Raising the subject of a nuptial agreement can be a difficult task, but beneficial in the long run. This article examines some of the many benefits of signing a nuptial agreement.(1)
Discussions about financial planning
If couples broach the subject of a nuptial agreement as part of a general and broader conversation about financial planning, this can help to pave the way for constructive discussions in the future. Taking this first step might feel awkward initially, but once this is out of the way it can be a positive step for a couple.
Benefitting from an open dialogue
Couples can benefit in the long run from confronting important and often difficult money conversations early and therefore reducing the potential for fall-out later. The real benefit of a nuptial agreement is the upfront, honest communication that couples have about their intentions during marriage and beyond, focusing together on their financial arrangements and practical commitments.
The process of agreeing a nuptial agreement can help couples to plan their financial future together. Financial issues are often at the heart of difficulties between couples, so a healthy discussion before these complexities arise can only be constructive.
Provide a degree of certainty about the future
If a couple separates, a nuptial agreement would aim to make the divorce process easier and the outcome more certain, without costly negotiations about the finances. The act of discussing and trying to come to an agreement will help couples to reveal potential differences of opinion.
Promoting autonomy and creating tailor-made documents
A nuptial agreement can help to give a couple the freedom to decide their financial destiny rather than leaving that power to a judge in the family courts. It is a way for a couple to draw up their own rules rather than relying on the default of a legal system which may or may not accommodate individual circumstances.
For further information on this topic please contact Joanne Edwards or Rosie Schumm at Forsters LLP by telephone (+44 20 7863 8333) or email ([email protected] or [email protected]). The Forsters LLP website can be accessed at www.forsters.co.uk.
Endnotes
(1) This article is part of a series that examines nuptial agreements in the United Kingdom. For previous articles in the series, please see "Top five myths about nuptial agreements: dispelling the most common misconceptions".
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