PROMOTION Proposing this Valentine's Dav? hilst prenuptial agreements are not nearly as fun to think about as wedding cakes or honeymoons, they can help you avoid financial issues later in life. The truth is, marriage is not only a romantic relationship, but also a sort of business relationship. The dual nature and purpose of marriage has led to the increased acknowledgment that a Pre-Nup can be useful to protect each spouse's financial interests. Simply put, a prenuptial agreement is a contract that a couple signs before getting married to confirm how they will deal with their financial arrangements in case of a divorce. Pre-Nups set out what assets there are at the date of the agreement, who owns them and what will happen to them and it should also deal with the division of any future assets the parties acquire over the course of their marriage. It provides for the needs of the couple and any children in the event the couple decide to permanently separate. WHEN MAY A PRENUPTIAL AGREEMENT BE NECESSARY? 1. At least one of you has been married before 2. You have children to provide for 3. One ofyou is much wealthier than the other 4. One of you has a lot more debt than the other 5. One or both of you are small business owners or entrepreneurs 6. There is a disparity in your income positions. These are just some examples and it is important to bear in mind that anyone ean ask for a Pre-Nup, regardless of the assets available. WHAT ARE THE ADVANTAGES OF PRENUPTIAL AGREEMENTS? 1. Prenuptials encourage parties to discuss finances from the outset and can help resolve financial issues before the marriage has started. 2. Prenuptial agreements offer some security and protection of family assets or property acquired before the marriage 3. They can help provide financial security ifthere are children from previous relationships or marriages A. They can also save time and costs. Having a prenuptial agreement which is valid and fairwill help avoid long financial settlement proceedings, saving legal fees and expenses, tension and heartache. 5. It is a form of insurance-you insure your house, contents, car, or any other asset of significance, even though the chances are relatively slim that they will be lost or damaged, so why not insure your respective assets in the event of the same happening with your marriage? If you would like further information in relation to Pre-nups or family law generally. please contact one of our family solicitors at Debenhams Ottaway. Natalie Lester, Family Solicitor 01727 735612 nl@debenhamsottway.co.uk www.debenhamsottaway.co.uk DEBENHAMS OTTAWAY SOLICITORS Your aspirations are our inspiration