you both agree–ring fence them for you along with other assets you feel strongly about. Including, if you want, the kitchen sink!