DO I NEED A PRENUPTIAL AGREEMENT? 3 Things to consider before popping the big question this Valentine’s Day
What’s in common between spontaneous wedding decisions and bubblegum-flavored ice cream? They sound good only in theory. But if you’ve caught yourself Googling this, chances are you want to take a well-planned decision for both yourself and your partner. It is of paramount importance to establish the foundations of a successful marriage. So before you take the plunge, here are three things your friendly neighborhood family lawyers want you to consider:
My assets! Do they belong to my partner now?
From the moment you’re officially married to each other, there exists a financial relationship between you and your new spouse. This means that your husband or wife could possibly have some legal rights over your property, pension, or inheritance. Marriage is a lifetime commitment because even if you choose to walk away from it at any point, the financial implications of the separation could weigh you down for a long time to come.
We always recommend chalking up a plan with a family lawyer before your big day. After all, marriage is a binding legal contract, so getting some useful legal advice can never go wrong.
DO I NEED A PRENUPTIAL AGREEMENT? We don’t do that in my culture
While there’s never an easy way to approach this subject, being sensitive and transparent can help both of you. There are several instances where it may be smart to draw up a prenup. If you have acquired assets before this relationship began, you may want to preserve your legacy. If you have children from a previous relationship, you may want to secure their inheritance. Whatever your reason may be, sometimes you simply want to rest assured that your wealth is protected.
An experienced family lawyer can help you draft a pre-nuptial agreement fit for courtroom consideration, all while respecting family harmony.
Marriage sounds like too much work; I’m okay with our live-in situationship
Fair enough. Marriage may not be everyone’s cup of tea, but if you’re living with your partner, you may want to consider a cohabitation agreement. This is because the rights of an unmarried couple vary from those in a civil partnership or marriage. A cohabitation agreement can help bring clarity and stability for both parties involved and ensures that your assets are protected.
Of course, no one wants to think about breaking up while they’re in love, but our legal experts will tell you to protect yourself and ensure an amicable separation if it comes to that. Sometimes, a bad break-up could mean your ex swooping in to claim shared assets, or holding you responsible for debts they’ve accrued during the duration of your relationship.
If you’re curious to find out more about these agreements and more, contact Osuji & Smith Family Lawyers today for a private consultation!
Author: Shikha Shukla