5 Important Things to Include in Your Prenup

While many might presume a prenup suggests you don’t trust your partner, it’s there to protect you from life’s unexpected moments, including the breakdown of a marriage. In this article, we’re going to tell you five of the important things to include in your prenup. 

A prenup is there to protect individuals and their wealth in the event of a relationship breakdown. The document is not legally binding but, if it was made following the criteria set by the Supreme Court, it most usually will be upheld in court. 

Many people don’t enter into marriage thinking it will fail and they will get a divorce. However, divorce is increasingly common, with statistics showing that in 2019 there were over 117,000 divorces in the UK.   

It’s important to have a prenuptial agreement explained to you, whether you are thinking of getting one or not. Doing so means that you can make the right choice for yourself and your future. Even where you don’t suspect the marriage will break down in the foreseeable future, it’s a safety net to fall back on.

To learn five of the important things you should include in your prenup, read on… 

What is a prenuptial agreement? 

A prenuptial agreement is a document drawn up between a couple and their solicitors prior to their marriage. The document will set out a division of assets if the couple were to divorce in the future.

It can also set out other important matters, such as who is responsible for what in the marriage. The most common aspects included in a prenuptial agreement are property, assets, and debts. 

What should be included in a prenuptial agreement? 

1. Jointly or Solely Owned Property 

Times have changed, and it’s often that many people don’t wait around to find a partner before deciding to purchase a property. Where you solely purchase a property, you don’t want the risk of losing it in a divorce, so it’s important to set this out in your agreement. 

In addition to property solely owned by one party, any property you own together should be put in your prenuptial agreement. This means that you can decide ahead of time how it would be divided in a divorce, such as selling and splitting the money, or buying one party out.

2. Responsibilities in the Marriage 

If you have planned to each have responsibilities in the marriage, you can set these out under the agreement. This could be anything from paying bills to who does the cleaning and cooking, who handles the bank accounts, how money will be spent or debt paid off, and so on.

3. Non-Matrimonial Assets 

Before you were married, it’s very likely that you purchased a considerable amount of assets. Some may not be worth much, but others may be what you could consider more expensive and not what you would want to share in the event of a divorce. You might have purchased a property, land, or car, for example, that you spent your hard-earned money on. 

In a prenuptial agreement, you can clarify these non-matrimonial assets that each party gathered prior to the marriage and state what will happen to them if you ever divorce. For example, each party will individually keep their assets and not have to share them.  

4. Non-Matrimonial Debts 

It isn’t uncommon for individuals to have accumulated debt prior to marriage. It could have been obtained through having a mortgage, purchasing a car, or something else. 

It might be that you have debts, or your partner has debts, and neither of you wants to be made responsible for paying off these if the marriage ends, or for your personal property to be subject to debtors. 

Making sure you put all of your non-matrimonial debts into your prenup means that you can clarify whose job it is to pay them off and protects your assets. 

5. Matrimonial Assets and Debts

Unless you’re already married and are looking to create a postnup, then you won’t have accumulated any matrimonial assets yet. But, you certainly will do once you have tied the knot. 

If you are aware of any purchases that you are going to make after you officially wed your partner, and you want to keep it separate in the event of divorce, you can add this asset to your prenup. 

The same applies to debt. Any debt you get into once married will automatically be the responsibility of both spouses unless you state in your prenuptial agreement that each party is responsible for paying off their own debts. 

Prenups Are There to Protect Your Unforeseeable Future 

Prenups might seem old fashioned and only there for the rich. But, as you can see from our article, they are there for the standard human that wants to ensure they’re protected if anything ever goes wrong. It’s reported that one in five marriages begin with a prenuptial agreement, but we wonder whether this number should be increased.

What we can conclude from this article is that sometimes it’s better to be safe than sorry. Take the time to look into what a prenup is, and the benefits of entering into one prior to marriage. Talk to a solicitor who can provide insightful legal advice and take the time to speak directly to your spouse about entering into a prenup. They might be feeling the same way, and if they’re not, show them the benefits of having one.

Are you thinking of entering into a prenuptial agreement prior to marriage? Let us know your thoughts below in the comment box.