For women and men who are suddenly presented with a prenup, it can feel like a startling revelation.
Why do this? Why now? What is their intention? Who should be contacted? What does this mean for the future of the relationship?
A spouse can have a thousand questions to ask about the subject if the matter is not discussed ahead of time, but even if it has been explored during talks, it is important to acknowledge that this is more commonplace than people expect.
This process can be discrete and carefully managed for those who want to follow the right steps with this process.
Talk About Spousal Intentions
The most outstanding question that a spouse will have with their partner when presented with a prenup is ‘why?’ Rather than engaging in a fractious back and forth, it is perfectly acceptable to ask the question before listening to the answer. In many cases, they will have key assets to protect, hoping that these entitlements will stay within the family. Others will want to protect the interests of their spouse, making the handover official in the case of their separation or their passing. Having this conversation is the first important step to carry out.
Source Legal Assistance
From family law specialists to general solicitors who are experienced with the use of a prenup, it is essential that a spouse receives some form of legal assistance. It is not designed to posture in some shape or form, but to allow a trained operator to sift over the detail and ensure that the terms are fair and legitimate. Having some talk with these practitioners will also shed light on their own wishes and want they want from the agreement, giving them clarity and transparency on the subject.
Examining The Format of The Document
While a prenup agreement is often viewed through the prism of divorce and separation, it is a valuable document that helps to stipulate inheritance assets and spousal support. This is an important distinction to make because it can help to set the agenda and ensure that it is not designed to already be forecasting a separation in the years to follow. Take note of what is stipulated with a legal representative to have peace of mind.
Keeping Prenup Copies
For fear of any potential discrepancies down the road with a prenup agreement, it is important for the spouse to keep a copy with their person and with their legal representative. It is too important to just accept the initial terms on face value without securing additional copies in safe locations. A small step it may be, but it will provide another level of assurance for those that want to protect their assets and entitlements without being subjected to a new set of terms.
Disclosing All Relevant Details
Participants can be in violation of a prenup agreement if they knowingly fail to disclose key assets and liabilities that are in their name. To be working in good faith with the prenup and to be eligible for receiving dividends of financial and sentimental value, it is necessary to outline accounts, investments, debts and all other elements that will be privy to the agreement.
Don’t Rush The Process
Of course, there will be a willingness to formulate an agreement and move onto the next phase of their lives together, but for individuals who want to ensure their rights are protected, they should not attempt to rush the process through. This is an exercise that will feature a number of participants, including financial institutions, lenders, real estate agents, creditors, and tax officials. That is after close family members are considered as part of the larger picture, ensuring that child support and property provisions are officially recognised.